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Attapulgite Market Size
Attapulgite Market size will exceed USD 600 million by 2024, gaining at more than 8% CAGR. Developments in drilling activities all over the globe on the account of booming construction and oil & gas industries will likely have a propelling effect on the overall attapulgite market in the upcoming years.
The product finds extensive application in salt contaminated mud for offshore drilling activities owing to its superior suspending qualities. It is used to decrease the slurry weight and increase the slurry volume. The dissolved salt quantities in the slurry do not have any adverse effects on the product properties. Attapulgite based suspending agent is highly compatible with slurries with granular, fibrous, and flake-type materials. Global oil and gas rigs count stood at over 2,000 by the end of 2015 and will likely witness major advancements in drilling technologies due to increasing demand.
Strict mining regulations in the U.S. may hinder the global attapulgite market growth as the country possesses a huge deposit of clay mineral. Regulations pertaining to environmental standards, land policies, waste disposal, substance toxicities, as well as safety standards mandated by OSHA and the Department of Labor will likely affect the industry in the coming years. For instance, Section 378.403(6), Florida Statutes, has defined fuller's earth as clay that possesses a high absorption capacity. It largely consists of palygorskite or montmorillonite, and also includes attapulgite. The Florida Legislature mandated reclamation of lands mined for attapulgite after July 1975. Such regulations may restrict the entry of new market participants.
How will the attapulgite industry forecast be driven across the cat litter absorbent applications?
The cat litter absorbent applications are anticipated to contribute to a CAGR of more than 8% in the next few years with increasing feline family awareness and the launch of environment-friendly & quick-acting litter absorbents.
Why will North America record a substantial attapulgite demand?
North America attapulgite market size could observe a growth rate of over 7% through 2024 with easy availability of raw materials and the presence of vast deposits across the region.
Why is the colloidal grade attapulgite industry witnessing robust growth?
The attapulgite market share from the colloidal grade product segment is pegged to hit a CAGR of over 9% up to 2024 driven by emerging applications in oil & water activities and laundry washing powders.
What is the expected growth prospect for the attapulgite market in the coming years?
The attapulgite industry size is expected to surpass an annual remuneration of more than USD 600 million by 2024 owing to the global rise in drilling activities as well as the expansion of the construction and oil & gas industries.