Expanded Perlite Market to cross the billion-dollar benchmark by 2024, APAC to prominently drive the global landscape
Robust growth in the construction industry worldwide has left a palpable impact on expanded perlite market’s growth trajectory. As per estimates, global construction industry in 2015 was around USD 8 trillion and is slated to exceed a revenue of USD 13 trillion by the end of 2024, projecting a proportional influence on expanded perlite market demand as well. It is estimated that the overall market from construction applications will grow substantially at an annual rate of 3% over the coming seven years. Alongside, increasing consumer inclination toward green buildings is enabling further penetration of this industry, providing lucrative opportunities in terms of growth prospects. Key players of the construction sector are readily using expanded perlites in the manufacturing of cinder blocks as an insulating ingredient. A report by Global Market Insights, Inc., claims the Expanded Perlite Industry to exceed a revenue of USD 1 billion by 2024. It is also forecast to grow at a CAGR of 7.3% over the period of 2016-2024.
U.S Expanded Perlite Market size, by application, 2013-2024 (USD million)
Asia Pacific has established strong grounds enhancing the regional expanded perlite market growth. With China as a major revenue pocket, APAC dominated the global landscape in 2015. China alone accounted for almost one-fifth of global infrastructural spending in that particular year. The region’s expansive constructional industry is considered to be the prime factor propelling the market demand. Another factor that will cater the regional market growth in the next seven years is the growing awareness about horticulture products such as vegetables, fruits, decorative plants, and seeds.
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The noticeable expansion of the industry in a comparatively shorter span is quite evident from the product’s wide adoption across diversified sectors. Oil and gas sector being one of the prominent application domains, have significantly augmented expanded perlite market’s growth curve. The product is extensively used in the filtration process during mining, drilling, and water treatment operations. Worldwide, there are 15000 oil rigs which are likely to reach 20000 over the coming few years, which in turn is expected to complement the business growth. Global horticulture produces which accounts for 22% to 26% of the total food and animal product trade, also ensures a sustained growth track for expanded perlite market outlook. North America driven by U.S. expanded perlite market will witness a remarkable growth from oil and gas applications owing to increasing shale gas exploration in the U.S. North America expanded perlite market collected a revenue of USD 160 million in 2015, and is expected to register substantial growth over the coming seven years.
Another strong factor that is highly influencing expanded perlite market trend is the notable growth in the beer industry worldwide. Global beer production which was reported 190 gigalitres in 2015, is anticipated to have a sharp slope reaching almost 210 gigalitres by 2024. This will further favor expanded perlite market dynamics.
Expanded perlite market is highly fragmented with presence of a large number of competitors at a global level. Although product substitute threat leaves a negative impact on the industry expansion, yet increasing constructional spending, especially across Asia Pacific and MEA is expected to thrive the global market demand. Some of the prominent names in expanded perlite industry include Cornerstone Industrial, Perlite-Hellas, Supreme Perlite Company, and Aegean Perlites SA.
Author Name :Satarupa De