Robust growth in construction industry in the past few years is analyzed to be the major factor pushing the global expanded perlite market size by 2024. In 2015, the construction business generated revenue at over USD 8 trillion and is projected to exceed USD 13 trillion over the forecast timeframe.
The product finds widespread applications in the sound & thermal insulation panels, masonry products and bricks. It is being increasingly used in green rooftops, which is a rapid mounting segment, which will consequently result in industry growth. In addition, the product is extensively finds it usage in foundries for furnace insulation.
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Expanded Perlite Market size is expected to reach USD 1.34 billion by 2024; according to a new research report by Global Market Insights, Inc. Escalating oil and gas sector will positively influence the expanded perlite market size by 2024. Increasing product application in process aid and filtration across water treatment, mining and drilling operations will stimulate the industry growth over forecast timeframe.
It provides soil ventilation accompanied with thermal insulation in oil rigs. In 2013, there were roughly 15 thousand oil rigs globally and is estimated to reach 20 thousand over the forecast timeframe. This will positively impact on the business growth.
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The product is broadly preferred element for soil used in the horticulture industry. It offers superior water holding characteristics making it desirable for horticulture. Horticulture is rising on account of increasing consumer demand for fruits & vegetables, decorative plants and seeds. Furthermore, horticulture yield accounted close to 22% to 26% of the overall food & animal products business. This will positively influence growth.
Expanded perlite is classified as safe for use its application in drinking water & beverages filtration owing to its inertness. It is extensively used for percolation in breweries, particularly beer, globally. In 2015, the beer production was nearly 190 gigalitres and is forecast to exceed 210 gigalitres by 2024 owing to boost expanded perlite market share. However, the industry growth is negatively impacted by product substitute threat by barite, polymeric foams and diatomaceous rock which may hamper industry growth.
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Asia Pacific, mainly led by India and China was dominant regional market in 2015. The regional growth was mainly due to escalating regional construction sector. For instance, in 2015, China’s construction business was close to 20% of the global industry. Furthermore, changing consumer lifestyles has resulted in increasing beer demand. This will stimulate industry growth.
In 2015, the global expanded perlite market share was moderately fragmented. Key industry players include Perlite-Hellas, Cornerstone Industrial, Aegean Perlites SA and Supreme Perlite Company.