Key Highlights of Global Specialty Zeolites Market
- Specialty zeolites are used as adsorbent to remove volatile organic compounds and eliminate undesirable odors in thermoplastics and thermoplastics elastomers.
- Specialty zeolites are added to plastics as an additive, and they do not change the chemical, physical, and mechanical properties of plastics.
- Specialty zeolites are employed in paints and coatings due to their high adsorption capacity. These are used in various types of paints such as marine paints and polyurethane paint.
- The global specialty zeolites market was valued at US$ 44 Mn in 2018 and is anticipated to expand at a CAGR of 3.2% during the forecast period
- Europe accounts for major share of the global specialty zeolites market, led by high demand for paints & coatings in construction industry.
Key Drivers of Global Specialty Zeolites Market
- Stringent regulations on eliminating volatile organic compounds in paints and coatings is likely to augment the demand for specialty zeolites during the forecast period.
- Specialty zeolites can be used to make lightweight blocks for construction and decorative walls. Usage of energy efficient building materials has increased significantly over the last few years and specialty zeolites can offer significant opportunities to develop new construction materials.
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- Specialty zeolites are used in the construction industry to prepare high performance, lightweight concrete. The porous structure of zeolites holds water which increases curing time and also increases strength during curing.
- Paints & coatings was one of the highly lucrative segments of specialty zeolites in 2018. Specialty zeolites are used as adsorbent to remove volatile organic compounds and eliminate undesirable odors in thermoplastics and thermoplastics elastomers.
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Increasing Usage in Plastics to Boost Opportunities for Global Specialty Zeolites Market
- Specialty zeolites are employed as additives in plastics to remove undesirable odor. They are also used to adsorb volatile compounds.
- Specialty zeolites do not alter or change the physical, mechanical, and chemical properties of the product when used as additives. Implementation of stringent environmental regulations on the emission of volatile organic compounds is projected to augment the specialty zeolites market in the near future.
- In addition, increasing demand for specialty zeolites is high in China, Japan, and India owing to their usage as adsorbents in paints & coatings and plastics applications is also acting as an opportunity for manufacturers.
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Availability of Substitutes to Hamper Global Specialty Zeolites Market
- Silica gels and activated carbon are used for adsorption in paints & coatings applications. Furthermore, activated carbon is employed as adsorbent in the manufacture of plastic resins and synthetic fibers.
- The usage of silica gels and activated carbon has increased since the last few years as these offer high efficiency. Rise in usage of these products is likely to hamper the demand for specialty zeolites during the forecast period.
Europe Dominates Global Specialty Zeolites Market
- Market dynamics of specialty zeolites are highly geography oriented and show distinctive trends in different geographies. In terms of region, Europe accounted for major share of the global specialty zeolites market in 2018 followed by Asia Pacific and North America.
- Asia Pacific is projected to be a highly promising market for specialty zeolites during the forecast period. The construction industry is recovering due to the rise in commercial construction and infrastructure activities in key countries in Asia Pacific such as China, India, Malaysia, Singapore, and Thailand.
- China is investing significantly in infrastructure, especially in the construction of new health care and commercial institutions. India is projected to depict market growth much greater than China by 2027, owing to the expanding urban population and increasing government investments in infrastructure development.
- The specialty zeolites market in Middle East & Africa is estimated to offer comparatively less growth opportunities due preference for other adsorption products over specialty zeolites. Increase in demand for consumer goods and automobiles across the globe is estimated to boost the paints & coatings and plastics markets. All these factors are projected to drive the specialty zeolites market during the forecast period.
Fragmented Nature of Global Specialty Zeolites Market
- Key companies operating in the specialty zeolites market include Tosoh Corporation, Arkema Group, BASF SE, Clariant, W. R. Grace & Co., Albermarle Corporation, Zeochem AG, Zeolyst International, Eurecat and Honeywell UOP.
- Major players in the global specialty zeolites market have entered into long-term supply agreement with distributors in order to strengthen their position in the market.
