Increasing oil drilling and construction activities across the world are expected to create increasing demand for bentonite between 2021 and 2031, finds Future Market Insights (FMI) in a new study. According to the report, the market is expected to reach US$ 2.37 billion by the end of 2031.
Through the course of the forecast period, it is expected to record solid growth, especially since developing economies are expected to offer lucrative growth opportunities. Bentonite is a highly colloidal clay mineral containing a variety of accessory minerals such as quartz, feldspar, calcite, and gypsum.
Properties such as water absorption, swelling, viscosity, hydration, and thixotropy make bentonite a valuable material across various industries. The chemical and mechanical properties of bentonite materials can be altered through various additions and combinations of raw materials, which is based on the application or use of the finished product.
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Bentonite is known for its versatile nature and application in numerous industries such as construction, oil & gas, food, pharmaceutical, foundry, and among others. Of these, the oil industry is expected to remain dominant, accounting for nearly one-fourth of bentonite sold globally.
Key Takeaways
- Driven by applications across diverse industries, the bentonite market will exhibit a CAGR of 6.2% between 2021 and 2031
- With oil and drilling activities pacing up, the U.S. is expected to account for 88% of bentonite sales in North America
- Bentonite production in France and Poland will pick up at an impressive pace after post lackluster growth registered in 2020
- Germany and Russia are expected to emerge as leading markets for bentonite in Europe
- China is expected to spearhead the growth of the bentonite market in East Asia
“Role of bentonites in oil drilling applications continues to propel the overall market growth. However, due to stringent regulation imposed by governments on the use of some of the intermediate chemicals, which are used collectively with bentonite in drilling applications, the market might witness some hindrances to growth. Nonetheless, key manufacturers are focusing on enhancing the production rate which will aid the overall expansion of the market in the coming years.” says FMI analyst.
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Competitive Landscape
The market is moderately fragmented with key players accounting for small market share. Some of the key players in the market are Kemira OYJ, Mineral Technologies Inc. Clariant AG, Kunimine Industries Co., Ltd. Charles B Chrystal Co. Inc, Ashapura Group of Companies, Halliburton Co, Wyo-Ben, Inc, Polymer Drilling Systems (PDS) Co, Inc, Black Hills Bentonite, LLC, Alfa Aesar, Kutch Minerals, among others. These key players are expected to invest in new technology developments and the expansion of their network in order to maintain their market shares.
Bentonite Market by Category
Product Type
- Sodium
- Calcium
- Others
Application
- Drilling Fluids
- Binder
- Sealant
- Absorbent/Adsorbent
- Clarification Agent
- Others
End-Use Industry
- Oil
- Foundry
- Construction
- Food
- Pharmaceuticals
- Others
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About FMI
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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