Bentonite Market to Grow at 6.2% CAGR by 2031

 

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 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.

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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.

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.

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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.

About Chemicals & Materials division of FMI

The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials  market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. 

 

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