In fact, a research article by Global Market Insights Inc. states that the global bentonite market size will exceed USD 2.50 billion by 2027.
Bentonite market is anticipated to grow at a robust pace in the coming years, fueled by the surge in oil & gas exploration activities across the U.S. and Canada. Robust economic developments have made way for the spiraling infrastructure activities in countries like China, South Korea, and India. The agriculture sector is growing profusely with the expanding population and the higher intake of food products. The booming automotive production in Germany, the U.S., France, India, Italy, South Korea, and Japan will further drive the market growth.
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Bentonite offers cooling and optimal lubrication of transports cuttings, drill-bits, and rig & tubing from the bottom to the surface of the wells. It also limits the deposition of these cuttings, in cases when drilling is halted, by keeping them suspending.
Here’s a lookout to pivotal trends that are slated to drive the business space through the coming years:
Optimum solubility of sulphur bentonite
Annual revenue of the sulphur bentonite industry is pegged to observe gains at over 8.5% during the forecast period. This is mainly ascribing to its ability to disperse into small particles whilst offering rapid as well as continuous solubility. Sulphur bentonite, which is a yellow-brown solid, is largely utilized as a sulphur-rich fertilizer as it breaks down into minute dust-sized particles upon exposure to moisture. As sulphur enhances various metabolic functions, including chlorophyll synthesis and nutrient uptake in plants, this bentonite is adopted in oilseed crops to enhance the yield and oil content.
In addition, the chemical exhibits high potency, slow sulphur release, lower nutrient & application costs, and higher storage volume, as well as decreased soil leaching.
Sealing attributes of sodium bentonite
The industry share of sodium bentonite is expected to record a CAGR of 8.4% through 2027 owing to its increasing adoption as stock feeds and natural sealants. The product offers high-water and organic absorption, along with cation exchangeability. Increasing penetration in sealing of recreational ponds, city landfills as well as dairy and sewage lagoons will considerably fuel the market demand spurt.
North America to record prolific consumption
North America bentonite market size is anticipated to strike a CAGR of more than 9% up to 2027. The growth can be accounted to the mount in the instances of large-scale drilling activities across the U.S. This has resulted in the increasing use of the product as a raw material for drilling fluids.
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Booming agriculture sector in APAC
Asia Pacific is likely to emerge as a major shareholder in the global bentonite market while contributing a growth rate of more than 9.3% through 2027. This can be attributed to the rising advancements across the agriculture and pharmaceutical sectors. According to Second Advance Estimates, the total food grain production in India reached 285.21 million tons in the year 2018-19.
Competitive strategic measures
Leading bentonite market participants are working on strategic initiatives, including partnerships, mergers, and acquisitions to meet the increasing product requirement across pharmaceuticals, oil & gas, construction, cosmetics, food & beverage, paper and pulp, agriculture, ceramics, and wastewater treatment applications.
Bentonite not only limits the loss of circulation fluids through the deposition of filter-cakes on borewell walls but also stabilizes the wellbore whilst reducing the damages to the formation. Furthermore, bentonite marks an abundant presence in drilling muds, comprising primarily of clay and numerous additives like barium sulphate, calcium carbonate, and hematite. The elevating levels of global energy consumption and the significant advancements in the drilling sector will complement the market progression in the near future.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.