Synthetic zeolites Market: Information by Type (Zeolite A, Type X, Type Y, USY, ZSM-5 and others), Function (Ion-Exchange, Catalyst and Adsorbent/Molecular Sieves), End-Use Industry (Detergents; Refining; Petrochemicals; Wastewater Treatment; Air Separation; Refrigerants; Coatings, Adhesives, Sealants & Elastomer (Case) and others) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) – Forecast till 2025
Synthetic zeolites Market is expected to register a CAGR of over 2.5 % to reach to over USD 6.1 billion by end of 2025.
The key players in the global synthetic zeolites market include Union Showa K.K. (Japan), Zeochem AG (Switzerland), Arkema S.A. (France), Albemarle Corporation (U.S.), BASF SE (Germany), Honeywell International Inc. (U.S.), Clariant (Switzerland), W. R. Grace & Co.-Conn. (U.S.), Tosoh Corporation (Japan), Union Showa K.K. (Japan), Zeolyst International (U.S.) and others.
BASF is on its way to launch Fourte, which is a new generation of Fluid Catalytic Cracking (FCC) catalysts for gasoil feedstock, which is one of the applications of synthetic zeolites. Fourte has been developed by BASF using its multiple framework topology (MFT) technology and has been optimized to deliver superior selectivity to butylenes while maintaining catalyst activity. This factor will help the refineries maximize their profits. This move by the company ensures that an innovative and flexible solution is offered to the customers and also leverage the market position of BASF in the global market.
Market Research Future (MRFR) experts state that the Synthetic Zeolites Market is expected to have a successful run throughout the forecast period (2017-2023). The market expansion is the result of increasing demand for detergents, growing hygiene awareness among consumers, and rising refining output. Moreover, escalating need for natural products in pet litters, agriculture, and concrete industries is touted to buoy the market growth in the coming years.
Furthermore, low-cost and non-toxicity of synthetic zeolites make them desirable to be used for antimicrobial protection including bacteria, yeasts, and spores. Also, growth of the detergent industry is estimated to play a stellar role in the growth of the synthetic zeolites market in coming years.
Apart from this, stringent regulations regarding environment protection by numerous governments open up many avenues for the use of these products in many industries. Increasing water treatment activities have also propelled the market to a large extent. On top of that, changing lifestyles and increased petroleum refining trigger the market growth across the globe.
Although the market is growing tremendously, this growth is also met with few restraining factors, one of them being high transportation cost. However, increase in demand for fluid catalytic cracking (FCC) catalysts, and growth of painting & coatings sector can be accredited for the unfaltering growth rate of the market during the forecast period.
The global synthetic zeolites market is segmented on the basis of type and application.
By type, the market is segmented on the basis of Zeolite A, Zeolite Y, Zeolite X, Zeolite Zsm-5 segments. Among these, the Zeolite Y segment captures the majority of the market share owing to its extraordinary features such as thermal stability, durable and reliable nature. The segment is expected to continue its dominating streak in coming years due to the increasing demand from automobile, oil & gas, and petrochemical sectors.
By application, the market is segmented on the basis of detergents, catalysts, adsorbents, and others. Among these, the catalyst segment has captured the major share of the market owing to the limitless use of catalyst in purification, refining, and other systems as it increases the aromatic content of refined products. The increasing demand for adsorbents in refrigeration, air-conditioning systems are set to fuel the market growth during the forecast period. Therefore, the ability of zeolite catalyst to break the complex hydrocarbon molecules into gasoline, diesel, kerosene, waxes is responsible for their growing demand in a vast array of heavy-end industries.
The synthetic zeolites market is spread across five regions, namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Among all regions, the Asia Pacific market has captured a major share of the market on account of growing adoption of zeolite pellets in detergents, adsorbents, catalyst, and others. The catalyst segment holds a major portion of the market in the region and is expected to continue its dominance in the regional market owing to increasing demand of synthetic materials in catalytic cracking, hydrocracking processes, during the forecast period. Moreover, countries such as China, Japan, and India are major contributors to this market.
The North America region is performing phenomenally on the back of increased consumption of zeolite molecular sieve in oil & gas, petrochemical, and other industries. Moreover, MRFR predicts that growing investments in the end-use industries is likely to trigger the regional market during the forecast period. Furthermore, the growing consumption of synthetic materials in heavy end-use industries seems to work in favor of the markets in the United States (U.S), Canada, and Mexico, who have achieved impressive growth over the past few years.
The Europe market, on the other hand, has also witnessed a striking growth, which can be attributed to increasing demand for catalyst in refrigeration, air-conditioning, water-purification systems, and others. The market in the region has also been influenced by the growing consumption of this material in nuclear, and oil & gas sectors. It is presumed that the growing innovation and technological advancement by a handful of companies in the region have assisted the market to expand further.
Lastly, the Latin America region is bound to progress steadily due to the growing usage of synthetic materials in agriculture, petrochemical, and other sectors. Furthermore, the Middle East & Africa is expected to witness higher growth in the market because of growing demand for zeolite catalyst in a wide range of end-use industries. Moreover, improving economy and constant efforts by the market players to expand their customer base bode well with the market growth in the region.