The global bentonite market achieved a size of USD 8 billion in 2022 and is projected to reach USD 21.31 billion by 2032, with a robust revenue compound annual growth rate (CAGR) of 11.5% during the forecast period. Bentonite, primarily composed of the clay mineral montmorillonite, finds widespread applications in various sectors including drilling, construction, cosmetics, and pharmaceuticals. The market’s remarkable revenue growth is driven by the rapid expansion of the construction industry and the increasing demand for bentonite across multiple applications.
The construction sector stands as one of the primary end-users of bentonite, and its revenue growth is a significant driver for the demand for bentonite. In recent years, there has been a substantial uptick in the use of bentonite in construction, especially as a binding agent in concrete. The demand for bentonite in infrastructure development, such as roads, bridges, and tunnels, is expected to witness a considerable surge.
Furthermore, the foundry industry’s growing requirement for bentonite is expected to propel market revenue growth. Bentonite’s exceptional binding and adhesive properties make it a preferred choice in foundries for molding sand used in metal casting. The revenue growth in the foundry sector is anticipated to result in high demand for bentonite.
Additionally, the drilling industry’s increasing demand for bentonite is contributing to the market’s revenue growth. In drilling operations, bentonite is utilized for cooling and lubricating drill bits and for efficiently transporting drilling cuttings to the surface. The growing global demand for oil and gas is expected to drive the need for bentonite in the drilling sector.
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Strategic Development:
In 2021, Clariant AG initiated a partnership with Omya International AG with the objective of jointly developing and commercializing novel sustainable mineral solutions. This collaboration’s primary goal is to create eco-friendly additives derived from natural minerals like bentonite, calcium carbonate, and kaolin.
During the year 2020, Ashapura Group unveiled plans for expanding its bentonite production capacity within India. This expansion project is geared towards meeting the growing demand for bentonite across various industries, including foundries, oil and gas, and iron ore pelletization.
In 2020, Wyo-Ben Inc. introduced a fresh product line of bentonite-based drilling fluids known as Wyoming Supra Gel. This innovative product range is designed to enhance drilling efficiency while concurrently reducing operational costs.
In the same year, 2020, MidPoint Chemicals Company completed the acquisition of Gruppo Pieralisi’s bentonite business. This strategic acquisition was intended to broaden MidPoint’s product portfolio within the European bentonite market.
Also in 2020, American Colloid Company announced its plans to expand its bentonite production capacity in Mississippi. This expansion initiative is driven by the increasing demand for bentonite in various sectors, including pet litter, foundries, and drilling fluids.
Bentonite Market Report Scope
|
PARAMETERS |
DETAILS |
|
The market size value in 2022 |
USD 8 Billion |
|
CAGR (2022 – 2032) |
11.5% |
|
The Revenue forecast in 2032 |
USD 21.31 Billion |
|
Base year for estimation |
2022 |
|
Historical data |
2020-2021 |
|
Forecast period |
2022-2032 |
|
Quantitative units |
|
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
By, Product Type Outlook, Application Outlook, Regional Outlook |
|
By Product Type Outlook |
|
|
By Application Outlook |
|
|
Regional scope |
North America; Europe; Asia Pacific; Latin America ; Middle East & Africa |
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Bentonite Market: Key Players
The global Bentonite market exhibits a notable level of consolidation, where a limited number of prominent players collectively hold a substantial market share. Among the key companies featured in the global Bentonite market report are:
· Clariant AG
· Ashapura Group
· Wyo-Ben Inc.
· MidPoint Chemicals Company
· Black Hills Bentonite LLC
· Minerals Technologies Inc.
· Kunimine Industries Co., Ltd.
· American Colloid Company
· CETCO Energy Services
· Imerys S.A.
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