Wollastonite Powder Market: Introduction
The global wollastonite powder market was valued at US$ 361 Mn in 2019 and is anticipated to expand at a CAGR of ~8% during the forecast period, according to a new report published by Transparency Market Research (TMR). The global wollastonite powder market is driven by rise in demand for wollastonite powder in the building & construction industry, as wollastonite powder is popularly used in floor and wall tiles. In terms of volume, the wollastonite powder market in Asia Pacific is expected to expand at a CAGR of ~8% during the forecast period. The implementation of wollastonite powder as a replacement for asbestos is likely to propel the market in the region during the forecast period.
Major Drivers of Wollastonite Powder Market
In terms of application, the wollastonite powder market can be classified into ceramics, polymers, paints, metallurgy, friction products, construction, and others. The ceramics segment is anticipated to constitute a major share of the wollastonite powder market during the forecast period, as wollastonite powder significantly slows down the process of shrinkage and gas evolution during firing. It also reduces crazing, cracking, and glass defects.
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Wollastonite powder is used in paints to offer resistance to harsh climatic conditions and reduce pigmentation and gloss. The powder is employed in plastics to reduce resin consumption and improve tensile and flexural strength. China, India, and Japan are expected to witness increase in the use of wollastonite powder in the near future, due to the rise in the demand for wollastonite powder in the construction industry in these countries.
Social housing projects are underway in Bahrain and Kingdom of Saudi Arabia (KSA) in the Middle East. This is driving the wollastonite powder market in the region. On March 10, 2020, the Government of Bahrain announced a plan to build 1705 residential units, comprising 1402 flats, under the Salman City Social Housing Project. Furthermore, the Bahrain Housing Ministry issued a tender of 132 residential homes on government land in Al-Lawzi, Bahrain. These strategies to build infrastructure in the near future are likely to boost the demand for wollastonite powder in the country.
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Asia Pacific Dominates Wollastonite Powder Market
In terms of region, the global wollastonite powder market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold considerable share of the global wollastonite powder market, due to presence of well-established players in these regions. The wollastonite powder market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, due to significant increase in construction and building activities in developing economies such as China and India. The wollastonite powder market in Middle East & Africa and Latin America is projected to expand at a sluggish pace during the forecast period.
Competition Landscape of Wollastonite Powder Market
Major players operating in the global wollastonite powder market are Nordkalk Corporation, Wolkem, Imerys, ACBM JSC, R.T. Vanderbilt Holding Company, Inc., Canadian Wollastonite, Xinyu South Wollastonite Co., Ltd, Changxing Earth New Type Of Material Co., Ltd., and Jilin Shanwei Wollastonite Mining CO., LTD. These companies are investing significantly in expanding their production capacity of wollastonite powder. In 2015, Imerys acquired S&B Group’s business of wollastonite, perlite, bentonite, and continuous casting fluxes.