The global Synthetic Zeolite Market was valued at US$ 1,952.3 Million in 2022, exhibiting a CAGR of 6.6% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 3,253.8 Million by 2030.
Synthetic Zeolite Market, By Application (Detergents, Adsorbents, Catalysts, Food & Beverage, Cosmetics, Agrochemicals, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030 Published by: Coherent Market Insights.
Market Drivers
Growth in the demand for catalysts and absorbents
High demand for catalysts and adsorbents has increased the consumption of synthetic zeolites. Moreover, the growing demand for catalysts and absorbents from coatings, adhesives and sealants, and refrigerants is expected to propel the growth of the synthetic zeolite market. Furthermore, the increasing use of synthetic zeolites in wastewater treatment is further boosting the demand. The growing population worldwide is fueling the demand for clean and fresh water, thus driving the demand for synthetic zeolites in wastewater treatment applications, thereby accelerating the market growth.
Market Opportunities
Expansion of the oil and gas and construction industries
The expansion of the oil and gas industry along with the increasing consumption of the catalyst is projected to offer lucrative market growth opportunities. Increasing investments in the construction industry for developing high-performance construction materials as it is one of the promising materials to be used in the manufacturing of the asphalt concrete mix is further projected to fuel the product demand. Thus, the growing adoption of high-performance construction materials for speeding up construction activities is anticipated to propel the market growth.
Market Restraints
Various alternatives available in the market
Synthetic zeolite manufacturers face a major challenge as the emergence of substitutes in the form of enzymes, metals, or other chemical compounds. These substitutes are capable of replicating or surpassing synthetic zeolites' properties, thus limiting their potential for market growth. Therefore, it is essential for synthetic zeolite manufacturers to focus on innovation and emphasizing their distinct advantages in order to overcome this competitive disadvantage.
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Key Takeaways:
On the basis of region, Asia Pacific dominates the synthetic zeolite market due to rising disposable income and constantly expanding economies.
The detergent segment dominated the global synthetic zeolite market in 2022, accounting for 47% share in terms of value, followed by the adsorbents and catalysts segments, respectively.
Market Trends
Research and development for developing production processes
One of the current trends is the expansion of R&D programs for the development of a new production method for synthetic zeolite production. For example, in 2021, University of Manchester researchers developed a novel method for the production of zeolites using novel templates. This method was demonstrated to be capable of producing zeolites with structurally more complex structures than conventional methods.
Rapid research and development in synthetic zeolite by chemical manufacturer
The increasing focus of chemical manufacturers to develop high-grade zeolites for the catalysts and adsorbents applications is one of the current trends in the market. For instance, in 2022, Honeywell International announced that it would be expanding its production of High-silica Zeolite (HSZ) by 50%. HSZ is a synthetic zeolite and is used as a catalyst in petroleum refining and petrochemicals production, as well as an adsorption material for Volatile Organic Compounds (VOCs).
Global Synthetic Zeolite Market - Impact of Coronavirus (COVID-19) Pandemic
Covid-19 led to a global decrease in the market value of synthetic zeolite. However, in few industries, a growth was observed during the pandemic. One of the few industries that experienced a growth during the pandemic was the construction industry. This was because of the use of synthetic zeolites in the production of lightweight concrete. For instance, in 2020, synthetic zeolite demand in the construction industry grew by 5%. In China and the United States, the growth was 10% and 3%, respectively, in 2020.
Competitive Section:
- Key Companies
- Zeolyst International Inc,
- Albemarle Corporation
- Fujian Risheng Chemical Co., Ltd
- R. Grace & Company
- Anten Chemical Co., Ltd.
- Chemiewerk Bad Köstritz GmbH
- BASF SE
- Clariant AG
- Honeywell International, Inc.
- Huiying Chemical Industry (Quanzhou) Co., Ltd.
