Zeolite Market Size Worth $33.80 Billion by 2022 | Growth Rate: 2.5%: Grand View Research, Inc.
The global zeolite market is expected to reach USD 33.80 billion by 2022, according to a new report by Grand View Research, Inc. Increasing refinery output at a global level is expected to be a primary factor for product growth over the forecast period. Rising need for non-toxic and hydrophilic adsorbents for waste water treatment and water purification is expected to propel product demand. Furthermore, increasing consumption for gas separation is expected to fuel growth over the forecast period.
Abundant availability of raw materials is expected to be a key driver for zeolite market growth. The raw materials are, however, also used in a host of other applications such as paper, electronics, fabrication, and ceramics. This may result in hampering raw material supply for zeolites manufacturing, owing to the expansion of the aforementioned industries.
Growing demand for petroleum and petrochemical products is expected to result in increased use of catalysts, as it is an important compound required in synthesis. Thus, expansion of the oil & gas sector is expected to result in high catalyst demand, which will have a positive impact on the product demand over the forecast period.
Asia Pacific is expected to experience the fastest growth, at a CAGR over 3.0% in terms of revenue, from 2015 to 2022. Growing need for refrigerants and detergents, and increasing product utilization in advanced processing methods in the nuclear industry for the removal of nuclear waste, is expected to have a positive impact on industry growth over the forecast period.
Growing demand for energy at a global level is also expected to augment zeolite for separation and filtration. In addition, zeolites are low cost minerals with high efficiency and yield. Rapid industrialization, coupled with the presence of a stringent regulatory framework, is expected to augment demand for non-toxic zeolites over the forecast years.
Stringent regulations regarding environmental protection by numerous governments are expected to be a critical driver for the zeolites market growth due to its ability to reduce water and air pollution. Zeolites are extensively used as catalysts in petroleum refining of products such as gasoline, diesel, and other fuels.
Synthetic zeolites are expected to grow the fastest at a CAGR of 2.6% in terms of revenue from 2015 to 2022. Growing need for detergents, on account of rising consumer awareness regarding hygiene, is expected to subsequently augment industry growth.
Detergent builders were the largest application segment of the product and estimated at over 3,380.0 kilo tons in 2014. These products are extensively used as binders in detergents.
Catalysts are expected to be the fastest growing segment at a CAGR over 1.5% in terms of volume, from 2015 to 2022, owing to the growing application scope in the rapidly-expanding oil & gas industry.
Europe was the largest market for the product, accounting for over 30.0% of global volume share in 2014. Regulatory inclination towards restriction of GHG emissions, coupled with robust manufacturing base of refrigerants and detergents in Germany, France, the Netherlands, and Belgium is expected to fuel demand over the forecast years.
The global industry is characterized by integration across raw materials and manufacturing stages of the value chain. Companies including Arkema, Union Showa K K, and Chemiewerk Bad Köstritz manufacture raw materials such as silica and aluminum, which are consumed for the production of zeolite.
In September 2012, BASF SE announced plans for constructing a production facility for specialty zeolites at Ludwigshafen, Germany. The plant commenced operations in 2014.
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Grand View Research has segmented the zeolite market report on the basis of product, application, and region.