The bentonite market is estimated to witness lucrative growth by 2027 owing to surging product demand across varied applications. Additionally, increasing research efforts surrounding the usage of bentonite are projected to further contribute to market growth over the forecast period.
After the COVID-19 outbreak, research findings suggested that bentonite could be an efficient dermal sanitizer that is gentler on the skin than alcohol-based products, which has positively impacted business outlook. Recent studies have found that repeated hand cleansing with bentonite paste could provide complete protection from any viruses, and also improve the skin condition. Thus, the product could potentially be useful in contact isolation and as an effective infection control tool in public and hospital settings.
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For comprehensive assessment, the bentonite market has been bifurcated based on product, application, and region. In terms of product, the market has been segregated into sodium, sulphur, calcium, and others.
With respect to sodium, the bentonite market finds application in foundry sands, refining, iron ore pelletizing, civil engineering, cat litter, drilling muds, and others (manufacturing bedding for animals, seeds pelletizing, and as crop protection chemical). The cat litter application of sodium bentonite is projected to grow at a CAGR of up to 8.9% over the forecast period.
The refining application segment valuation is calculated to reach USD 50.0 million by 2027, growing at a considerable CAGR over the projected timeline. The civil engineering application segment is calculated to hold nearly 9.5% share in the sodium bentonite market by 2027.
Based on calcium, the applications of bentonite market are divided into drilling muds, foundry sands, refining, civil engineering, iron ore pelletizing, cat litter, and others (manufacturing bedding for animals, seeds pelletizing, and as crop protection chemical). Foundry sands application of calcium bentonite is expected to see substantial growth to reach a valuation of about USD 160.0 million by the end of 2027.
By 2027, the cat litter application of calcium bentonite is estimated to account for over 16.0% share in the calcium bentonite market. The civil engineering application of calcium bentonite is slated to grow at a CAGR of approximately 8.3% over the analysis period.
The drilling muds application held over 13% share in the calcium bentonite market in 2020 and is projected to rise at a sizable pace over 2021-2027. Rapid growth of the oil & gas sector across the globe is likely to boost the demand for drilling muds application, which is anticipated to drive segmental demand over the coming years.
Sulphur bentonite finds applications in refining, drilling muds, foundry sands, civil engineering, cat litter, iron ore pelletizing, and others (manufacturing bedding for animals, seeds pelletizing, and as crop protection chemical). The foundry sands application segment is anticipated to showcase robust growth at a CAGR of nearly 9.0% over the projected timeline. The drilling muds application segment is projected to account for up to 13.0% share in the sulphur bentonite market revenue by 2027.
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The civil engineering application of sulphur bentonite is forecast to account for over 9.0% share in the overall market revenue by 2027. The iron ore pelletizing application segment size is calculated to reach about USD 40.0 million by 2027, registering a sizable CAGR through the assessment timeframe.
Other products, such as potassium and magnesium, are expected to be valued at over USD 160 million by 2027, progressing at a steady rate through the forecast period. From the others segment, the bentonite market finds applications in foundry sands, iron ore pelletizing, refining, civil engineering, drilling muds, cat litter, and others (manufacturing bedding for animals, seeds pelletizing, and as crop protection chemical).
The cat litter application of other bentonite products, such as potassium and magnesium, is expected to grow at a CAGR of around 7.2% through the estimated timeline to exceed a valuation of USD 27.0 million by 2027. The refining application segment is projected to expand at over 6.0% CAGR through the analysis period.
From the regional perspective, the Latin America bentonite market size is expected to reach about USD 0.23 billion by 2027. Meanwhile, the Middle East and Africa bentonite market is projected to observe significant growth at a CAGR of approximately 7.5% over the forecast period.