Zeolites Market is Envisaged to Record a CAGR of over 3.1% During 2021-2026- Exclusive Report by MarketsandMarkets™
The global zeolites market size is estimated to be USD 12.1 billion in 2021 and is projected to reach USD 14.1 billion by 2026, at a CAGR of 3.1% between 2021 and 2026. Rising demand for synthetic zeolites from the detergent industry and high demand for natural zeolites in construction & building materials is aiding to the growth of the zeolites market.
Based on type, the zeolites market is segmented into natural and synthetic zeolites. Natural zeolites was the largest segment in the overall zeolites market in 2020, in terms of value and volume. This is majorly due to the growing demand for natural zeolites in various applications such as construction & building materials, soil remediation, animal feed and wastewater treatment among others.
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Based on function, catalyst segment is estimated to account for the largest share of the overall zeolites market, in terms of value, in 2020. Increasing demand for zeolites as catalysts in fluid catalytic cracking (FCC) applications in oil & gas and petroleum industry is driving the growth of this segment. Zeolites are the most important inorganic material used in the production of oil & gas in the petrochemical and oil refining industries. They are routinely used as catalysts in fluid catalytic cracking (FCC) and hydrocarbon cracking (HC) applications. Zeolite catalysts have the advantage of removing hydrogen from alkanes at the acidic sites or reaction sites.
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Based on applications, the zeolites market is segmented as detergents, catalysts, absorbent/desiccant, and others (emission control, medical oxygen) for synthetic zeolites. Detergents segment is estimated to dominate the synthetic zeolites market. The high demand for synthetic zeolite in detergents is due to the stringent regulations on detergent ingredients imposed by governments of various countries. For instance, in Europe, the use of sodium tripolyphosphate (STPP) is restricted in detergents, thus propelling the demand for zeolites as its substitute in detergents. Further, the construction & building materials segment is expected to be the largest application of the natural zeolites, by volume. Natural zeolites improve the strength and stability of concrete and cement. Owing to these advantages, there is a high demand for natural zeolites from the construction & building materials sector.
Based on region, Asia Pacific dominated the global zeolites market in 2020. It is majorly due to the increase in demand for zeolites from major countries such as China, Japan, and India. China is the largest market for zeolites market in Asia Pacific. Surging demand for transportation fuels is driving the market for refinery catalysts in the Asia Pacific region.
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