The Bentonite market has shown extraordinary trends recently, exhibiting unique variations in demand and supply. Developers, oil and gas companies, drugmakers, and farmers use bentonite, a malleable mud with extraordinary qualities. Bentonite interest in development is a major market trend. Bentonite is ideal for waterproofing and fastening in construction projects because it forms a gel when mixed with water. This is especially true in areas with rapid infrastructure development and urbanization.
One more Bentonite market trend is increased oil and gas utilization. Bentonite is important in oil and gas exploration because it controls liquid misfortune and improves boring mud. With global energy demand rising, bentonite demand is expected to stay strong. Continuous innovation to improve penetrating liquids may boost market growth and reception.
Bentonite is booming in farmland because to its application in soil modifications and animal feed. Bentonite improves soil structure, water retention, and supplement retention, making it essential for sustainable horticulture. As soil health and economic farming practices become more important, bentonite use in horticulture should increase, driving market growth.
Ecological and administrative issues are also shaping Bentonite market trends. Earth's normal and non-harmful features make it an eco-friendly alternative for various uses. Buyers now prefer sustainable and eco-friendly products, prompting manufacturers to develop bentonite-based solutions. Additionally, strict rubbish removal and natural effect regulations are encouraging firms to explore viable and environmentally friendly choices, bolstering the bentonite market.
The global Bentonite market has local usage examples and market factors. Rising economies with great modernization and development are seeing bentonite interest grow. Instead, created places are focusing on sustainable and creative uses to meet the needs of environmentally conscious customers. This provincial variability allows market players to adjust their systems to specific market situations and needs.
Bentonite Market Size was valued at USD 1.55 billion in 2023. The Bentonite industry is projected to grow from USD 1.61 Billion in 2024 to USD 2.23 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.12% during the forecast period (2024 - 2032). The Rise in use of products across industries as groundwater barrier, the absorbing material used for pet litter and oil and grease, binders used for iron and steel manufacturing, and liquor are driving the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As the high-purity Bentonite meets the standards of the National Formula, Bentonite are widely used in cosmetic preparations as pigments binders and suspending agents and is thus driving Bentonite use in the pharmaceutical segment. Comparatively speaking, sodium bentonite expands more than calcium bentonite. Some of the main factors that are anticipated to fuel the need for sodium bentonite in the foundry and construction industry are expanding infrastructure development and rising demand for steel and iron ore across various industries. The market for bentonite is expected to expand at a faster rate due to rising demand for crude oil and natural gas.
Moreover, rapid growth in the foundry and metal casting industries is anticipated to have a significant impact on the market. The rapidly growing automobile and equipment manufacturing industries is expected to boost the demand for foundry and metal casting applications across the globe. The extensive usage of bentonite in these applications has resulted in the overall growth of the market. Furthermore, growth in pharmaceutical industry along with continuous extensive research by various key players across the globe is expected to offer ample opportunities to the market players.
Figure 1: US Bentonite export
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The high usage of the product to grease the cutting head, remove drill cuttings and to close borehole walls, rise in the rate of applications across industries as groundwater barriers, binders in iron and steel manufacturing, absorbents for pet litter and oil and grease and liquor clarifiers and high drilling mud applications are the major factors driving the bentonite market. The increase in the usage of iron ore pellets in the manufacturing of steel, high demand from end-use applications such as cleansers in pharmaceuticals and rubber tires in the automotive industry and growing product popularity among end-user industries including cosmetics, food and automotive on account of its superior binding accelerate the bentonite market. The usage in wastewater treatment for the removal of organic substances, heavy metal and nutrients and increasing inclination towards the product owning to their low product price, ease of availability and high adsorption capabilities influence the bentonite market. Additionally, growth in awareness among users, expansion of various manufacturing industries, and surge in disposable income positively affect the bentonite market. Thus, the increasing demand in the bentonite for pharmaceutical market driving the growth of the Bentonite market revenue.
The Bentonite market segmentation, based on product, Sodium Bentonite, Calcium Bentonite, Sulphur Bentonite, and Others. The Sodium Bentonite segment held the majority share in 2021 contribution to around ~45-50% with respect to the Bentonite market revenue. This is primarily owing to the rising demand of bentonite in foundry sand, and drilling muds across the globe. For instance, as per the US Mineral report statistics published in 2022, rising demand for bentonite.
December 2019: American Colloid Company, a subsidiary of Minerals Technologies Inc. announced that it will increase prices of all bentonite and bentonite-related products serving the foundry, household and personal care, oil and gas, and construction markets, due to significant inflation in input, raw material, and logistics costs.
October 2020: Tri-State Construction, a business based out of Belle Fourche, was recently purchased by company Minerals Technologies Inc. (MTI). The sale happened in the third quarter of fiscal year 2020. American Colloid is the parent company to MTI.
The Bentonite market segmentation, based on application, includes Foundry Sands, Cat Litter, Iron Ore Pelletizing, Refining, Drilling Muds, Absorbent/Adsorbent, Binder, Sealant, Civil Engineering, Others. The Foundry Sands segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. For the metal casting of brake drums, engine blocks, manhole covers, brass water fittings, transmission housing, and cast-iron pans, bentonite is becoming more and more in demand. Additionally, by keeping the surface impermeable, the product aids in retaining the mechanical shape of a mold. Hence, demand in different applications positively impacts market growth.
