Global Industry Analysis (2017-2020) – Growth Trends and Market Forecast (2021-2025)
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Plastics in Automotive Industry Steer Global Wollastonite Market in Top Gear
Plastics have become an integral part of the automotive industry in recent years due to their exceptional durability and light weightiness. The higher uptake of plastics across industries such as the automotive and building and construction is expected to give the global wollastonite market varied reasons to flourish between 2021 and 2025. As engineers and designers continue to embrace better designs and lighter structures of buildings and higher fuel efficiency in vehicles, the demand for plastics will soar. Regulatory incentives and changing consumer perception are also expected to give the global wollastonite market a tremendous boost as it is an excellent additive that reduces several costs for manufacturers.
Plastics are used in the automotive industry to reduce the weight of the car, improve safety, and lower manufacturing costs. Wollastonite in automotive plastics improves stiffness and ensures downgauging. Growing demand for personal vehicles as COVID-19 loosens its grip on the automotive industry is expected to bode well for the market. Analysts estimate the global wollastonite market is expected to register a CAGR of 8% between the forecast years of 2021 and 2025.
Refurbishing and New Installations Create Opportunities for Wollastonite as Demand for Ceramics Picks Pace
Wollastonite is extensively used in the production of a wide range of ceramics and metallurgical applications as it lends the aesthetic of a glaze. Together, these applications consume 50% wollastonite annually. This mineral prevents shrinkage and gas evolution while firing, improving the strength of the final object. This allows the item to look bright as it eliminates glaze defects and cracking. As a result of their peculiar characteristics, wollastonite finds application in enamels, fluxes, frits, and in sanitary wares. Continuous home improvements, renovations, and refurbishing are expected to generate demand for ceramic tiles, flooring, and sanitaryware. The demand for these is also likely to be a result of new constructions within the commercial and residential categories.
Building and Construction to Give Wollastonite Market a Shot in the Arm
The use of wollastonite in plastics adds to the tensile and flexural strength of the product. It also minimizes the use of resin, adding to the thermal and dimensional stability of the item, lending resistance against higher temperatures. These unique properties of wollastonite are being used in the production of plastic pipes that are extensively used in building and construction for water service, heating and cooling systems, plumbing, snow melting mechanisms, and geothermal piping systems.
Meanwhile, the use of flex ducts in the construction of buildings will lead to higher uptake of wollastonite as these are easier to install. The demand for flexible ducts will also rely on their affordability as compared to metal ducts along with their capability to bend multiple ways to adapt to heating and cooling systems. The global wollastonite market is slated to experience referred profits from the global construction trends during the forecast period, predicts Fairfield Market Research. The construction industry, on the whole, is responsible for about 15% of wollastonite consumption on annual basis.
Wollastonite to Remain Popular Raw Material for Paints and Coatings
Wollastonite, a calcium metasilicate mineral, is used in paints and coatings for reducing oil absorption. Paints and coatings hold a 10% share in the global wollastonite market. This is turn has helped manufacturers to cut down on production costs. Wollastonite’s high pH level maintains the alkaline levels of water-based paints, which prevents them from rusting and weathering thus making the paint last longer. The mineral’s fine grade version acts as an excellent extender for paint films, making finishing smooth and clean. For this purpose alone, the demand for fine grade wollastonite is seen in corrosion-resistant coatings, semi-gloss architectural coatings, and powder coatings.
The sheer ability of wollastonite to act as a pH buffer, improve the durability of paint films, reduces pigment consumption, and enhance resistance to weathering in paints and coatings is expected to give the global market an excellent avenue to earn higher profits.
Asia Pacific Dominates Global Wollastonite Market as India and China Show Relentless Demand
The wollastonite reserves are found in countries such as China, Finland, India, Mexico, and the United States. As of 2019, China led wollastonite production at 890,000 tonnes. China’s dominance is attributable to its economic model that depends on manufacturing activities. Thus, as the production of varied materials such as plastics, such as nylons, polyesters, phenolic moulding compounds, polyureas, and polyurethanes geared up to meet demand from the automotive and packaging industries in China, the country witnessed a spike in the consumption of wollastonite too. Analysts anticipate the trend is likely to continue between the forecast years of 2021 and 2025 as the needs of the modern world will demand products that are aesthetically appealing with brightness and whiteness. This is especially felt across building and construction materials and interior products. As China remains a key manufacturing hub for a wide range of industrial and commercial goods, it is expected to put Asia Pacific in the lead.
India too is expected to see a bulk demand for wollastonite from the ceramic industry as construction and renovation activities limp back to normalcy amidst the pandemic waves. Thus, India is expected to be the second-largest producer of wollastonite after China, supporting Asia Pacific’s spot with national economic growth.
Global Wollastonite Market: Key Players
The research report studies key players operating in the global wollastonite market such as Wolkem, Nordkalk, Imerys, NYCO Minerals Inc, R. T. Vanderbilt Holding, ACB Minerals Joint Stock Company, Vanderbilt Minerals, LLC, Anhui Pioneer Mining Co. Ltd., and Canadian Wollastonite.