Bentonite is a naturally occurring clay with excellent capabilities of absorbing and adsorbing. With these properties bentonite is being extensively used in personal care, pharmaceutical, construction and oil & gas industry. Increasing demand for cosmetic products and rapid development in the construction sector has resulted in heightened demand for bentonite as a cleansing agent and water absorbing agent respectively. Increasing consumption of bentonite as a binder in foundry-sand is expected to propel growth of the market over the forecast period (2019-2027).
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Sodium bentonite is the most preferred variant for foundry and construction. Whereas, calcium bentonite is used in number of applications such as cosmetic and animal feeding. The above represented scenario is forecast to drive the market at a steady CAGR of ~5% in the forecast period, reveals Fact.MR, in a recently published report on global bentonite market.
Key Takeaways of Global Bentonite Market
- Global bentonite market is expected to create an absolute $ opportunity of worth US$ 500 Mn during the forecast period, adding 1.2X times more value in 2027 as compared to 2019
- Sodium bentonite is projected to account for more than half of the total market share, because of its lubricating properties enabling its high utilization in oil and gas extraction.
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- In terms of value, drilling fluid segment accounted for quarter of the global share in 2018 and is projected to grow at higher rate during the first half of the forecast period. Calcium bentonite is forecast to gain 101 BPS to reach value share of 30% by the end of 2027 from 28.93% in 2019
- Oil and gas industry is poised to expand at a CAGR of ~6% accounting for over one fourth of the revenue share by 2027
- In terms of production and consumption, North America has dominated the market in 2019 and is projected to account for more than one-third of market share by 2027
“Attributed to its greasy, viscous and expanding properties bentonite is the best choice as feeding additive for drilling in oil and natural gas extraction”, says a Fact.MR analyst.
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Burgeoning Demand from Myriad Applications to open up New Avenues for Market Players
Escalating demand from oil and gas industry for drilling fluid is projected to propel the bentonite market. Increasing demand from foundry and construction industry are poised to create a progressive environment for the market. Companies are expanding their application reach to increase the demand for these products. For instance, bentonite offered by Clarient AG a Swiss based chemical company, is used for foundry sand binders, edible oil purification, feed additives and drilling fluids.
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