The global specialty zeolites market is estimated to witness a moderate growth, at an estimated CAGR of over 3%, over the forecast period. The major factors driving the growth of the market studied are increasing consumption from paints & coatings industry and robust growth in construction activities in Asia-Pacific.
- Specialty Zeolites are expensive when compared with conventional zeolites, which is likely to hinder the markets growth.
- Increase in demand from personal care industry is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Consumption in the Paints and Coatings Industry
- Specialty zeolites are specially designed synthetic zeolite-based materials with a wide range of silica-to-aluminum ratio, existing both in powder and spherical bead form.
- They are used as volatile organic components (VOC) adsorbents in industrial and paints & coatings applications, as well as an odor control and odor removal additive in formulations, such as thermoplastics, duroplastics, fibers, films, coatings, lacquers, inks, paints or construction materials.
- The Asia-Pacific and the Middle Eastern regions are expected to witness huge demand for paints and coatings, owing to significant investments being made into the construction sector.
- In Asia-Pacific, the growth of the construction sector is majorly driven by rising in residential construction projects, in order to meet the accommodation requirements of the growing population.
- The Middle East & African region, on the other hand, have been witnessing a huge rise in industrial and institutional construction. The Middle Eastern countries, such as Saudi Arabia, the United Arab Emirates, and Qatar, have been trying to expand its tourism, healthcare, and manufacturing industry, with an intention to reduce their economic dependence on the oil and gas industry.
- Hence, all such favorable trends in the global construction sector are expected to drive the demand for, and growth of, the paints and coating market, during the forecast period. This is expected to drive the demand for specialty zeolites.
Asia-Pacific Region to Dominate the Market
- The growth of the Asia-Pacific construction sector is majorly driven by the expansion of the service sector, leading to an increase in the demand for office spaces, an increase in residential construction projects, and inflow of investments from multi-national companies to set up industrial base in the region.
- The cosmetic industry is also witnessing strong growth in demand in the region, which is fueled by the increased usage of cosmetic products, due to rising demand for anti-aging cosmetic products from baby boomers and X generation, western culture influence on youth, increased women employment, and continuous innovation of products attracting the masses.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
- Due to all such factors, the market for specialty zeolites in the region is expected to have a steady growth during the forecast period.
The specialty zeolites market is partially consolidated in nature. Some of the major players in the market include Albemarle Corporation, BASF SE, Honeywell International Inc, Zeochem, and Zeolyst International, among others.
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