The global zeolite molecular sieve market is expected to surpass USD 35 billion by 2024. This can be attributed to the increasing hygiene awareness, rising demands for detergents, and growing refining output. In addition, the rising needs for natural products in pet litters, concrete, and agriculture industries are also anticipated to spur the market growth over the forecast period (from 2016 to 2024). Furthermore, increased consumer disposable income levels coupled with the increasing focus on environmental safety are also anticipated to augment the global market growth. The global market is divided into products, applications, and regions.
The product sector comprises natural and synthetic zeolites. The natural zeolite sector led the global market in 2015. The growing demands from water treatment, pet litter, and concrete applications and the availability of reserves globally are anticipated to boost the market growth in the near future. Moreover, rising demands from Brazil, India, and China are also likely to have a positive impact on the market. Synthetic zeolites are expected to grow at a CAGR of 3 % from 2016 to 2024 due to rising needs from the detergent industry. Plus, they are extensively utilized in gas & oil industry which is projected to positively impact the market growth.
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The application sector of the global zeolite molecular sieve market includes detergent builders, catalysts, and adsorbents. The detergent builders sector was the leading application sector in 2015 due to their wide usage as binders in detergents. Rising detergent demands due to growing awareness about hygiene are said to spur the market growth.
Catalysts are likely to grow at a CAGR of over 2 % over the estimated years. This is mainly due to the expansion of gas & oil industry. Moreover, increasing demands for high-performance catalysts providing higher output are expected to drive the industry growth. The product demands in adsorbents are also likely to grow at CAGR of 2 % during the estimated years due to high demands from applications like air separation & drying, water treatment, gas separation, petroleum refining, etc.
Region-wise, Europe dominated the global market in 2015 occupying over 30 % of the total shares. The APAC region is projected to experience a considerable growth at a CAGR of over 3 % from 2016 to 2024. This can be attributed to the increasing infrastructure investment levels in Malaysia, India, China, Indonesia, and other Southeast Asian economies.
The major players of the zeolite molecular sieve market include Tosoh Corp.; BASF SE; Grace Catalysts Technologies; and Zeox Corp.