Market Overview
Bentonite is a commercially used name for naturally occurring clay which significantly consists of montmorillonite. It is formed from weathering of volcanic ash. Bentonite clay has high water absorption capacity which expand it and leading to swelling. In addition, it possesses superior plasticizing properties which are used in filling the void and parching cracks. Moreover, they are used in numerous applications as a binder, sealants, adsorbent, and absorbent.
According to MRFR analysis, the Global Bentonite Market is projected to reach USD 1.62 Billion with a moderate CAGR of 4.1% during the forecast period.
Based on product, the global bentonite market has been segmented into sodium bentonite, calcium bentonite, sulfur bentonite, and others. The sodium bentonite segment held the largest market share in 2018 and is projected to register the highest CAGR during the review period. This is attributed to its ability to absorb large amounts of water, high alkalinity, thermal stability, high viscosity, and high strength formation and is used in the foundry industry as a binder to enhance the product quality and reduce scrap generation.
On the basis of application, the global bentonite market has been classified into foundry sands, cat litter, iron ore pelletizing, refining, drilling muds, absorbent/adsorbent, binder, sealant, civil engineering, and others. The foundry sands segment dominated the global market in 2020 which was followed by drilling fluids and iron pelletizing application segments. This is largely attributed to its increasing adoption in foundry molds for the metal casting of utility hole covers, transmission housings, brake drums, engine blocks, cast iron pans, among others.
By end-use industry, the global bentonite market has been categorized into pharmaceuticals, construction, oil and gas, food and beverages, cosmetics, paper and pulp, agriculture, wastewater treatment, and ceramics. The oil and gas segment accounted for the largest market share in 2020 and is followed by construction and cosmetics owing to the growing demand for bentonite in drilling fluids applications.
Market Segmentation
The global Bentonite Market has been segmented on the basis of product, application, end-use industry, and region.
By product, the global Bentonite market has been divided into sodium bentonite, calcium bentonite, sulfur bentonite, and others.
Based on application, the global bentonite market has been segmented into foundry sands, cat litter, iron ore pelletizing, refining, drilling muds, absorbent/adsorbent, binder, sealant, civil engineering, and others.
On the basis of end-use industry, the global bentonite market has been categorized into pharmaceuticals, construction, oil and gas, food and beverages, cosmetics, paper and pulp, agriculture, wastewater treatment, and ceramics.
The global bentonite market has been studied across five key regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Competitive Analysis
Black Hills Bentonite, LLC (US), Halliburton (US), Kemira (Finland), CB Minerals (US), Minerals Technologies Inc (US), Clariant (Switzerland), Alfa Aesar (US), KUNIMINE INDUSTRIES CO., LTD (Japan), Ashapura Group (India), Wyo-Ben, Inc. (US), Pacific Bentonite Ltd. (Canada), Delmon Group of Companies (UAE), CIMBAR PERFORMANCE MINERALS (US), LKAB Minerals (Sweden), and Kutch Minerals (India) are some of the key players operating in the global bentonite market.
Regional Analysis
Geographically, the global bentonite market has been studied across the five regions —Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The North American market witnessed the largest market share in 2018 and is projected to grow at steady CAGR during the forecast period owing to growing drilling operations for extraction of shale gas in the region. The US is the leading country in the region on account of high demand for bentonite mining in drilling activities, pharmaceuticals, and wastewater treatment. Asia-Pacific is estimated to be the fastest-growing market during the assessment period owing to the growing demand for the product in iron pelletizing, food and beverages, pulp and paper, and ceramics industries. India is the leading country in the region owing to the presence of major manufacturers in the country such as Ashapura Group and Kutch Minerals; and growing construction activities. China, Japan, and South Korea are other countries contributing to the regional market growth.
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