ALBANY, N.Y., May 11, 2021 /PRNewswire/ -- Wollastonite has been utilized in formulating a panoply of materials used in rubber, ceramics, and paints and coatings. End-use industries in the wollastonite powder market have considered as a cost-efficient raw material for improving the functional properties of ceramics, paints, and whitewares. For instance, the addition of the material has helped improve weather and stain resistance and cohesiveness of coatings. Rise in use of wollastonite as effective functional filler is a key trend bolstering the expansion of opportunities for players in the market. Its utilization in range of ceramic and friction materials has been key to growing market revenues over the past few years.
Amid the ongoing COVID-19 economic and humanitarian crisis, manufacturers in the wollastonite powder market are leaning on consolidating their supply chains and are entering into new strategic frameworks with their raw material suppliers and exporters world over.
A burgeoning construction sector in some parts of the developing world, such as in China and India, will help spur the growth potential. Clocking CAGR of ~8% from 2020 to 2030, the wollastonite powder market valuation is expected to touch ~US$ 821 Mn by the end of 2030.
Numerous Industries Utilize Functional Characteristics: Wollastonite powder market has emerged as an attractive functional filler and lightweight reinforcing fillers for various architectural applications. For instance, high demand for high-quality calcium silicates are present in ceramics. Rise in demand for wollastonite powders in metallurgy, steel making, and in making floor tiles has spurred the growth prospects in the market.
Manufacturers Aim at Product Efficacy for Meeting Major Application Needs: There is a growing focus on developing products that can meet the specific functional needs in major end-use industries. Plastics and coatings industries have attracted the attention of players in recent years. In addition, manufacturers are notably focusing on meeting the needs of functional additives for waterborne and solvent-borne systems, as well as in size and shape of the powder. For instance, brands are keen on increasing the in-can stability of wollastonite powder.
New Formulations Aim at Fighting Off Competition: The players in wollastonite powder market has been witnessing stiff competition from substitutes such as steel fibers, ceramic fibers, and glass fibers. Thus, manufacturers are keen on improving the cost-efficiency of their products as well the functional features where these products will be utilized. Moreover, they are engaging with distributors in order to tap into the vast revenue streams in countries with rapidly rising construction industry. Asia Pacific has thus become a hotbed of opportunities. Growing focus of governments in the Middle East countries to provision affordable housing has also spurred the use of wollastonite powders in range of construction materials in recent years.
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