The Zeolite Market is expected to grow at a CAGR during the forecasting period (2022-2029).
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.
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.
By Type, the global Zeolite market is segmented into Natural and synthetic. Synthetic has the dominant position in the Zeolite Type segment and is expected to retain its dominance in the forecasted period due to advantages over their natural analogs. The synthetic materials are manufactured in a uniform and phase-pure state, therefore, they are widely used in various commercial applications.
By Application, the global Zeolite market is segmented into Air purification, Agriculture, Petrochemicals, Water treatment, and others. Water treatment has the dominant share in the Function segment and is expected to retain its dominance in the forecast period due to the rising water crisis across the world. However, zeolites are extensively used as catalysts and adsorbents in the oil refining and petrochemical industry which will drive its market for petroleum applications with a higher CAGR in the forecast period.
By geography, the global Zeolite Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
Asia-Pacific holds the largest market share for Zeolite Market, due to the rise in the population coupled with the increasing disposable income of the people in the region are the major factor driving the market. The investments in the construction of the new water treatment facilities or expanding the capacities of old facilities in the region is another factor to drive the market for zeolite. For instance, in India, Japan International Cooperation Agency (JICA) has funded 25 water and sanitation projects across the country, amounting to ODA loans worth 752 billion Japanese Yen (approximately INR 48,000 crores). JICA is supporting the development of water supply and sewage treatment infrastructure for residential, commercial and industrial areas in India.
North America is after Asia-Pacific in terms of market share in the global Zeolite market, due to rise in the agricultural sectors and the aquaculture in the region are major drivers. According to the World Bank, aquaculture produced more than 106 million metric tons (MT) of seafood in 2015. That’s more than double the seafood farms created in 2003 and more than 50 times the yield reported in 1960.
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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