The global bentonite market size is expected to grow by 2.75 million MT during 2020-2024, progressing at a CAGR of over 2% during the forecast period.
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The use of bentonite for drilling purposes is one of the major factors propelling market growth. However, factors such as competition from organic binders will hamper market growth.
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The increasing consumption of bentonite for drilling purposes will drive the growth prospects for the global bentonite market in the forthcoming years. One of the major factors responsible for the growing demand for bentonite is the increasing technological advancements in drilling technologies, which revolutionizes the oil and gas industry and enables access to the most remote of locations, unconventional formations, deep-water regions, and even the Arctic. Also, since bentonite facilitates drilling of new reservoirs, the growing adoption of lateral drilling techniques will boost the demand for bentonite.
Global Bentonite Market: Product Landscape
Sodium bentonite can absorb a higher amount of water than calcium bentonite. It is capable of expanding up to 15 times its volume. Sodium bentonite has high swelling properties; therefore, it is widely used as a sealant in industries. Sodium bentonite is also used as binders, liner material, and as a suspension agent in concrete, wallboards, cement tiles, and water-proofing building materials. It is also used in healthcare as a poultice or as an external detoxifier of skin and feet. The product is also used for controlling dust on highways and as a hole plug. The growing use of sodium bentonite as an effective sealant is driving the growth of the segment. Market growth in this segment will be faster than the growth of the market in the calcium bentonite and other segments.
Global Bentonite Market: Geographic Landscape
The demand for foundry sand will significantly drive bentonite market growth in this region over the forecast period. 40% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for bentonite in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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