ESOMAR-certified consulting firm Future Market Insights’ report projects the global bentonite market to record a steady through 2021 and beyond. The global bentonite market is expected to register 6.2% CAGR through 2031 on the back of increasing usage of bentonite in diverse industries. Growing demand in end-use industries such as oil, construction, food and others is fuelling the demand for bentonite.
Use of bentonite in applications such as drilling fluids, binder, and adsorbent/absorbent is increasing in various end-use industries. Factors such as increasing energy requirements from the oil industry and rising environmental concerns pertaining to the use of radioactive chemicals are creating lucrative growth opportunities for bentonite manufacturers. Hence, propelling the growth of bentonite market. According to FMI, the global bentonite market is expected reach US$ 2.37 Bn by 2031-end.
“Increasing use of bentonite in various applications such as oil drilling, construction and others will propel the demand of bentonite. Driven by these factors, key players are focusing on improving the production quality which will foster bentonite sales,” remarks the FMI analyst.
- Sodium bentonite is expected to remain dominant through 2031
- In terms of application, drilling fluid is expected to retain dominance throughout the forecast period
- Binder and absorbents are expected to emerge as potential segment
- Application in oil industry is expected to create growth opportunities for bentonite manufacturers through 2021
- Pharmaceutical industry is anticipated to project high revenues during the forecast period
- Increased commercial and industrial development is boosting the bentonite market across China
- Increased high-grade natural sodium-bentonite production to make United States the most lucrative market
- With Germany and Russia leading the bentonite production, Europe to account for 1/4th market share
- Brazil is expected to reach a valuation of US$ 49.8 Mn through 2031
- Surge in demand from oil & gas drilling activities and medical industry will bolster the bentonite market trends through 2021 & beyond
- Increasing demand for sodium bentonite within foundry and construction industry is expected to drive the demand of bentonite market
- Price volatility and availability of raw materials is expected to limit the growth
- Stringent government regulations on trans-continental trading of bentonite in various bentonite-producing regions will hamper the demand
Ashapura Group of Companies, Black Hills Bentonite LLC, Charles B Chrystal Co. Inc., Clariant AG, Halliburton Co., Kemira OYJ, Kunimine Industries Co. Ltd., Kutch Minerals, Mineral Technologies Inc., Polymer Drilling Systems (PDS) Co. Inc., and Wyo-Ben Inc. are some of the prominent bentonite manufacturers profiled by FMI. According to the study, leading players are focusing on research and development activities as their core strategy to gain lucrative prospects in the upcoming years. Also, mergers and collaborations among players remains the key focus to maintain their position in the industry.
For instance, in 2019, a leading player IMERYS announced the increasing in cost of bentonite and coal based foundry products. The inflammation in product prices went up to 15% on all its foundry products that are manufactured and supplied across United States.
Also, on 15th December 2020, a leading UK recycling and construction company, ALLASO Recycling Ltd., announced a new mixing plant – RapidMix 400CW Mobile Continuous Mixing Plant, as an ideal solution for bentonite enriched soil applications due to its ease of mobility, high capacity and fast throughput.
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More Insights on FMI’s Bentonite Market
The latest market study on global bentonite market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (sodium, calcium and others), application (drilling fluids, binder, sealant, absorbent/adsorbent, clarification agent and others), end-use industry (oil, foundry, construction, food, pharmaceuticals, and others) and across major regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East & Africa).