Specialty Zeolites Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1274
Global Specialty Zeolites Market size valued at over USD 40 million in 2015, is likely to reach USD 50 million by 2024, registering a moderate CAGR of over 3% during the forecast timespan. The product is a particular type of zeolites that require high pressure synthesis. The unique honeycomb lattice framework of oxygen, hydrogen, silicon and aluminum gives the product special properties that enables it to be used in wide variety of industries.
The prime driver for the specialty zeolites market size is the paints & coatings industry, which is driven by the plastics and construction material industry. The paints & coatings industry is exhibiting a rise in the product use due to stringent government rules and guidelines in place to eradicate volatile organic compounds (VOCs) usage in paints & coatings. A similar hike in the product demand can be seen in plastics industry. The surge in construction activities across different segments around the world is contributing towards business growth, specially in developing economies including China, Japan, India, Brazil and Mexico. The product demand in these countries will elevate due to infrastructural upliftment along with permission for Foreign Direct Investment (FDI) in the construction sector, which will positively boost product demand across residential as well non-residential construction projects on account of reformed and favorable government policies, trade regulations, tariffs and taxes.
The product finds applications in the cosmetic industry as an essential ingredient in makeup, skin care and bath products. Rise in disposable income of people across the globe along with improving consumer spending pattern is likely to drive the personal care industry and eventually raising the product demand across the globe. In addition, the personal care business will display positive growth due to increased awareness among consumers about hygiene and other health & beauty related products.
The manufacturing process of product is highly complex, which makes it more expensive than other forms of zeolites. This high product cost is a hurdle in the specialty zeolites market growth. Moreover, the increasing demand for the product substitutes such as silica gel and activated carbon in the paints & coatings and construction materials industry is resulting into fading product demand. Both the substitutes are comparatively inexpensive and are thus preferred over the product. On the other hand, specialty zeolites market share contributors are putting efforts in research & development for discovering some new properties and prospective applications of the product. In addition, high product features such as superior cation exchange ability, crystalline structure and chemical composition will pave new specialty zeolites market growth opportunities by 2024.
The major end-users of specialty zeolites market size are plastics, paints & coatings, construction material and personal care industry. The product is used to make construction materials that satisfy requirements of energy efficient and green buildings. It is also used in preparation of high-performing light-weight concrete used for construction activities. Increasing government initiatives towards promoting energy efficient or green buildings will subsequently boost the product demand, thereby boosting the specialty zeolites market size by 2024. Across paints & coatings, the product is widely used in odor control, as it helps in adsorbing toxic substances such as ammonia, ammonium and hydrogen sulfide, which makes it useful for the paints & coatings industry.
In 2015, Europe accounted for largest specialty zeolites market share, followed by North America and Asia Pacific. However, North America and Europe shall witness moderate gains from 2016 to 2024 due to prevalence mature end-user industries in the region. Asia Pacific countries possess high potential growth owing to the robust economic growth, infrastructural boom and rapid industrialization & urbanization. China is investing heavily in infrastructural development mostly in construction of healthcare centers and commercial institutions. India is likely to show substantial growth in construction sector, surpassing the demand from China, which is going to boost the regional specialty zeolites market size by 2024.
Key specialty zeolites market share contributors are Honeywell UOP, Tosoh Corporation, Zeochem AG, BASF SE, Arkema Group, Clariant, Albermarle Corporation, Zeolyst International and W. R Grace & Company. These major players in the industry has presence across multiple stages of the industry ecosystem, which offers them competitive advantage in the business.
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