Zeolite Market Key Players, Application, Demand, Industry Research Report by Regional
The global zeolite market is set to gain traction from its ever-increasing usage in creating laundry detergents. Zeolite A is extensively utilized to produce phosphate-free detergents owing to its non-toxic nature. Fortune Business Insights™ published this information in a new study. The study further states that the zeolite market size was USD 4,326.2 million in 2019 and is projected to reach USD 6,190.0 million by 2027, exhibiting a CAGR of 4.7% during the forecast period.
COVID-19 to Affect Demand Backed by Disruptions in Supply Chain
The outbreak of the COVID-19 pandemic is affecting the demand for zeolite-based products worldwide. This is occurring because of the rising disruptions in supply chains owing to the complete lockdown in various cities. Hence, manufacturers are investing hefty amounts in sustaining their production capacities to boost growth. We are delivering specially curated reports that would enlighten you on the effects of this pandemic on the market. You can select the best available strategy for intensifying competition.
Drivers & Restraints-
Increasing Usage in Cement and Concrete Industry to Bolster Growth
Nowadays, natural zeolite is being used more in the production of construction materials, as well as in the cement and concrete industry. This is because it is capable of surging the durability of concrete and cement composites. At the same time, it can enhance mechanical strength. Also, it is eco-friendly and cost-effective which makes it the most preferable mineral in the construction industry. However, the availability of numerous substitutes, such as enzymes and metals may hamper the zeolite market growth in the near future.
Segment-
Animal Feed Sub-segment Held 28.2% Share Fueled by Usage in Additives
Based on application, the market is bifurcated into natural and synthetic. The animal feed sub-segment under the natural zeolite segment held 28.2% in terms of zeolite market share in 2019. This growth is attributable to the rising usage of the mineral as animal feed additives for poultry, swine, sheep, cattle, and dairy cows. On the other hand, the catalysts sub-segment under the synthetic zeolite segment generated 19.3% market share in 2019.
Regional Analysis-
Rising Number of Public Infrastructure Projects to Augment Growth in Asia Pacific
Geographically, North America procured USD 748.5 million in terms of revenue in 2019. The region is expected to showcase significant growth in the coming years owing to the expansion of the animal feed industry. Asia Pacific is set to generate the highest share in terms of revenue throughout the forthcoming period on account of the increasing number of public infrastructure projects and the rising expenditure in infrastructure development in South Korea, China, and India.
Competitive Landscape-
Key Players Aim to Strengthen Positions by Opening New Plants & Launching Detergents
Majority of the key companies are located in Europe and North America. They are persistently striving to strengthen their positions by launching new laundry detergents equipped with zeolites or are focusing on opening new manufacturing plants to surge productivity. Below are two industry developments:
July 2019: Reckitt Benckiser launched its latest product called Vanish Oxi Action Stain Removal Powder. As per the company, it has 10 times more active oxygen, unlike the other high-quality detergents. It also contains zeolites and enzymes that would help in eliminating several types of complex stains.
May 2018: Zeochem opened its new plant in Zvornik for the processing of chromatographic gels and zeolite. The company invested around USD 9 million for the same. It would strengthen the company’s position.
Source:https://www.fortunebusinessinsights.com/industry-reports/zeolite-market-101921