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Albany, New York, March 29, 2019 (GLOBE NEWSWIRE) -- The global specialty zeolites market depicts a highly competitive and fragmented market, with major players scattered globally, reports Transparency Market Research (TMR). The market is facing tremendous competition between the established industry players who are focused on expanding their footprints globally. A few key players in the specialty zeolites market include Arkema Group, Tosoh Corporation, Clariant, Zeolyst International, and BASF SE.
The global specialty zeolites market is prophesied to be an extensive one with a plethora of organizations vying for gaining maximum market shares. Major players in the market are adopting various strategic alliances to stay ahead of the competitors. These players are capturing the bountiful opportunities provided by the growing need for infrastructure. The global specialty zeolites market is expected to grow steadily due to the existence of potentially large players who are keeping themselves abreast of technological advancements. These players are also offering better and improved products for establishing their credibility in the market. Such leading vendors are also spreading their businesses in emerging economies for boosting their shares in the market.
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The global specialty zeolites market is expected to register a remarkable growth during 2016-2024. It is expected to register over 3.2% CAGR during the forecast period. The market was valued US$41.3 Mn in 2016. By the end of 2024, the market is expected to attain a valuation of US$53.4 Mn, predicts the report.
Among various end-users, paints and coatings industry has witnessed a surge in the use of specialty zeolites. This is because of the implementation of governments’ strict regulations to eliminate VOC (Volatile Organic Compounds) in paints and coatings. On the regional front, Asia Pacific is expected to be a high potential region in the specialty zeolites market, owing to the rising commercial infrastructure and construction activities in key nations include India, China, Singapore, and Malaysia.
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Elevated Demand for Paints and Coatings to Provide Impetus in Market’s Growth
Specialty zeolites are a type of zeolites that involve specialty synthesis, especially in the high-pressure synthesis. During synthesis/crystallization, some organic additives are also added to facilitate the processes effectively. Specialty zeolites are mostly utilized for the adsorption purposes in construction materials, plastics, personal care, and paints and coatings. The paints and coatings industry exhibits a sudden rise in the specialty zeolites use, which is majorly driving the global specialty zeolites market. A similar hike in demand for specialty zeolites can also be seen in plastics industry.
Surging construction activities across different regions around the globe is further contributing towards specialty zeolites market’s growth. Countries such as Japan, China, India, Mexico, and Brazil are witnessing elevated demand for specialty zeolites due to sudden infrastructural uplift as well as authorization for FDI (Foreign Direct Investment) in the construction sector. Such USPs are also fueling growth in the global specialty zeolites market.
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Rapidly Mushrooming Cosmetic Industry Worldwide Stokes Demand in Market
Specialty zeolites find application in cosmetic industry as a form of vital ingredient in skin care, makeup, and bath products. Increasing disposable income of people along with changing consumer spending patterns is likely to boost the cosmetic and personal care industry and eventually escalating the specialty zeolites demand across the world. Such factors are also propelling expansion in the global specialty zeolites market.
However, due to the highly complex manufacturing process, specialty zeolites are considered a bit expensive, which causes a hurdle in the specialty zeolites market growth. Nonetheless, manufacturers are producing artificial zeolites for enhancing the crystalline structure, which is widely adopted in various industries due to their superior cation exchange and chemical bonding ability. Such factors pave new growth opportunities in the global specialty zeolites market.
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The review is based on a market research report by TMR, titled, “Specialty Zeolites Market (End Users - Plastics, Paints and Coatings, Construction Materials, and Personal Care) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024”.
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