Attapulgite Market to witness substantial gains from increasing offshore drilling activities, APAC product demand to surpass that of North America
The expanding construction and oil & gas sectors are creating a lucrative roadmap for Attapulgite Market globally. The rising number of oil and gas rigs and the subsequent upswing in the offshore drilling activities has led to a huge demand for attapulgite on account of its suspending qualities and ability to reduce the slurry weight with a parallel increase in its volume. Attapulgite industry share from oil & gas drilling application was more than 25% of the global revenue in 2015 and is expected to hold its prominence with a CAGR projection of 9% over the coming seven years.
Europe Attapulgite Market size, by end-user, 2013 – 2024 (USD Million)
In addition to this, the wide array of applications of this chemical across medical & pharmaceutical, paints & coatings, and agriculture industries are further providing a significant push to the attapulgite market. As per a report by Global Market Insights, Inc., Attapulgite industry is estimated to witness heavy gains at 8% CAGR over the period of 2016-2024. Cat litter absorbents is another prominent application of this industry which is generating an appreciable revenue for the overall market. The increasing trend of feline pets, particularly across the developed countries is a major driver for this application growth. The segment is anticipated to register an annual growth rate of 8% over 2016-2024.
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On the product front, attapulgite market can be broadly classified into colloidal and sorptive grades, which differ based on their physical and chemical characteristics. The colloidal segment accounted for over one- third of the overall attapulgite industry share and is anticipated to witness a CAGR of 9% over the period of 2016-2024. On the other hand, the growth of sorptive grade products is forecast to be a bit sluggish in the years ahead and will lose ground to the colloidal grades, owing to the extensive applications of the latter in polishes, gels, agriculture, pharmaceuticals, paints, and in cat litter absorbents.
North America accounted for over 33% of the global attapulgite market space in 2015 and is forecast to register a CAGR of 7% over the period of 2016-2024. U.S. will drive the regional demand with an abundance of minerals and easy availability of raw materials across this region.
Asia Pacific is likely to surpass North America’s product demand owing to the rapid industrialization in this belt. APAC region will leave a notifying influence on the global market and is anticipated to grow substantially at an annual rate of 9% over the period of 2016-2024.
The strict regulations regarding waste disposal, environmental standards, substance toxicities, land policies and safety standards assigned by various regulatory bodies may impede the attapulgite industry growth in the coming timeframe. However, the increasing offshore drilling activities globally are poised to build a profitable roadmap for the attapulgite market. The Middle East, in response to this fact, will emerge as one of the significant grounds for the attapulgite industry expansion.
The market is highly consolidated with the two major players- BASF SE and Active Mineral International accumulating more than half of the global share. Other notable participants include KPL International, Geohellas, Oil-Dri Corporation, Russell Finex, and Hudson.
Author Name :Ojaswita Kutepatil