The synthetic zeolites market is projected to grow from USD 5.2 billion in 2018 to USD 5.9 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 2.6%
NEW YORK, Dec. 18, 2018 /PRNewswire/ -- Increasing demand for synthetic zeolites for use in specialty applications is expected to drive the overall growth of synthetic zeolites market.
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The synthetic zeolites market is projected to grow from USD 5.2 billion in 2018 to USD 5.9 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period. The growth of the synthetic zeolites market can be attributed to the increased consumption of detergents due to the growing population and demand for zeolites for use in specialty applications. Some zeolite dusts are considered nuisance dusts due to their toxicity, such as zeolites used in personal care products. Even inadvertently inhaling these dust particles raise safety and health concerns. This is one of the major challenges restricting the growth of the market.
Based on type of zeolite, the type X zeolite segment is expected to grow at the highest CAGR during the forecast period
Type X zeolites belong to the Faujasite family of zeolites and are used as sorbents and catalysts. They have a Faujasite framework and are used in gas drying applications. 13X is a commercially used type X zeolite which has the largest pore size of 10A. 13X with sodium as a cation has a pore size of 8A. It is an alumina zeolite and has a wide range of industrial applications such as gas adsorption and separation, besides being used as a catalyst.
Based on application, the drying, separation, and adsorption segment is expected to grow at the highest CAGR during the forecast period
Synthetic zeolites are used for the removal of H2O, CO2, and SO2 from low-grade natural gas.They are also used to separate noble gases, such as N2 and O2, as well as formaldehyde from natural gas streams.
They are used widely in industrial gas drying, purification, and separation applications. They are also used in the liquid or gas phase separation process as adsorbents.
Asia Pacific is expected to dominate the market in terms of volume during the forecast period
The Chinese oil market is controlled by four national oil companies—China National Petroleum Corporation (CNPC), China Petroleum and Chemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC), and China National Chemicals Import and Export Corporation (Sinochem).Over the past few years, China's oil consumption has increased rapidly.
China is the largest market in Asia Pacific in terms of production and consumption of synthetic zeolites.The country is taking efforts to boost various industries, which includes the oil & gas refining and industrial sectors.
This has resulted in a huge demand for adsorbents in the country.
The break-up of profiles of primary participants for the report has been given below:
• By Company Type: Tier 1—30%, Tier 2—45%, and Tier 3—25%
• By Designation: C Level—60%, D Level—25%, and Others—15%
• By Region: North America—40%, Europe—15%, Asia Pacific—35%, South America—5%, and the Middle East & Africa—5%
Major companies in the synthetic zeolites market include Albemarle Corporation (US), BASF SE (Germany), Honeywell International Inc (US), Clariant AG (Switzerland), W.R. Grace & Co. (US), TOSOH Corporation (Japan), Union Showa KK, (Japan), Zeochem AG (Switzerland), KNT Group (Russia), Arkema SA (France), Zeolyst International (US), Huiying Chemical Industry (China), Chemiewerk Bad Kostritz GMBH (Germany), National Aluminium Company Limited (India), and PQ Corporation (US).
Research Coverage
This report defines, segments, and projects the synthetic zeolites market based on type of zeolite, application, function, and region.It strategically profiles key players and comprehensively analyzes the ranking of leading players in the synthetic zeolites market.
It also tracks and analyzes competitive developments such as expansions, acquisitions, joint ventures, investments, new product launches, partnerships, and agreements in the synthetic zeolites market.
Reasons to Buy the Report
This report is expected to help market leaders/new entrants in this market by providing them the closest approximations of revenues of the synthetic zeolites market and its subsegments.This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape, gain insights to enhance the position of their businesses, and enable them to make suitable go-to-market strategies.
The report is expected to help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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