The report “Synthetic Zeolites Market by Type (Zeolite A, Zeolite Y, Zeolite X, Zeolite Zsm-5), Application (Detergents, Catalysts, Adsorbents), and Region – Global Forecast to 2022”, The synthetic zeolites market was valued at USD 13.67 Billion in 2017 and is projected to reach USD 16.28 Billion by 2022, at a CAGR of 3.6% between 2017 and 2022.
This growth can be attributed to the increasing demand for Fluid Catalytic Cracking (FCC) catalysts, rising demand from the detergent industry, and the growing market for VOC adsorbents.
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Based on application, the adsorbents segment of the synthetic zeolites market is expected to grow at the highest CAGR during the forecast period, in terms of value. Synthetic zeolites are used as adsorbents for insulated glass units and refrigeration units. They are also used for the treatment of natural and industrial gas, purification of olefins and separation of n-paraffin and xylene.
Based on type, the market for Zeolite X is expected to grow at the highest CAGR during the forecast period, in terms of value. Zeolite X is used in the adsorption of CO2 from flue gas streams and purification of air for industrial applications. The ion exchange properties of Zeolite X help to soften water and remove toxic or radioactive metal ions from water. It is also used to dry hydrocarbons and high purity gases.
The North America region is estimated to lead the synthetic zeolites market in 2017, in terms of value. Among all countries in the Asia-Pacific region, the synthetic zeolites market in India is projected to grow at the highest CAGR between 2017 and 2022 due to the high demand for phosphate-free detergents. The rising demand for automotive fuel has also resulted in the high demand for synthetic zeolites in the country.
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Albemarle Corporation (U.S.), BASF SE (Germany), Honeywell International Inc. (U.S.), Clariant AG (Switzerland), W. R. Grace & Co. (U.S.), Tosoh Corporation (Japan), Union Showa K.K. (Japan), Zeochem AG (Switzerland), KNT Group (Russia), Arkema S.A. (France), Zeolyst International, Inc. (U.S.), Huiying Chemical Industry (Xiamen) Co., Ltd. (China), Chemiewerk Bad Köstritz GmbH (Germany), National Aluminium Company Limited (India), and PQ Corporation (U.S.) are the key players in the synthetic zeolites market.
BASF SE and W. R. Grace & Co. undertook the expansions strategy in the past few years. New product launches was another important development strategy adopted by companies to strengthen their positions in the synthetic zeolites market.
BASF SE operates through six business segments, namely, chemicals, performance products, functional materials & solutions, agricultural solutions, oil & gas, and others. Under the functional materials & solutions segment, the company offers zeolites and catalysts, in addition to battery materials, engineering plastics, automotive coatings, and surface treatment solutions.
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