USD 3.83 billion
Report ID:
SQMIG15E2147 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
92
|Figures:
76
Global Zeolite Molecular Sieve Market size was valued at USD 3.83 billion in 2022 and is poised to grow from USD 3.97 billion in 2023 to USD 5.25 billion by 2031, growing at a CAGR of 3.57% during the forecast period (2024-2031).
A crystalline porous material with a fixed pore size is referred to as a zeolite molecular sieve. It takes the form of small, pink-colored beads that act as a catalyst in various chemical processes. It is made from aluminosilicate solids with a consistent size and structure and contains other elements such as sodium, potassium, magnesium, and calcium.
The molecular sieve is widely used in the production of detergents, for adsorption and separation in water treatment applications, and for the dehydration of ethanol, air, refrigerants, methane, and cracked gases. It is also electroneutral and allows for the selective absorption of materials based on particle size and polarity. One of the main factors influencing the market is the oil and gas sector's rapid growth.
Additionally, the expanding need for effective water treatment systems across the globe is fueling market expansion. Hazardous organic substances found in wastewater, such as pesticides, herbicides, phenols, polycyclic aromatic hydrocarbons (PAHs), aliphatic and heterocyclic chemicals, and macro-porous solids are removed using a molecular sieve. In accordance with this, the widespread use of premium detergents brought on by the general public's growing concern of hygiene is also assisting the market's expansion.
Due to its environmental friendliness and assistance in removing calcium and magnesium ions from water for a successful wash, the zeolite molecular sieve is employed as an efficient binder in both liquid and powder detergents. The introduction of silver-infused sieves with antibacterial qualities is only one example of a product innovation that is helping the market expand. It is projected that further factors, including quick industrialisation and intense research and development (R&D) operations, will fuel the industry even more.
US Zeolite Molecular Sieve Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.83 billion
Largest Segment
Natural zeolite
Fastest Growth
Natural zeolite
Growth Rate
3.57% CAGR
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The zeolite molecular sieve market is divided into three segments: raw material, application, and end user. Natural zeolite and synthetic zeolite are the two types of raw material. It is classified by the end user as Agricultural Products, Air Purification, Automobile Industry, Cosmetics, Detergents, Paints and Plastics Industry, and Others. Detergents, Catalysts, and Others are the applications. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Zeolite Molecular Sieve Market Analysis by Raw Material
Raw Material consists of natural zeolite and synthetic zeolite. Synthetic zeolite currently leads the market with a 56.2% market share and is expected to continue dominating with a 5.2% growth rate over the forecasted period. Due to its use in a well-established manufacturing base in China for petroleum refining, gas separation, water purification, and detergents, natural zeolite is expected to grow at the fastest rate of 5.3%.
Zeolite Molecular Sieve Market Analysis by Application
Increasing demand for detergents as a result of rising customer hygiene awareness is expected to boost market growth. Because of the expansion of the oil and gas industries, catalysts are expected to be the fastest-growing segment within the global zeolite molecular sieve industry. Rising demand for high-performance catalysts that produce more output is expected to drive industry growth. Other applications include use as an adsorbent in wastewater separators and gas treatment. Over the forecasted period, the growth of the gas and wastewater treatment industries is expected to propel industry demand.
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The European region held the majority of the global market share. The region's use of zeolite molecular sieves is generally more advanced. Rising gasoline demand in the region is increasing refining activities via fluidized catalytic cracking units, which is increasing demand for zeolite molecular sieves in the region. Europe is well known for investing heavily in R&D and continuous innovation in order to develop advanced technologies and products. In this regard, the region is now focusing on the development of antimicrobial zeolite molecular sieves, which is expected to contribute to market growth in the coming years. In addition, the region's demand from industries such as detergents, heating and refrigeration, industrial gas, petrochemicals, and pharmaceuticals is increasing. Due to rising demand for detergents and catalysts, Asia-Pacific is expected to experience the fastest growth in the market over the forecasted period. As governments place a greater emphasis on environmental protection, zeolites are increasingly being used to purify gas streams and water. Rising infrastructure spending in countries such as India and China is expected to boost market growth due to increased usage in the production of lightweight construction materials as well as being an important ingredient in the production of asphalt concrete mix. The Asia Pacific region dominates the zeolite molecular sieve market. Because of the increasing use of zeolite molecular sieve in petrochemical industries, the market for zeolite molecular sieve is expected to grow in regions such as the Middle East and Africa. The high cost of zeolite molecular sieve may act as a barrier to the market's growth.
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Zeolite Molecular Sieve Market Drivers
Zeolite Molecular Sieve demand in Petroleum Industry to Bolster its Growth
Zeolite Molecular Sieve Market Restraints
High Cost to Hinder Market Growth
The market is not growing as quickly as it should due to the high cost of molecular sieves. Furthermore, the market's growth is being hampered by the lack of availability and preference for alternative products such as silica gel, calcium sulphate, calcium oxide, montmorillonite, and others, which have low costs and satisfactory performance.
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Various businesses are focusing on organic growth strategies such as product launches, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. These activities have paved the way for market participants to expand their business and customer base. With the rising demand for zeolite molecular sieve in the global market, market players in the zeolite molecular sieve market are expected to benefit from lucrative growth opportunities in the future.
Zeolite Molecular Sieve Market Top Player's Company Profiles
Zeolite Molecular Sieve Market Recent Developments
In October 2021, CarbonCapture Inc., a Pasadena-based climate tech company that creates machines that remove carbon dioxide (CO2) directly from the atmosphere, announced the completion of a USD 35 million Series A funding round. The funds will be used to establish primary deployments of its renewable energy-powered Direct Air Capture (DAC) systems in the United States, beginning with the Tamarack Nickel Project in central Minnesota, in collaboration with Talon Metals Corp. and Rio Tinto PLC.
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, The rising awareness for the treatment of hazardous organic materials in wastewater, as well as high demand from the detergent market, are the major factors driving the market's growth. On the other hand, one of the major impediments to the market's growth is the threat posed by chemical composites, enzymes, and other substitutes. The detergent segment led the market and is expected to expand during the forecast period. The growing population, rising hygiene concerns, and increased industrial usage are expected to drive demand during the forecast period. Increasing demand for green technologies, as well as the development of antimicrobial zeolite molecular sieves, are likely to provide opportunities for the market under consideration during the forecast period.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 3.83 billion |
Market size value in 2031 | USD 5.25 billion |
Growth Rate | 3.57% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Zeolite Molecular Sieve Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Zeolite Molecular Sieve Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Zeolite Molecular Sieve Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG15E2147
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