A large number of players are currently operational in the global specialty zeolites market. For 2015, the leaders in this market were BASF SE, Arkema Group, Tosoh Corporation, and W.R. Grace & Co., held a collective share of 34.7% in its overall value. The overall player spread-out is wide and diverse with a large number of enterprises present in all sizes. The leaders of the global specialty zeolites market are largely concerned with the applications of technological innovations that will give way to reducing processing costs and introduce high-quality products on a commercial level.
According to a research publication by Transparency Market Research, the global specialty zeolites market is expected to hold a strong degree of competition among key players. The majority of the players in the market depend on goodwill and the formation of long-terms contracts for sustainable business. Although the cost of raw materials is largely classified as volatile, the global specialty zeolites market is relatively easy for new entrants to consider due to the easy availability of the raw materials. However, the market is likely to consistently face high levels of challenges from substitutes such as activated carbon and silica gel.
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By 2024, the global specialty zeolites market is expected to reach US$53.4 mn in terms of sales. Its sales figure is projected at a CAGR of 3.2% within a forecast period from 2016 to 2024, and was calculated to reach 41.3 mn at the end of 2016.
Construction Industry Ups Demand for Specialty Zeolites
“Specialty zeolites have consistently found a solid scope of demand from the construction industry. The surge in construction activities in construction across the world and across different sectors is currently the leading factor contributing to the increasing revenue stream of the global specialty zeolites market. This is especially visible across Latin America and Asia Pacific, two regions that are scaling up their infrastructures in healthcare, industries, businesses, and residential areas,” states a TMR analyst. Urbanization is a key proponent of the construction industry and consequently, the global specialty zeolites market. This can be seen across the swiftly growing urban areas in China, India, and Brazil.
Another factor promoting the global specialty zeolites market at the moment is the growing demand for them from the global paints and coatings industry, which is again, directly driven by the construction industry. The demand for specialty zeolites takes a positive turn due to the increasingly stringent regulations regarding the use of volatile organic compounds. A similar hike in demand for specialty zeolites can be seen in the plastics industry.
High Costs of Specialty Zeolites to Prevent Faster Market Growth
One of the key factors hindering a more favorable growth rate for the global specialty zeolites market is the high product costs. Specialty zeolites are known to be much more expensive than basic synthetic zeolites or even natural zeolites, due to the increased complexity of manufacturing. At the same time, the global specialty zeolites market is being restricted by the increasing availability of substitutes, especially silica gels and activated carbon. Both substitutes are finding a greater range of use in the paints and coatings industry, jeopardizing the overall demand for specialty zeolites in it.
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“Currently, the larger players in the global specialty zeolites market are creating greater opportunities for themselves through the upkeep of loyalty with existing clients. This allows them to harness the generation of goodwill between enterprises while successfully expanding their overall client pool. Several players are also making the most out of opportunities through enhanced product development programs and the diversification of application of specialty zeolites,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Specialty Zeolites Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Global Specialty Zeolites Market
Specialty Zeolites Market: End-use Analysis
- Paints & Coatings
- Construction Materials
- Personal Care
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