PUBLISHER: Grand View Research | PRODUCT CODE: 1376105
PUBLISHER: Grand View Research | PRODUCT CODE: 1376105
The global halloysite market size is expected to reach USD 50.21 million by 2030, according to a new report by Grand View Research, Inc.., progressing at a CAGR of 5.5% from 2023 to 2030. The booming construction industry in Asia Pacific is leading to an increase in the demand for ceramic products, which in turn, is expected to boost the growth of the market.
The market exhibits a high degree of integration from raw material supply to the processing and distribution of the product. All major manufacturers in the industry are involved in raw material extraction, which is directed wholly to captive consumption. Key industry players are also involved in collaborations with large clay manufacturing and distributing companies on a profit-sharing basis.
Legal regulations governing the industry approve the use of halloysite for use in critical & semi-critical applications such as medical and cosmetics. Buyers in the market are sensitive to product quality and lay minimal emphasis on price. As a result, the product price is found to vary extensively in accordance with the application for which it is supposed to be used.
The market is subject to regulations pertaining to the mining and processing of the product. Increasing concerns regarding the impact of unsustainable mining practices for the extraction of halloysite and other clays are expected to result in a limited production, which is further likely to limit the growth of the market over the forecast period.