Zeolite is hydrated aluminosilicates that are made up of alkali and alkaline metals. They are available in natural and synthetic forms. Natural one offers a limited range of properties whereas synthetic one offers various advanced properties, thus which makes them ideal for a large number of applications. Synthetic zeolite is chemically as well as thermally stable and thus widely used as a heterogeneous catalyst.
The global synthetic zeolite market was estimated to account for US$ 1,681.2 Mn in terms of value and 1,681.2 Kilo Tons in terms of volume by the end of 2019.
The growing demand for synthetic zeolite as a fluid catalytic cracking catalyst is predominantly fueling market growth. Fluid catalytic cracking is a type of process that is used to break down the heavy hydrocarbon molecules into simple hydrocarbon molecules in the production of gasoline in the refining process. Thus growing demand for petroleum around the globe has increased the product consumption thereby augmenting the market growth of synthetic zeolite.
Increasing demand for detergent around the globe due to growing hygiene awareness is projected to propel the market growth of synthetic zeolite. They are used in the manufacturing of detergents as it helps in increasing the washing efficiency. Moreover, synthetic zeolites are used worldwide in the detergent in place of phosphate-based detergents due to growing environmental concern. Phosphate-based detergents have an adverse effect on the marine and aquatic environment. Thus, the growing demand for detergent is accelerating market growth.
Figure 1. Global Synthetic Zeolite Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global synthetic zeolite market in 2019, accounting for 40.5% share in terms of value.
The toxic nature of the synthetic zeolite is restricting the use of synthetic zeolite as it exhibits various health hazards. This factor is expected to hamper the market growth in the near future.
Factor such as extremely high selectivity resultant into lower exploitation of synthetic zeolites across various applications. This is projected to inhibit market growth over the forecast period.
|Base Year:||2019||Market Size in 2019:||US$ 1,681.2 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||4.4%||2027 Value Projection:||US$ 2,387.3 Mn|
Zeolyst International Inc., Albemarle Corporation, Fujian Risheng Chemical Co., Ltd., W.R. Grace & Company, Anten Chemical Co., Ltd., Chemiewerk Bad Kostritz GmbH, BASF SE, Clariant AG, Honeywell International, Inc., Huiying Chemical Industry (Quanzhou) Co., Ltd.
|Restraints & Challenges:||
The growing demand for silver zeolites in antimicrobial applications is projected to provide potential market opportunities over the forecast period. Silver is popular for its natural anti-microbial agent and is widely used in various environmental conditions. Moreover, silver zeolites find potential applications across the healthcare industry due to their extremely great antimicrobial properties.
Expanding scope of the synthetic zeolites across the hydrogen economy application is projected to bring profitable opportunities in the near future. Growing demand for hydrogen-based energy as it is a clean and sustainable source of energy is propelling demand for synthetic zeolites. Zeolites are used as a catalyst in the production of the hydrogen production process. However, hydrogen energy generation is at the nascent phase with potential opportunities in the near future.
Figure 2. Global Synthetic Zeolite Market– Opportunity Analysis
Market Trends/Key Takeaways
Rapid growth in the automotive industry due to the increasing purchasing power of the consumer is encouraging them to spend on a luxury vehicle. The automotive industry is one of the major consumers of adsorbents. Also, strong growth in the manufacturing industry coupled with the growing populations around the globe is again expected to foster the market growth of the synthetic zeolites over the forecast timeframe.
Specialty zeolites are gaining traction in the market. For this manufacturers are investing heavily in increasing the production capacity of specialty zeolites. For instance in September 2017, BASF invested in a new plant in Ludwigshafen, Germany for enhancing the production capacity of specialty zeolites. These specialty zeolites are used to produce state-of-the-art emissions catalysts for heavy-duty and light-duty diesel vehicles.
Figure 3. Global Synthetic zeolite Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the detergent segment has accounted the largest market share of 46.6% in terms of value, followed by adsorbents and catalysts segment respectively.
Global Synthetic Zeolite Market - Impact of Coronavirus (Covid-19) Pandemic
The synthetic zeolite market is expected to grow at a significant rate during the forecast period owing to the increasing demand for synthetic zeolite products across various end use industries such as detergent manufacturing industries due to rising hygiene awareness among customers across the globe.
Synthetic zeolite is extracted from shells of aquatic species such as lobsters, shrimps, and crabs and is derive from chitin. Synthetic zeolite is widely used in dietary supplements as it inhibits the lipid absorption in the gastrointestinal tract. It is also used in various healthcare applications due to biodegradability and biocompatibility properties. It is used in hemostatic dressing in order to treat wounds owing to its anticoagulant properties.
Synthetic zeolite is also used in the dental filler materials which is further projected to bolster the market growth. Synthetic zeolite is gaining traction in the healthcare industry where it is used in the manufacturing of bio-based products for wound care management.
Increasing demand for synthetic zeolite from dental applications is augmenting the market growth. It is used to manufacture mouthwashes, toothpaste, and chewing gums owing to its anti-decay and anti-plaque properties. The growing demand for synthetic zeolite as a flocculant in the Detergents industry is primarily fueling the market growth of the synthetic zeolite .
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.