“Increasing trend towards development of products through bio-based sources are increasing the product demand in the market”.
Market Insights
The Global Zeolite Market size was valued at US$ 34.5 billion by 2023 and is expected to grow with a significant CAGR during the forecast years. The market is witnessing growth due to the growing demand for detergents, rising awareness about hygiene among consumers, and rising refining output. In addition to these, the increasing need for natural products in agriculture and pet litters, and concrete industries is further expected to propel the market growth over the coming years.
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The market is further growing across the globe due to the growing demand from the water treatment industry and the rising use of zeolite as a refrigeration adsorbent. In addition to these, increasing demand for compact detergents is further expected to accelerate the market growth in the coming years.
Zeolites can be manufactured through various processes that involve the use of raw materials like aluminum, silica, and kaolin. The easy availability of these raw materials is further expected to drive market growth, owing to low fluctuations in raw material supply. However, these raw materials are also used in a number of other applications including paper, electronics, fabrication, and ceramics. This may hamper the smooth supply of raw materials to manufacture zeolites, owing to the growth of the aforementioned industries. In addition to this, an increase in the prices of raw materials is further expected to hinder the market growth during the forecast period.
Recent News/Key insights:
· In May 2017, Tosoh Corporation, a global chemical and specialty materials company has expanded its production capacity for high-silica zeolite at its Nanyo Complex in Yamaguchi Prefecture, at a cost of approximately JPY 10 billion. Moreover, the construction of additional HSZ manufacturing facilities has begun in May 2018 and is expected to be completed by 2019.
· Asia Pacific is the fast growing region in the year 2018 and is expected to grow with a high CAGR during the forecast period
Market Dynamics
The market is witnessing growth due to increasing water treatment activities for treating waste water and water purification. This is increasing the demand for the product as an adsorbent. Technological innovations, coupled with low complexity are further helping in enhancing manufacturing processes and are expected to have a positive impact on the market growth.
Moreover, stringent regulations taken for environmental protection by various governments are also propelling the market growth due to zeolites’ ability to reduce water and air pollution. These products are extensively used as catalysts in petroleum refining of products such as diesel, gasoline, and other fuels. However, the presence of enzymes, metals, and other chemical compounds as substitutes for zeolite catalysts are expected to hinder the market growth. In addition to this, the high transportation cost associated with raw materials also acts as a major restraint for the market growth over the coming years. But, increasing petroleum refining and changing lifestyles of people in emerging economies are expected to accelerate the global zeolite growth during the forecast year.
Competitive Intelligence
The major players operating in the global zeolite market includes Clariant, Zeochem AG, Interra Global Corporation, Tosoh Corporation, BASF SE, KNT Group, Arkema Group, UOP LLC, and others. To strengthen their positions in the global market, these manufacturers are involved in various strategies such as capacity expansion in the Asia-Pacific and Europe to meet the growing demand, mergers & acquisitions, new product developments, strategic alliances and others.
Key Questions Answered
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
· Who are the key market players and their key competitors?
· Who are the key market players at different stages of the value chain?
· What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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