Increasing oil drilling and construction activities across the world is expected to create increasing demand for bentonite between 2021 and 2031, finds Future Market Insights (FMI) in a new study. According to the report, the bentonite market is expected to reach US$ 2.37 Bn by the end of 2031. Through the course of the forecast period it is expected to record solid growth, especially since developing economies are expected to offer lucrative growth opportunities.
Bentonite is a highly colloidal clay mineral containing variety of accessory minerals such as quartz, feldspar, calcite and gypsum. Properties such as water absorption, swelling, viscosity, hydration and thixotropy makes bentonite a valuable material across various industries. Chemical and mechanical properties of bentonite materials can be altered through various additions and combinations of raw materials, which is based on application or use of finished product.
Bentonite is known for its versatile nature and application in numerous industries such as construction, oil & gas, food, pharmaceutical, foundry and among others. Of these, the oil industry is expected to remain dominant, accounting for nearly one-fourth of bentonite sold globally.
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Key Takeaways
Driven by applications across diverse industries, the bentonite market will exhibit a CAGR of 6.2% between 2021 and 2031
With oil and drilling activities pacing up, the U.S. is expected to account for 88% of bentonite sales in North America
Bentonite production in France and Poland will pick up at an impressive pace post lacklustre growth registered in 2020
Germany and Russia are expected to emerge as leading markets for bentonite in Europe
China is expected to spearhead growth of bentonite market in East Asia
“Role of bentonites in oil drilling applications continues to propel the overall market growth. However, due to stringent regulation imposed by governments on the use of some of the intermediate chemicals, which are used collectively with bentonite in drilling applications, the market might witness some hindrances to growth. Nonetheless, key manufacturers are focusing on enhancing the production rate which will aid the overall expansion of the market in the coming years.” says FMI analyst.
Competitive Landscape
The market is moderately fragmented with key players accounting for small market share. Some of the key players in the market are Kemira OYJ, Mineral Technologies Inc. Clariant AG, Kunimine Industries Co., Ltd. Charles B Chrystal Co. Inc, Ashapura Group of Companies, Halliburton Co, Wyo-Ben, Inc, Polymer Drilling Systems (PDS) Co, Inc, Black Hills Bentonite, LLC, Alfa Aesar, Kutch Minerals, among others. These key players are expected to invest in new technology developments and their networks expansion in order to maintain their market shares.
Bentonite Market by Category
Product Type
Sodium
Calcium
Others
Application
Drilling Fluids
Binder
Sealant
Absorbent/Adsrobent
Clarification Agent
Others
End- Use Industry
Oil
Foundry
Construction
Food
Pharmaceuticals
Others
Region
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East & Africa