Global Wollastonite Powder Market Profits Estimated to be Generated by 2026
The global wollastonite powder market was valued at US$ 180 Mn in 2017 and is anticipated to expand at a CAGR of more than 8.1% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Wollastonite Powder – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ The market is driven by rise in the demand from the building & construction industry, as wollastonite powder is popularly used in floor and wall tiles. In terms of volume, the wollastonite powder market in Asia Pacific is expected to expand at a CAGR of more than 9.3% during the forecast period. Implementation of wollastonite powder as a replacement for asbestos is likely to propel the market in the region during the forecast period.
Ceramics segment to dominate wollastonite powder market
In terms of application, the wollastonite powder market can be classified into ceramics, polymers, paints, metallurgy, friction products, construction, and others. The ceramics segment is anticipated to constitute a major share of the market during the forecast period, as wollastonite powder significantly slows down the process of shrinkage and gas evolution during firing. It also reduces crazing, cracking, and glass defects. Wollastonite powder is used in paints to offer resistance to harsh climatic conditions and reduce pigmentation and gloss. The powder is employed in plastics to reduce resin consumption and improve tensile and flexural strength. China, India, and Japan are expected to witness increase in the use of wollastonite powder in the near future, due to the rising demand from the construction industry in these countries.
Wide customer base in developing regions such as Asia Pacific to present opportunities
In terms of region, the global wollastonite powder market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold a considerable share of the global wollastonite powder market, due to presence of well-established players in these regions. The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, due to significant increase in construction and building activities in developing economies such as China and India. The market in Middle East & Africa and Latin America is expected to expand at a sluggish pace during the forecast period.
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Key players operating in the global wollastonite powder market are Nordkalk, Wolkem, Imerys, ACBM JSC, R.T. Vanderbilt Holding Company, Inc., Canadian Wollastonite, Xinyu South Wollastonite Co., Ltd, Changxing Earth New Type Of Material Co., Ltd., and Jilin Shanwei Wollastonite Mining CO., LTD. Companies are investing significantly in raising their capacity of production of wollastonite powder and expanding their manufacturing facilities. In 2015, Imerys acquired S&B Group’s business of wollastonite, perlite, bentonite, and continuous casting fluxes.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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