The market for Attapulgite is expected to grow at a CAGR of over 6% during the forecast period. Major factors driving the market studied are increasing oil & gas drilling activities all over the globe and rising demand for cat litter adsorbent in developed countries. On the flipside, stringent rules & regulations imposed on mining especially in United States and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing demand for attapulgite in paints & coatings segment is expected to offer various lucrative opportunities for the growth of market.
- By end-user industry, oil & gas industry is expected to dominate the market owing to the increasing demand from offshore oil & gas drilling activities in North America.
- North America region dominated the attapulgite market across the globe with the largest consumption from countries such as United States and Canada.
Key Market Trends
Increasing Demand from Oil & Gas Industry
- Attapulgite, also known as palygorskite, is a magnesium aluminium phyllosilicate. It is a type of fuller’s earth having high surface area and porosity.
- The growing amount of oil & gas drilling activities around the world is increasing the demand of attapulgite and thus, propelling its market.
- Attapulgite is used extensively in offshore drillings rigs with the mud salinity level more than that of the sea water, without affecting the filtration properties of mud. Owing to this, attapulgite market is expected to propel during the forecast period.
- Additionally, attapulgite has superiority over other additives like bentonite in presence of contaminants such as salts, magnesium sulfate or calcium sulfate. These superior properties are boosting the demand of attapulgite and thus, stimulating its market.
- The global offshore oil & gas drilling market is expected to grow at a CAGR of over 9% during the forecast period. This would create ample opportunities for the attapulgite market to grow during the forecast period.
- Owing to all the above-mentioned factors for attapulgite, its market is expected to grow rapidly over the forecast period.
North America Region to Dominate the Market
- North America region is expected to dominate the market for attapulgite during the forecast period. In countries like United States and Canada, owing to increasing demand from various end-user industries such as oil & gas, paints & coatings, medical & pharmaceutical, and cat litter adsorbent, the demand for attapulgite has been increasing in the region.
- The growing demand of attapulgite as a cat litter adsorbent owing to rising trend of petting cats in developed countries like United States is propelling the demand of attapulgite in the region. Also, the rising awareness about feline family along with development of eco-friendly and clay mineral based quick acting litter adsorbents will stimulate the attapulgite market during the forecast period.
- Furthermore, the demand of colloidal grade of attapulgite is increasing owing to wide range of applications such as a paint thickener and gelling agent, for adhesive viscosity control, oil-well drilling, and in laundry washing powder. These factors are expected to boost the attapulgite market during the forecast period.
- Additionally, rising construction activities owing to increasing population and industrialization is likely to boost the demand for paints & coatings. This in turn is likely to boost the attapulgite market in the paints & coatings industry.
- The North America paints & coatings industry is projected to grow at a CAGR of over 4% during the forecast period and is estimated to reach USD 44 billion by 2026. This will create lucrative opportunities for the attapulgite market during the forecast period.
- Some of the major companies operating in North America region are - Active Minerals., Oil-Dri Corporation of America, and BASF SE.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for attapulgite during the forecast period.
The attapulgite market is consolidated with top players accounting for a major share of the market. Some of the key companies in the market include Active Minerals., BASF SE, PRATHAM MINECHEM, Oil-Dri Corporation of America., and GEOHELLAS.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support