Bentonite Market Revenue, Application, Forecast 2016 - 2024
With a few dominant players, the global market for bentonite demonstrates a slightly consolidated competitive landscape, states a new research study by Transparency Market Research (TMR). The top four players in this market, namely, Minerals Technologies Inc., Imerys SA, Clariant AG, and Ashapura Group, held more than 75% of the overall market in 2015.
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Currently, the key players are aggressively focusing on the expansion of their capacity due to the soaring demand for bentonite across the world. As the demand is higher than supply, the market witnesses a high degree of competition within it. Over the coming years, these companies are likely to make strategic acquisitions in order to raise their share in the regional as well as the global market, reports the research study.
As per TMR’s estimations, the opportunity in the global bentonite market is likely to increase at a CAGR of 3.0% over the period from 2016 to 2024, rising from US$1.42 bn in 2015to a value of US$1.85 bn by the end of the forecast period. Sodium bentonite has been the most valued product in this market. Researchers anticipate it to remain so over the next few years on the account of the rising preference for green sand casting process in the foundry.
Demand for Bentonite to Remain Strong from Foundry Sands
According to the research report, bentonite is mainly utilized in drilling mud, iron ore pelletizing, construction, foundry sands, pet products, cosmetic, paper, and pharmaceutical products across the world. Foundry sands have been registering a higher demand for bentonite compered to other application segments. Thanks to the constant rise in the automotive and the machinery industries, the segments is likely to remain the key application area of bentonite throughout the forthcoming years.
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A geographical analysis of the global bentonite market has also been presented in this market study. As per the report, North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe are the key regions where the market for bentonite has a presence. Among these, Asia Pacific has emerged as the leading contributor to this market and is expected to remain so over the forecast period. In 2015, it held a share of 30% in the global market, marking its dominance.
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