SYNTHETIC ZEOLITE MARKET ANALYSIS

The global synthetic zeolite market is projected to reach around US$ 3,253.8 Million by the end of 2030, in terms of revenue, growing at a CAGR of 6.6% during the forecast period (2023-2030).

Global Synthetic Zeolite Market: Growth Drivers

Increasing need for synthetic zeolite as a fluid catalytic cracking catalyst

The growing demand for synthetic zeolite as a fluid catalytic cracking catalyst is predominantly fueling the market growth. Fluid catalytic cracking is a type of process that is used to break down the heavy hydrocarbon molecules into simple hydrocarbon molecules for the production of gasoline in the refining process. Thus, the growing demand for petroleum around the globe has increased the product consumption, thereby augmenting the global synthetic zeolite market growth.

Rising demand for detergents worldwide

The increasing demand for detergent worldwide due to growing hygiene awareness is projected to propel the growth of synthetic zeolite market. Synthetic Zeolite are used in the manufacturing of detergents as they help increase the washing efficiency. Moreover, synthetic zeolites are used worldwide in the detergent in place of phosphate-based detergents due to growing environmental concerns. Phosphate-based detergents have an adverse effect on the marine and aquatic environments. Thus, the growing demand for detergent is accelerating the market growth. For instance, Detergent Company Procter & Gamble's revenue was US$ 67.2 billion in 2021 and grew to US$ 69.1 billion in 2022.

Global Synthetic Zeolite Market: Restraints

Impact of the toxic nature of synthetic zeolites

The toxic nature of the synthetic zeolites, along with its associated health hazards, acts as a barrier to its widespread use. This factor is anticipated to hinder the market growth over the forecasted period. Addressing the health concerns and developing safer alternatives are essential to mitigate these limitations and promote market expansion.

High selectivity of synthetic zeolite

 The exceptionally high selectivity of synthetic zeolites results in reduced utilization across a variety of applications, which limits market expansion. This limitation is projected to hinder the market expansion over the forecast period. Exploring strategies to enhance the versatility and broaden the application potential of synthetic zeolites is crucial to overcome this obstacle and drive the market growth.

Global Synthetic Zeolite Market: Opportunity

Increasing demand for silver zeolites in antimicrobial applications

The growing demand for silver zeolites in antimicrobial applications is projected to provide potential market growth opportunities over the forecast period. Since silver is well known for its natural anti-microbial agent, it is extensively used in various environmental conditions. Moreover, silver zeolites find potential applications across the healthcare industry due to their promising antimicrobial properties.

Rising use of synthetic zeolite in hydrogen-based energy

The expanding scope of synthetic zeolites across the hydrogen economy application is projected to offer lucrative market growth opportunities in the near future. The growing demand for hydrogen-based energy as it is a clean and sustainable source of energy is propelling the demand for synthetic zeolites. Zeolites are used as a catalyst in the hydrogen production process. However, hydrogen energy generation is at the nascent phase with potential opportunities in the near future. For instance, in 2021, BASF initiated the use of synthetic zeolites in its metal-Organic Framework (MOF) membranes to produce hydrogen from methane. The company has a pilot plant in operation in Germany, and it is planning to build a commercial-scale in the near future.

Global Synthetic Zeolite Market: Trends

Increasing demand of absorbents from automotive industry

Rapid growth in the automotive industry due to the increasing purchasing power of the consumers is encouraging them to spend on luxury vehicles. The automotive industry is one of the major consumers of adsorbents. Also, strong growth in the manufacturing industry coupled with the growing population worldwide is expected to foster the growth of the synthetic zeolites market over the forecast timeframe.

Increasing investments in the production of synthetic zeolites

 Specialty zeolites are becoming increasingly prevalent on the market. Manufacturers are investing heavily in increasing the production capacity of specialty zeolites. For instance, in March 2023, a lithium hydroxide Mega-Flex facility will be established in United States according to plans announced by Albemarle Corporation, a global leader in providing essential elements for the mobility, energy, connectivity, and health sectors. The facility will require an initial investment of at least US$1.3 billion to help meet the rising demand for lithium-ion batteries and domestic and foreign electric vehicles.

Global Synthetic Zeolite Market: Key Developments

In May 2023, Albemarle Corporation, a global leader in the supply of critical components for mobility, power, connectivity and health, announced a definitive agreement to supply battery-grade lithium hydroxide to Ford Motor Company, an automotive company. This will help to scale up the production of Electric Vehicles (EVs).

In April 2023, W. R. Grace & Co. (Grace), an independent provider of polyolefin catalyst technology and Polypropylene (PP) process technology, announced the signing of a new license with PetroChina Guangxi Petrochemical Company (PetroChina Guangxi) for the construction of a 400 kilotons per annum (KTA) single reactor line using its UNIPOL PP technology.

In June 2023, Avient Corporation, a leading provider of specialized and sustainable material solutions  and BASF, a chemical company, started working together in order to provide colored grades of Ultrason high-performance polymers to the global market

In April 2023, in Jiaxing, Zhejiang Province, China, Clariant, a chemical company, announced the official opening of its new CATOFIN catalyst production facility. A key component of Clariant's new purpose-led strategy, as encapsulated in the phrase "Greater chemistry - between people and planet," is investing in innovations like CATOFIN.

Global Synthetic Zeolite Market: Market Segmentation

The synthetic zeolite market is segmented on the basis of application and region. Further it is divided on the basis of application: detergents, absorbents, catalysts, food & beverages, cosmetics, agrochemicals and others and on the basis of region: North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Figure 1. Global Synthetic Zeolite Market Share (%), By Region, in 2022

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The global synthetic zeolite market was dominated by Asia Pacific in 2022, accounting for 42% of the market share. This can be attributed to the increasing use of synthetic zeolites from petrochemical industries. The demand for synthetic zeolites will continue to increase as a result of the growth and expansion of different end user verticals. China and India will end up being the two biggest contributors from this area.

Figure 2. Global Synthetic Zeolite Market: By Application, in 2022

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On the basis of application, in 2022, the detergents segment accounted for the largest market share of 47% in terms of value, followed by absorbents and catalysts.

Global Synthetic Zeolite Market: Impact of Coronavirus (COVID-19) Pandemic

The global market for synthetic zeolite has experienced a significant decrease due to a variety of factors, such as a lack of raw material availability, labor shortages, and government-mandated closures. Additionally, the pandemic has had a significant impact on the supply chain of the synthetic zeolite industry. Furthermore, demand has decreased due to a decrease in economic activity and a shift in consumer behavior. The COVID-19 pandemic has had a significant impact on the detergent industry, with global consumption of detergents dropping 3.4% in 2020 over the previous year.

Global Synthetic Zeolite Market: Key Companies

The key companies operating in the global synthetic zeolite market are 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., and Huiying Chemical Industry (Quanzhou) Co., Ltd.

*Definition: Zeolite can be divided into two distinct forms: natural and synthetic. Natural zeolite offers a restricted range of properties, while synthetic zeolite has a range of advanced properties that make it suitable for a wide range of applications. Aluminosilicate zeolite, composed of alkali metals, is a hydrated form of zeolite that is both chemically and thermally stable. As a result, it is widely used as a heterogeneous catalyst.