Attapulgite Market to accumulate a massive share via oil & gas drilling applications, APAC to be a major revenue contributor over 2016-2024
Publisher : Fractovia | Published Date : 2017-04-14Request Sample
Attapulgite Market is expected to be positively impacted by the rise in offshore oil drilling activities across the MEA regions. The number of oil & gas rigs worldwide was estimated at 2000 in 2015. This number is likely to increase due to the introduction of new drilling technologies. Opulent industrial development in APAC will steer market demand, with the product finding wide applications in anti-caking agents, industrial cleaning, fire extinguisher powders, and floor absorbents. The product’s unique absorbing characteristic and porous structure will augment its usage across pet care, pharmaceutical, oil & gas, paints & coatings, and the agriculture sectors. According to Global Market Insights, Inc., report,” Attapulgite industry size is slated to hit USD 600 million by 2024.”
Europe Attapulgite Market size, by end-user, 2013 - 2024 (USD Million)
Cat litter absorbents sector, which collected a revenue of USD 5 billion in 2015, is forecast to lift attapulgite market size within the next few years. It will grow at an annual rate of 8% over 2016-2024. Litter absorbing features of the product along with its antibacterial & odor controlling characteristic has made it popular among the pet lovers. Oil & gas sector is forecast to register significant gains of 9% over the period of 2016 to 2024, having made a notable contribution of over 25% to attapulgite industry share in 2015.
Taking into consideration the regional trends, Asia Pacific attapulgite market, valued at USD 80 million in 2015, is projected to record an annual growth of 9% over the coming seven years. Mounting product demand across various end-user industries is expected to catalyze the regional growth.
North America attapulgite industry, which accounted for 33% of the overall share in 2015, is anticipated to record a CAGR of 7% during the period of 2016-2024. U.S., possessing a substantial proportion of mineral deposits, is expected to be a major regional revenue contributor.
The industry is classified into colloidal and sorptive products depending upon its chemical & physical traits. Colloidal grade attapulgite market, which accounted for over 67% of the overall size in 2015, is expected to register an annual growth of over 9% during the next seven years. Its wide application in gels, paints, oil & water base foundry sand binders, and polishes will spur the industry revenue.
Non-flammable and harmless characteristics of sorptive grades make them a preferred choice as proper additives in industrial cleaners. Widespread product use in the petroleum refining, vegetable oils & fats, and agro-based sectors will further expedite sorptive grade attapulgite industry growth.
Attapulgite market share is massively consolidated with top giants accounting for more than 50% of the global revenue in 2015. Industry participants will try to increase their regional presence through massive R&D investments, product benchmarking, and technological innovations.
Anhui Boshuo Technology Company Limited, The Halliburton Company, Jaxon Filtration Incorporation, Hudson, KPL International Limited, Russell Finex Incorporation, Anhui Mingmei Minchem Company Limited, Gujarat Minechem, Oil-Dri Corporation of America, Geohellas, and Ashapura Group are the key players of attapulgite market.
