Halloysite Market– Statistics And Analysis & Forecast To 2025Posted by Mrudula Anil Karmarkar on April 8th, 2021 The global halloysite market size is expected to reach USD 50.21 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.2% during the forecast period. Booming construction industry in Asia Pacific is leading to an increase in the demand for ceramic products, which in turn, is expected to boost the growth of the market. The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor. The market exhibits a high degree of integration from raw material supply to the processing and distribution of the product. All major manufacturers in the industry are involved in raw material extraction, which is directed wholly to captive consumption. Key industry players are also involved in collaborations with large clay manufacturing and distributing companies on a profit-sharing basis. Legal regulations governing the industry approve the use of halloysite for use in critical & semi-critical applications such as medical and cosmetics. Buyers in the market are sensitive to product quality and lay minimal emphasis on price. As a result, the product price is found to vary extensively in accordance with the application for which it is supposed to be used. The market is subject to regulations pertaining to the mining and processing of the product. Increasing concerns regarding the impact of unsustainable mining practices for the extraction of halloysite and other clays are expected to result in a limited production, which is further likely to limit the growth of the market over the forecast period. Further key findings from the report suggest:
Production of raw material varies annually with manufacturers changing trends to meet the annual projected demand for halloysite material. Extensive integration of manufacturers to the raw material supply leads to its abundance, which in turn benefits the overall market growth. Besides this, rising raw material extraction due to spiraling product demand is anticipated to work in favor of the market. The U.S. accounted for approximately three-quarters of the overall consumption of ceramics in North America in 2017, in terms of volume. The market in the U.S. is likely to remain at the forefront of North America throughout the forecast horizon owing to the increasing production of ceramic ware and other ceramic-based products in the country driven by booming building & construction industry. The substance is recognized as safe to use in critical and niche applications by agencies such as the European Commission. The presence of a limited regulatory framework for use of products across various end-use industries is estimated to fuel the demand for halloysite over the forecast period. The market exhibits a significant threat of external substitution by kaolin and other clays, primarily in the ceramics industry. In addition, the high consumption of the product by the ceramic industry coupled with limited availability increases the substitution threat. However, the product is expected to substitute a number of nanomaterials currently used in applications such as medical and cosmetics. Growing investments in the production of advanced halloysite products for use in medical, cosmetic, and filtration applications are projected to fuel growth prospects and augment production levels. In addition, rising monetary investments in R&D activities for the incorporation of nanomaterials in medical applications are poised to stimulate market growth. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/1059/ibb The industry is characterized by the presence of a limited number of players. Small-scale companies majorly compete on the basis of product quality as the type of product manufactured depends on the mine from where the material is sourced. The demand for halloysite is high in major ceramic product manufacturing companies. Halloysite production is volatile in nature as the process has not yet been fully commercialized. Halloysite clay available in the market has been assigned several grades depending on its purity level. Key market players are resorting to the production of advanced grades of halloysite to cater to the demands of a niche market. Grand View Research has segmented the global halloysite market on the basis of application: Halloysite Application Outlook (Volume, Tons; Revenue, Thousand USD, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |