Increased oil drilling and construction activities around the world are expected to drive up demand for bentonite market between 2021 and 2031, according to a new study by Future Market Insights (FMI). The market is expected to reach $2.37 billion by the end of 2031, according to the report. It is expected to grow steadily over the forecast period, especially since developing economies are expected to offer lucrative growth opportunities.
Bentonite is a highly colloidal clay mineral that contains a number of accessory minerals including quartz, feldspar, calcite, and gypsum. Bentonite’s properties such as water absorption, swelling, viscosity, hydration, and thixotropy make it a valuable material in a variety of industries. The chemical and mechanical properties of bentonite materials can be changed by varying the additions and combinations of raw materials, depending on the application or use of the finished product.
Bentonite is well-known for its adaptability and use in a variety of industries, including construction, oil and gas, food, pharmaceutical, and foundry. The oil industry is expected to maintain its dominance, accounting for nearly one-fourth of all bentonite sold globally.
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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 post lacklustre growth registered in 2020
- Germany and Russia are expected to emerge as leading markets for bentonite in Europe
- China is expected to spearhead growth of 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.
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 their networks expansion in order to maintain their market shares.
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Bentonite Market by Category
Product Type
- Sodium
- Calcium
- Others
Application
- Drilling Fluids
- Binder
- Sealant
- Absorbent/Adsrobent
- Clarification Agent
- Others
End- Use Industry
- Oil
- Foundry
- Construction
- Food
- Pharmaceuticals
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of 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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