DataM IntelligenceThe Zeolite Market is expected to grow at a CAGR of 19.20% during the forecasting period (2022-2029).Market Overview
The rise in the demand for clean water all around the world coupled with depleting natural resources is the major factor in driving the market for Zeolite market.
Zeolites are microporous, aluminosilicate minerals commonly used as commercial adsorbents and catalysts. Zeolites occur naturally but are also produced industrially on a large scale. Zeolites are the aluminosilicate members of the family of microporous solids known as "molecular sieves," and mainly consist of Si, Al, O, and metals including Ti, Sn, Zn, and so on.
The report covers all the major trends and drivers playing a vital role in the growth of the global Zeolite market. The global Zeolite market has been segmented based on Type, Function, Application, and Region.
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Market Dynamics
The global Zeolite market growth is primarily driven by the high rate of urbanization, and the increasing population is the region that is the major cause for the demand for clean water.
The rise in agriculture production and exports is owing to the growing population all across the globe. The expansion of agriculture land and increase in production will demand more clean water for irrigation. Moreover, in the fertilizer industry, zeolites trap undesirable metals and prevent the intake of heavy metals in the food chain. Hence, the growing production of crops will have a high demand for Zeolite in the forecast period.
For instance, USDA forecasts China’s 2019/20 soybean production at a record 17.1 million metric tons (mmt), up 1.2 mmt from last year. The year-to-year forecast is 8 percent higher than last year’s record crop of 15.9 mmt primarily due to a rise in area planted, which is at a 5-year high. The area is forecast at 9.0 million hectares, up 0.6 million or 7 percent from last year. Yield is forecast at 1.90 tons per hectare (t/ha), up slightly from last year, and up 4 percent from the 5-year average of 1.83 t/ha.
However, the availability of substitutes to Zeolite is the major factor that will hinder the growth of the Zeolite market for the forecast period.
Market Segmentation
By Type
l Natural
l Synthetic
By Function
l Catalysts
l Adsorbents
l Detergent builders
l Others
By Application
l Air purification
l Agriculture
l Petrochemicals
l Water treatment
l others
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Competitive Analysis
Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Zeolite Market is a fragmented market with the presence of various global and regional players in the market. The major players include BASF SE, Clariant, Arkema Group, Honeywell International Inc., and Zeolyst International Inc. Other key players in the market include Albemarle., KNT Group, Fujian Risheng Chemical Co. Ltd., Anten Chemical Co. Ltd., and Zeocel.
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