ALBANY, New York, April 20, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Bentonite (Sodium Bentonite, Calcium Bentonite and Others) Market for Drilling Mud, Iron Ore Pelletizing, Foundry Sands, Pet Products, Construction and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global Bentonite market was valued at US$ 1.42 Bn in 2015 and is projected to reach US$ 1.85 Bn by 2024 at a CAGR of 3.0% from 2016 to 2024.
The automotive, heavy equipment and machinery industry has been expanding significantly in Asia Pacific, North America and Europe in past few years. Growth in automotive and machinery & heavy equipment manufacturing industries has led to significant growth of foundry and metal casting industries. Bentonite is majorly used in the foundry and metal casting applications. . Bentonite in sand is employed as a bonding or binding agent, in sand molds for metal casting and foundry applications. Owing to growth of iron casting and foundry industries and continuous demand from automotive and heavy machinery manufacturers, the bentonite market is expected to witness significant growth by the end of the forecast period.
Research Report: http://www.transparencymarketresearch.com/bentonite-market.html
Furthermore construction, is one of the key application industry, which has been expanding steadily since the last few years due to extensive demand from developed and developing regions. Bentonite are also widely used in the cosmetics and personal care applications owing to its properties such as, a rheology modifier, suspending agent, emulsion stabilizer, and absorbent. Owing to its ability to absorb moisture and sweat, it is a usually employed as absorbent powder in cosmetics. Furthermore, as bentonite improves viscosity, it is largely used in cosmetic products such as masks, sunscreen lotions, foundations, bar soaps, and lotions. Thus growth in the personal care and cosmetics industry is expected to provide the necessary momentum to the bentonite market in the next few years. However, factors such as sluggish growth in the oil & gas industry is projected to considerably hinder the bentonite market during the forecast period. In the oil & gas industry, bentonite is primarily used in drilling fluids/drilling mud as a rheology modifier.
In terms of applications, foundry sands was the largest segment of the global bentonite market, accounting for more than 20% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to continual growth from the global automotive and machinery industry. Pet product such as cat litter and cattle feed is another key application segment of the bentonite market. The segment is estimated to witness the moderate growth in the next few years due to the steady increase in demand for in developed regions.
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In terms of type, sodium bentonite dominated the global bentonite market in 215, accounting for more than 60% of market share. The sodium bentonite segment is anticipated to continue its dominance during the forecast period, owing to its swelling property, which makes it suitable for usage in a wide range of applications. Rise in preference for Green sand casting process in foundry is also projected to drive the global bentonite market in the next few years. Bentonite is extensively employed as a green sand additive or binder in metal casting applications. Bentonite enables a foundry to operate with fewer carbon emissions. High-quality, bentonite-bended molding sands are capable to offer a requisite solution for mold stability and flexibility for the production of castings that comply with stringent government regulations. The ability to reclaim these sands in an increasingly environmentally conscious society makes the application of this technology attractive- both economically and ecologically. Therefore, the rising demand for green sand casting is expected to offer lucrative opportunity to bentonite market by the end of the forecast period.
Asia Pacific dominates the bentonite market, followed by North America and Europe. Developing regions (including Latin America and Middle East & Africa) are expected to be the key upcoming markets for Bentonite during the forecast period. Significant expansion in the foundry sands, construction and cosmetics & personal care application segments in developing regions is anticipated to be a key factor driving the Bentonite market in these regions.
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The global bentonite market is partially consolidated, with the major players dominating the global bentonite market. Key players include Minerals Technologies Inc., Clariant International Ltd., IMERYS SA, Ashapura Group, American Colloid Company, Bentonite Performance Minerals LLC, Dantonit A/S., and Canbensan amongst other manufacturers
The global Bentonite market has been segmented as follows:
Bentonite Market: Product Type Analysis
- Sodium Bentonite
- Calcium Bentonite
Bentonite Market: Application Analysis
- Drilling Mud
- Iron Ore Pelletizing
- Foundry Sands
- Pet Products
- Others (paper, cosmetics, pharmaceuticals etc.)
Bentonite Market: Regional Analysis
- North America
- Rest Of Europe
- Asia Pacific
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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