Bentonite Market Size to be Worth USD 2.6 billion by 2034, Growing a CAGR 3.0% - Exclusive Report by Transparency Market Research, Inc.
Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 20, 2024 (GLOBE NEWSWIRE) -- The bentonite industry (벤토나이트 산업) generated US$ 1.8 billion in 2023. A CAGR of 3.0% is expected between 2024 and 2034, resulting in US$ 2.6 billion in revenue. Sustainable methods are becoming increasingly important across many industries. The bentonite market may experience a rise in demand for environmentally friendly and sustainably sourced bentonite products. Businesses that make eco-friendly solutions and sustainable mining investments can outperform their competitors.
Future technical developments may result in the creation of novel uses for bentonite, increasing its potential market. This could involve using bentonite in new industries or enhancing its use in already-existing ones with better formulations or processing methods.
Changes in laws about safety, health, and the environment may affect how bentonite is made, distributed, and used. Businesses must ensure compliance and innovate to fulfill new requirements to comply with the new regulations. Persistent investigation into alternative or supplementary materials may impact market dynamics and force bentonite producers to differentiate their offerings or reduce expenses to stay competitive.
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Key Findings of the Market Report
- Calcium bentonite is a major segment in the bentonite industry.
- Construction industries are likely to increase in demand, thus creating a bentonite market.
- Growth in infrastructure investment and the expansion of the oil and gas sector are the main factors driving demand for the bentonite market.
- Globally, Asia Pacific will continue to dominate the market for bentonite in the coming years.
Global Bentonite Market: Growth Drivers
- Bentonite is widely used in the construction industry for various purposes, such as soil stabilization, sealing, and waterproofing. Compared to other materials, bentonite has special qualities that make it ideal for environmental applications, including wastewater treatment, oil and gas well drilling mud and landfill liners. The bentonite industry is predicted to grow with increased awareness of environmental regulations and protection.
- The oil and gas industry often uses bentonite as a drilling fluid because it creates thick, viscous slurry for cooling and lubricating drill bits, cleaning cuttings, and sealing boreholes.
- Using bentonite in agriculture enhances soil structure, water retention, and nutrient absorption. The expanding population and the desire to increase agricultural production are predicted to increase the need for bentonite in agriculture.
- For metal casting, bentonite is a key component of the moulds used in foundries. Several industries, such as automotive, aerospace, and others, require metal castings, which affects the bentonite market.
- Pharmaceuticals and cosmetics use bentonite for its adsorbent and absorbent properties. As the pharmaceutical and cosmetic industries grow, the bentonite market expands. As a result of continuous research and development efforts, novel goods and technologies are created, expanding the market's potential.
Global Bentonite Market: Regional Landscape
- Asia Pacific is expected to lead the market for bentonite market. Bentonite demand in construction applications is predicted to be driven by rapid urbanization in countries such as China, India, and Southeast Asia. With the growth of metropolitan areas, bentonite's use in soil stabilization, sealing, and waterproofing will increase.
- As Asia-Pacific's industrial base expands, Bentonite will be in demand for metal casting applications including automotive, manufacturing, and electronics. As a binding agent for foundry moulds and cores, bentonite is vital for metal casting.
- Significant investments are being made in exploring and producing oil and gas in the Asia-Pacific. Wellbore stability and effective drilling operations will increase the demand for drilling fluids containing bentonite.
- Sustained research and development endeavors in the Asia-Pacific region may culminate in the creation of inventive uses for Bentonite, augmenting its market prospects beyond customary applications. This could involve new formulations for specialized industrial sectors or developments in Bentonite-based materials for geosynthetic applications.
Global Bentonite Market: Competitive Landscape
Sodium bentonite and bentonite detox products are being developed by leading companies in the global bentonite market to satisfy the growing demand in the construction and cosmetics industries.
For bentonite manufacturers to expand their product portfolios and maintain a strong market position, strategic research collaborations, outsourcing, and mergers and acquisitions are crucial.
Key Players Profiled
- Imerys
- Ashapura Group
- Minerals Technologies Inc.
- Dantonit
- CLARIANT
- Bentonite Performance Minerals LLC
- Canbensan Bentonite
Key Developments
- In March 2023, Minerals Technologies Inc. (MTI) reported that its global sustainability commitments had fulfilled those commitments. Liaoning Province's Green Mine Selection Programme awarded its Dongming plant first place out of 28 businesses. By adopting green mining methods in its Dongming plant, MTI became the first bentonite firm to receive this distinction.
- In June 2023, Clariant, an environmental-focused specialty chemical company, Desi Pak® ECO moisture adsorbing packets, a plastic-free moisture adsorbent packet, expanded its natural clay product line to include highly absorbent, naturally occurring clay.
- Using sustainably sourced raw materials, the packets use water-based inks and glue. The most common packaging conditions require highly efficient moisture adsorption, filling the packaging materials with granulated high-grade bentonite clay. Standard packets, ranging in size from 1 to 33 grams, and custom sizes are available.
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Global Bentonite Market: Segmentation
Product Type
- Sodium Bentonite
- Calcium Bentonite
- Others
Application
- Drilling Mud
- Iron Ore Pelletizing
- Foundry Sands
- Pet Products
- Construction
- Others
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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