Wilmington, Delaware, United States, March 07, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Wollastonite Powder market was valued at US$ 405.4 million the previous year. However, due to the strong presence of multiple market drivers, the market is promising advancement with a CAGR of 7.8%. This indicates that the overall market valuation will be US$ 797.8 million by 2031.
Industrial waste is being used more heavily to manufacture the Wollastonite powder. Various industries frequently generate a huge amount of garbage. Consequently, this acts as a fuelling factor for the market.
The Wollastonite Powder is suitable for the production of calcium oxide, and it also acts as a slug conditioner. Both these elements are extensively required in the metallurgical field, significantly boosting the market under consideration.
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A tremendous amount of pollution is created during gravel extraction. Also, while producing concrete, a significant amount of sand is liberated into the atmosphere, causing pollution. This is reduced effectively with the help of the Wollastonite powder.
Although Wollastonite powder finds wide application in various industries, the high energy demands of acid recycling plants put several limitations on the Wollastonite Powder market.
Key Findings from the Market Report
- The Wollastonite Powder market is mainly segmented based on the wide applications of the powder. Ceramics are the fundamental vertical segment of the market, and they have recently been used as thermal barrier coatings. Apart from the lower processing temperature, the lower cost of production is driving the market more effectively.
- The polymer industry is important, as most polymers require Wollastonite powder reinforcement. The supreme strength offered by polymers enables an individual to extend their use in other sectors, including the construction market.
- High resistance to heat allows Wollastonite powder to play an important role in the construction industry. It is used to construct fire-resistant buildings.
- The high pH of the powder helps it be used in water-based coatings, which extends the scope of the market into the painting segment.
- The Asian continent is subjected to substantial growth in the construction industry. Also, all the allied businesses like fire-resistant services, painting businesses, and many more shall grow in the forecasted period. As a result, the demand for the Wollastonite Powder market shall also grow. Thus, Asia Pacific shall lead the market in the next decade.
- However, Europe and North America have the growing industries mentioned above. Therefore, the scope of the market in said continents is significant. Countries like India, China, and Japan shall lead the entire market due to the extensive growth of several allied businesses.
- The transportation and automotive industry is growing, reflected as a benefit for the Wollastonite Powder market. The said market's steady growth accompanies this global automotive market expansion.
- The partnership between UNDO Carbon and Canadian Wollastonite has created permanent carbon credits with premium quality. This partnership was made in October 2023.
- Many organizations have merged with larger businesses, which has given scope to better employment, which is a significant outcome for laypeople.
- SigmaRoc, an industrial limestone group, has initiated the acquisition process with Nordkalk Corporation, another limestone processing company. This acquisition shall boost the scope of Wollastonite Powder as all the processing units will heavily require the powder to reduce their carbon footprints.
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Competitive Landscape
The competitive landscape of the Wollastonite Powder market is diversified, as many players have a significant stake through diversified product portfolios. The foremost example is Nordkalk Corporation, which mainly works in limestone and quick lime production. It offers granulated powders of lime along with sake lime products.
Wolkem offers a wide range of marbles along with the limestone. Apart from this, it also produces Wollastonite Powder, the organization's main product portfolio. The organization offers variants of calcium carbonates, including wet ground, precipitated, and ground calcium carbonates.
Imersys S.A. produces various adhesives, abrasives, ceramics, and many other products. Due to the diversification of products, the organization secures a strategic position in the Wollastonite Powder market.
Key Players
- Nordkalk Corporation
- Wolkem
- Imersys S.A.
- ACBM JSC
- R.T. Vanderbilt Holding Company Inc.
- Canadian Wollastonite
- Xinyu South Wollastonite Co. Ltd.
- Changxing Earth New Type of Material Co. Ltd.
- Jilin Shanwei Wollastonite Mining Co. Ltd.
Market Segmentation
Application
- Ceramics
- Polymers
- Paints
- Friction Products
- Construction
- Metallurgy
- Others (including Glass & Fiberglass, Welding Electrodes, Plant Fertilizers, Adhesives, and Sealants)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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