The synthetic zeolites market is projected to grow from USD 5.2 billion in 2018 to USD 5.9 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 2.6% during the forecast period. The growth of the synthetic zeolites market can be attributed to the increased consumption of detergents due to the growing population, and the demand for zeolites for use in specialty applications.
Key players in the synthetic zeolites market include Albemarle Corporation (US), BASF SE (Germany), Honeywell International Inc (US), Clariant AG (Switzerland), W.R. Grace & Co. (US), TOSOH Corporation (Japan), Union Showa KK, (Japan), Zeochem AG (Switzerland), KNT Group (Russia), Arkema SA (France), Zeolyst International (US), Huiying Chemical Industry (China), Chemiewerk Bad Kostritz GMBH (Germany), National Aluminium Company Limited (India), and PQ Corporation (US). The synthetic zeolites market is a matured market and is hence witnessing slow growth. Expansions and new product launches have been the most dominant strategies adopted by major players in the market between 2013 and 2018. In December 2017, Albemarle Corporation launched Granite, a new technology for the Fluid Catalytic Cracking (FCC) catalyst market. The line of products introduced under this technology include PEAK, Everest, and Denali. Granite expands catalyst formulation and enables refiners to maximize their profitability.
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Leading market players such as BASF are focusing on expansion to grow in the synthetic zeolites market. In September 2017, it expanded its zeolite production capacity with a new facility for specialty zeolites at Ludwigshafen, Germany. This facility produces emissions catalysts for heavy-duty and light-duty diesel vehicles. These specialty zeolites help in chemical, petrochemical, and refining applications. This facility made BASF SE the largest producer of specialty zeolites worldwide.
Honeywell UOP is another major player in the synthetic zeolites market and is focusing on agreements as the key strategy to grow in the market. In October 2016, it licensed its Unicracking technology to Dongying Qirun Chemical Co. Ltd (China) for the production of diesel and naphtha. This development strategy enabled Honeywell to address the growing domestic demand for transportation fuels.
Synthetic Zeolites Market by Type of Zeolite (Zeolite A, Type X, Type Y, USY, ZSM-5), Application (Detergent Builder, Drying, Separation, & Adsorption, Catalytic Cracking, & Specialties), Function (Ion-Exchange, Molecular Sieve, & Catalyst) & Region – Global Forecast to 2023
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