The Bentonite market data has been divided into Pharmaceuticals, Cosmetics, Construction, Oil and Gas, Food and Beverage, Paper and Pulp, Agriculture, Ceramics, Wastewater Treatment. The Pharmaceuticals segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Rising demand for personal care products and consumer care products such as toiletries and related products is projected to fuel the market growth. Bentonite is widely used as a raw material in the production of soaps and detergents due to its excellent bleaching property. Increasing application of bentonite in agriculture, water treatment, and filtration application. Bentonite is an ideal soil preserving natural materials that are used in organic farming to protect and maintain the quality of the soil. Also, it is excellent adsorbent as it can absorb nearly 75% – 80% impurities when mixed added with either zeolite or limestone with coagulants in water treatment and filtration process. Hence, expanding organic farming and rising numbers of water treatment plants around the globe are projected to propel the market growth of bentonite over the forecast timeframe.
July 2021: Minerals Technologies Inc. acquired Normerica Inc. (“Normerica”), a leading supplier of premium pet care products in North America. Its product portfolio consists primarily of bentonite-based cat litter products which are supplied from a network of strategically located manufacturing facilities in Canada and the United States. This acquisition has further increased market share in the Bentonite industry.
Figure 2: Bentonite Market, by product, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, Sodium and calcium bentonites are utilized primarily in drilling mud and have high plasticity. In term of regional demand, North America was the largest consumer of bentonite in 2019 with U.S. having the lion’s share owing to large-scale drilling and exploration activities in the country.
Based on application, the Bentonite industry has been segmented into Foundry Sands, Cat Litter, Iron Ore Pelletizing, Refining, Drilling Muds, Absorbent/Adsorbent, Binder, Sealant, Civil Engineering, and Others. Drilling muds held the largest segment share in 2021, owing to the increasing demand for building & construction. The other segment is expected to bolster at a 4.23% CAGR during the assessed timeline.
By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America Bentonite market accounted for USD 0.50 billion in 2021 and is expected to exhibit a 4.14% CAGR during the study period. This is attributed to the shift in demand towards its viscosity and plasticity, bentonite is used in cement and mortars, and the region's expanding construction and building activities are driving up demand for cement and mortars and are anticipated to further propel market revenue growth. The OPEC+ alliance is still committed to its resolve to progressively expand Crude Oil output, which has kept market sentiment positive in the US domestic market.
Further, the major countries studied are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BENTONITE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Bentonite market accounts for the second-largest market share due to the growing demand for the product from various applications, including the pharmaceutical and foundry sands industry. Further, the Germany Bentonite market held the largest market share, and the UK Bentonite market was the fastest growing market in the European region
The Asia-Pacific Bentonite Market is expected to grow at a CAGR of 4.15% from 2022 to 2030. This is because of the region's increased emphasis on beauty and personal care routines, as well as the expanding demand for bentonite clay from the construction and agriculture industries in developing nations like China and India. Moreover, China Bentonite market held the largest market share, and the India Bentonite market was the fastest growing market in the Asia-Pacific region
For instance, India Bentonite market is the favored destination for bentonite manufacturers due to the infrastructure projects. On the other hand, Japan is famous for the civil engineering industry. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Bentonite market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Bentonite industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Bentonite industry to benefit clients and expand the Bentonite market sector is to manufacture locally to reduce operating costs. In recent years, Bentonite has provided products with some of the most significant benefits.
Minerals Technologies Inc. (US) (MTI) is a resource- and technology-based company that develops, produces, and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer, and consumer products industries. In July 2021, Minerals Technologies Inc. acquired Normerica Inc. (“Normerica”), a leading supplier of premium pet care products in North America. Normerica, a privately held company, was established in 1992 and is headquartered in Toronto, Canada. Normerica has grown significantly since its inception, becoming a leading North American producer and supplier of branded and private label pet care products to a large customer base. Its product portfolio consists primarily of bentonite-based cat litter products which are supplied from a network of strategically located manufacturing facilities in Canada and the United States.
Also, Wyo Ben Inc (Montana) is a developer and manufacturer of bentonite clay other established markets. Eikos' three bentonite processing facilities are in the Big Horn Basin region of North Central Wyoming and South-Central Montana. Company’s employees are focused on quality and continually look for new and innovative solutions to customers’ needs in the market.
Bentonite Industry DevelopmentsJanuary 2023: Bentoproduct, a Bosnian firm that manufactures bentonite-based goods, announced the start of a takeover bid for Nematali, a local mining organization, that would be available for thirty days from the date of the declaration.
September 2021: Wyo Ben Inc (US) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company in increasing its sales revenue.
July 2021: Minerals Technologies Inc. acquired Normerica Inc. (“Normerica”), a leading supplier of premium pet care products in North America. Its product portfolio consists primarily of bentonite-based cat litter products which are supplied from a network of strategically located manufacturing facilities in Canada and the United States.
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