Asia Pacific Attapulgite Market size is projected to grow with a high CAGR close to 9% by 2024.
Attapulgite (palygorskite) offers unique properties such as high surface area and resistance to higher concentration of electrolytes. Increasing drilling activities and growing demand for cat litter absorbents are likely to be the key factors propelling Asia Pacific attapulgite market size by 2024. Cat litter absorbent is expected to be a highly attractive end-use industry for the market due to the rising demand for organic and natural cat litter absorbents. Cat litter absorbents held a massive share over 30% in Asia Pacific attapulgite market in 2017 and is expected to follow the similar trend in next 7 years. Fast developing economies such as China and India have been exhibiting upward trends in pet population growth, which will further augment palygorskite demand in the coming years. Major application of the product in drill bit and reduction in hole sloughing in the oil & gas industry will boost the product market demand. Use of attapulgite in agrochemicals such as insecticides and herbicides will push the market to new heights.
The Asia Pacific Attapulgite Market crossed USD 95mn in 2017 and is projected to rise at a CAGR of over 9.6% from 2018 to 2024, prominent growth drivers are increase drilling activities all over the globe & growing demand for cat litter absorbent in developed countries.
Colloidal grade (gelling grade) is expected to observe fastest growth surpassing CAGR 10% by 2024. Growth in cosmetics, pharmaceutical and medical industries will likely to boost product demand by 2024, for the extensive usage of colloidal grade palygorskite in these sectors. Moreover, the product offers several features such as dispersibility, thixotropic thickening, sag resistance, feathering, stabilizing at minimal cost. Thus, this makes it fit for the usage in drilling, liquid fertilizers & pesticides, paints, coatings, caulks, adhesives & sealants, animal feed, pet care products, catalysts, pigment slurries, liquid soaps, rheology modifiers and others
Anhui province in China and Rann of Kutch in India has proven deposits of attapulgite, giving opportunities to several companies to exploit the available resources. Asia Pacific has several small and medium product manufacturers such as Anhui Mingmei MinChem, Ashapura Group, Ashwa Minerals, and Anhui Boshuo Technology, accounting for a significant share of the industry.
Segments Covered in this Report:
The above information is provided on a regional and country basis for the following: