The global wollastonite powder market size was valued at USD 210.7 million in 2020 and is predicted to reach USD 459.3 million by the end of 2030, representing an impressive CAGR of 8.1% during the forecast period 2021 to 2030.
Crucial factors accountable for market growth are:
- Increased applicability in plastics, and rubber applications.
- Wollastonite is acquiring popularity as a cost-efficient reinforcement material in ceramics and whitewares
- Companies in the wollastonite powder market are increasing their production capacities
- Increasing construction activities worldwide
Key market Insights:
A main trend observed in the target industry is increasing use of ultrafine wollastonite and increasing application of synthetic wollastonite. Owing to progressof the ceramic, polymer, coating, paint markets, natural wollastonite will remain the largest product category, but synthetic wollastonite is probable to see the fastest growth in the next 10 years due to increasing adoption in ceramic the industry.Major players in the target industry concentrate on expanding their product range and expanding their product portfolio, generating profitable prospects for key players in the market. The business environment is experiencing angrowing demand for high temperature and pressure sensitive adhesives and sealants. Companies in the willastonite powder industry are therefore expanding their UV curable adhesives and sealants product range to tap into value-grab opportunities. As such, Wollastonite's low demand for resin and chemical purity makes it suitable for thermosets and elastomers.
COVID-19 Impact on Global Wollastonite Powder Market
The COVID-19 explosion has had an impact on world's primary markets. COVID-19 effect on the global industry is adverse. The North America is largest wollastonite powdermarket, but supply and demand for the wollastonite powder has decreased with spread of covid and lockout situations in the U.S.Because of COVID-19, instability of the supply chain, volatility in the supply of raw materials, inadequate manpower in the production facility and less demand for end-use customers have hindered the growth of the target industry in developed and developing economies worldwide. However, after the launch of covid vaccine, companies are coming back to their original position by resuming to the work with greater speed. Hence, in the post covid world, construction activities are increasing again that are boosting demand for the wollastonite powder and driving industrial growth.
Future of Global Wollastonite Powder Market
Leading players of the global wollastonite powder industry are focusing on the strategic partnerships similaracquisitions, mergers in order to enhance their position in the global market and to get the comparative edge. Further companies are launching advanced products in order to fulfill the customized demands of the end-users. These trends are anticipated to continue and will fuel growth of target market over the forecast time-frame. Also, increased applications of the synthetic wollastonite powder among end use customers are encouraging major market players to increase its production.
Construction Application Segment Reported Foremost Market Stake in 2020
Construction segment is expected to hold the prime revenue share by application due to increasing adoption of the wollastonite powder in the construction activities for tiles and floors. Further the ceramics segment is projected register significant share in the global industry owing its increased consumer base across the globe.
North America is Likely to be the Largest Market for Wollastonite Powder
The research report deals with the industry prospects of wollastonite powder products around regions including Europe, North America, Latin America, Asia-Pacific, and Middle East and Africa. Wollastonite powdermarket is taken by North America owing to increased construction activities particularly in the U.S. of the North America. Addition to this, presence of leading players in the region along with strategies that are implemented by the major players in the countries of North America is expected to witness substantial growth in the target industry in the near future. Asia Pacific is likely to list the noteworthy CAGR, on account of growth in the demand for thewollastonite powder in emerging economies. Also, Most of the key players operating in the industry are investing heavily in order to get the competitive edge in the wollastonite powder market in Asia Pacific.Addition to this the huge investments in the renewable power generation capacities in the Asian countries is predictable create tremendous demand for the wollastonite powder, which will intern boost growth of the global industry in the near future. Further, the Latin America as well as Middle East and Africa regions will likely to register moderate growth in the coming years owing to growing construction activities in the countries of those regions.
Top Players contending in the Market:
Major market companies are aiming towards the innovative advancements in order to enhance position in the target industry. Major companies are:
· R.T. Vanderbilt Holding Company, Inc.
· Changxing Earth New Type of Material Co., Ltd.
· Nordkalk Corporation
· Jilin Shanwei Wollastonite Mining CO., LTD.
· ACBM JSC
· Canadian Wollastonite
· Xinyu South Wollastonite Co., Ltd.
Forimproved status of wollastonite powder, and strategies accepted by Precedence Research projected the upcoming growth of the wollastonite powder market.
Key Market Developments:
· In year 2020, IMERYS a leading player in the target industry has expanded the distribution partnership along with IMCD all overCanada and United States
· In year 2017, Nordkalka major company in the wollastonite powder market has beenexpanded the businesses of the company to Turkey, along with the NordekaMaden which is local joint venture.
Major Market Segments Covered:
· Friction Products
· United Kingdom
· Rest of Europe
· Southeast Asia
· Rest of Asia Pacific
· Rest of Latin America
Middle East & Africa (MEA)
· North Africa
· South Africa
· Rest of Middle East & Africa
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client