Zeolite Industry Overview
The global zeolite market size is expected to reach USD 21.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.2% from 2022 to 2030. The market is expected to be driven by rising capacity expansions in petrochemicals production coupled with investments in water treatment projects and detergent manufacturing. Zeolites are three-dimensional hydrated aluminosilicate minerals with a tetrahedra framework each consisting of four oxygen atoms surrounded by a silicon or aluminum cation.
Based on product, the market is segmented into natural and synthetic. The former is hydrothermal and mostly belongs to volcanic origin. The latter is synthesized in laboratories in different types such as Zeolite A, Type X, Type Y, and others. In terms of revenue, synthetic zeolite dominates the market owing to its increasing demand from chemicals and detergent applications coupled with its high price. In terms of volume, natural zeolite dominates the market. However, the segment growth is anticipated to be low owing to numerous substitutes in the market.
Zeolite Market Segmentation
Grand View Research has segmented the global zeolite market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Natural and Synthetic
- The synthetic zeolites segment held the largest revenue share of over 87.0% in 2021. There are more than 200 known structures of zeolite that can be synthetically obtained in a laboratory.
- Since petrochemicals are used in innumerable products such as plastics, detergents, make-up products, solvents, shampoos, lubricants, and others, their production is expected to increase over the coming years, thus, positively influencing product demand.
- In terms of volume, their natural counterpart dominates the market owing to their low cost.
- Increasing construction spending post-COVID-19 to boost economic recovery in various countries is anticipated to prove fruitful for market growth.
Based on the Application Insights, the market is segmented into Catalysts, Adsorbents, Detergent Builders, Cement, Animal Feed, and Others
- The catalysts segment held the largest revenue share of over 47.0% in 2021.
- Zeolites play an important role in enhancing the rate of reaction in fluid catalytic cracking and hydrocracking and thus, refinery expansion is expected to benefit segment growth.
- The detergent builders segment was the second-largest application segment of the market, in terms of revenue, in 2021.
- The pandemic has augmented the demand for laundry detergents owing to the rising health consciousness among people, which has benefitted segment growth.
Zeolite Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly competitive with the presence of numerous players worldwide. Natural zeolite mining companies face intense competition not only from other zeolite mining companies but from companies engaged in substitutes production, for example, perlite, diatomite, and fuller’s earth. Key players are striving toward extending their market reach and increasing their customer base in the growing market. Aggressive R&D is one of the key strategies adopted by many key players. For instance, in April 2020, Metalsearch Limited, an Australian mineral and compound producer, has secured a license from UniQuest, the technology transfer company of the University of Queensland, for synthesizing zeolite. The technology will help the company to reduce the time and cost of manufacturing.
Some prominent players in the global Zeolite market include:
- Albemarle Corporation
- BASF
- Clariant
- KMI Zeolite
- Zeolite
- Zeolyst International
Order a free sample PDF of the Zeolite Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment