New York, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Bentonite Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bentonite Market Information by Application, Region, End-user, and Product Type - Forecast till 2030”, the market is estimated to grow at a 4.12% CAGR to reach USD 2.05 Billion by 2030.
Market Scope
Bentonite is a kind of clay produced from the modification of volcanic ash and is utilized for oiling the cutting head, covering the closed bore walls, and getting rid of the drill cuttings. The global bentonite market has demonstrated tremendous development in recent years. Increase in utilization of products across several industry sectors, such as groundwater barriers, binders used for iron and steel manufacturing, the absorbing material utilized for pet litter and oil and grease, and liquor clarifiers helping steer the bentonite market development. The market situation offers a detailed landscape comprising marketing strategies and contributions. The leading players comprehend the market's movements and attempt to strategize them better. Furthermore, using cleansers in pharmaceuticals is considered to be one of the crucial parameters supporting market development. Moreover, the manufacturing of rubber tires in the automotive industry is also likely to catalyze the performance of the market over the coming years. bentonite is known for its brilliant characteristics such as thermal stability, compatibility, and better flowability for better quality production of castings is also likely to have a positive impact on the performance of the market over the evaluation era.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 2.05 Billion |
| CAGR | 4.12% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, Region, End-user, and Product Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for pharmaceuticals & cosmetics to boost the market growth. |
| Rapid growth in the foundry and metal casting industries. |
Competitive Analysis
The catalog for the leading participants across the global market for bentonite includes companies such as:
- Kemira of Finland
- AMCOL International of United States
- Alfa Aeser of the United States
- Wyo Ben Inc of United States
- Charles B. Crystal Co. Inc. of USA
- Midpoint Chemicals Company of United States
- Cimbar of the United States
- M-I Swaco of United States
- Amsyn Inc. of United States
- Volclay International of United States
- Among others
Market USP Covered
Market Drivers
The global bentonite market has demonstrated tremendous development in recent years. Increase in utilization of products across several industry sectors, such as groundwater barriers, binders used for iron and steel manufacturing, the absorbing material utilized for pet litter and oil and grease, and liquor clarifiers helping steer the bentonite market development. The market situation offers a detailed landscape comprising marketing strategies and contributions. The leading players comprehend the market's movements and attempt to strategize them better. Furthermore, using cleansers in pharmaceuticals is considered one of the crucial parameters supporting market development. Moreover, the manufacturing of rubber tires in the automotive industry is also likely to catalyze the performance of the market over the coming years.
Market Restraints
On the other hand, several aspects may restrict the market's performance. The primary aspect anticipated to hamper the market's growth is the development of strategic plans to optimize the key positions across the market. In addition, the incapability of the formation of mud cake and the swelling up of the product in oil is also likely to impact the market performance over the coming years negatively.
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the bentonite market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
Segment Analysis
Among all the applications, the foundry segment is predicted to ensure the top spot across the global market for bentonite over the assessment era. The primary parameter supporting the development of the segment is the increase in demand for bentonite in foundry molds for the metal casting of maintenance hole covers, brake drums, brass water fittings, cast iron pans, transmission housing, and engine blocks.
Among all the products, the sodium bentonite segment will likely secure the top spot across the global market for bentonite over the assessment era. The main aspect supporting the development of the segment is its use as an effective sealant given to its chemical-proof sealing capacity making it inexpensive, easy to install, and permanent. On the other hand, the calcium bentonite segment is predicted to showcase the maximum growth rate over the coming years, given the growing utilization of the product as an adsorbent of ions.
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Regional Analysis
The global bentonite market is analyzed across five major regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
The MRFR research document implies that the North American region is predicted to ensure the top spot across the global market for bentonite with the contribution of approximately 30% of the net global market share. The reports further anticipate the regional market to exhibit a significant growth rate of approximately 4.7% during the evaluation era. The regional market's growth is ascribed to the aspects such as the expansion of exploration activities for oil and natural gas and spending funds on rising drilling & fracking technology.
Europe covers the second-largest bentonite market share after North America, projecting a CAGR of more than 4.5% in the upcoming years. Here bentonite market size also expands due to the rise in spending on hygiene products for pets. The European region emits a high range of clay-based litter products for personal hygiene, eliminating odor, effectively absorbing pet waste, and conveniently cleaning litter boxes.
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