Bentonite Market to witness considerable demand through 2024: Report by Global Market Insights, Inc
Ocean View, DE -- (SBWIRE) -- 07/03/2020 -- Sellbyville, Delaware, Bentonite is witnessing robust demand particularly for iron pelletizing operations in the wide steel industry. Bentonite provides superior strength to dry and roasted iron pellets which also ensures safe transportation solutions. In developed countries like France, UK and Germany there has been a rise in the number of pet owners due to declining involvement of community and the breakdown of traditional social support system, which is driving the demand for pet litter products, another application area of the substance.
Bentonite helps in removing the undesirable odors by facilitating removal of feces and urine at an affordable cost when compared to traditional clay litter counterparts along with a longer shelf life. It was estimated that by the end of 2024, global bentonite market will amass annual revenues of over US$1.95 billion.
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High disposable income among people in North America and Europe and the ability to spend on luxurious products has amplified the cosmetics and natural healthcare industry, with products being developed to target specific skin concerns. Bentonite is widely used in these products to provide curative and anti-oxidant properties that improves the suitability of cosmetic products.
Reportedly, North America calcium bentonite market dominated by Canada, U.S. and Mexico was anticipated to register gains by more than 5% through 2024. The use of the product helps in improving the immune system and controls the risks of infections by eliminating toxins that enter the body through unhealthy food, pesticides and paints.
In 2017, sodium bentonite market share from civil engineering applications was evaluated at more than $65 million. The product has exceptional plasticity, bonding strength, lubricity, compressibility, and low permeability. It has high application potential in foundation and excavation activities which consist of digging bored piles, protective barriers, construction of cutoff walls, diaphragm walls, and grouting mortars.
Sodium bentonite helps to ensure foundational stability by avoiding wall collapse, acting as sealant, averting deposition of debris at excavation base, and enabling effortless displacement by concrete which will stimulate bentonite market size.
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Escalating offshore drilling activities in the U.S. to answer growing demand of oil and petrochemical and handle depleting onshore petroleum reserves will push the growth of bentonite market. Bentonite upsurges hydrostatic pressure in borehole and prevents ingress of fluid & gas and reinforces stability. It also lowers the temperature and lubricates drill bit to avoid corrosion and keep cuttings in suspension. This helps to prevent the deposition of sludge at the bottom of the borehole which will encourage bentonite industry share growth.
The U.S. calcium bentonite market size is predicted to earn gains at around 5.5% from drilling mud applications over 2018-2024. Developments in fracking & drilling technology in the nation has resulted into augmented production of oil & natural gas which answers rising demand for drill muds. Drilling fluids contribute to create boreholes which are essential when it comes to accessing petroleum reserves. Bentonite holds stone detritus while purge pumps are idle which is likely to impel the U.S. calcium bentonite market share.