Halloysite Market Estimated to Grow at a CAGR of 6.9% During the Forecast Period 2022-2027
Research Reports
Feb 21, 2022
Halloysite Market size is expected to be valued at US$58.3 million by the end of the year 2027 and is set to grow at a CAGR of 6.9% during the forecast period from 2022-2027. Halloysite is a clay mineral that is often found intermixed with kaolinite, montmorillonite and aluminosilicate minerals. Halloysite is majorly used in the production of houseware items made from ceramic, porcelain and fine China. Therefore, it is majorly used in the production of ceramics. Halloysite nanotubes are also commonly used in the medical industry and laboratories owing to the various advantages provided by halloysite nanotubes such as natural availability, strength and resistance. Halloysite nanotubes are also used for controlled release of fertilizers such as insecticides, pesticides and others. Halloysite nanotubes are also majorly used in the food packaging industry. Therefore, the growth of the industries such as agriculture industry, healthcare industry and pharmaceutical industry is driving the growth of the halloysite market.
COVID-19 impact
Amid the Covid-19 pandemic, the halloysite market was hugely affected owing to the various legal and economic restrictions laid by governments across the world. Any movements including the movement of people and goods were banned fearing the spread of the coronavirus. This hugely impacted the halloysite market, as the sales crashed down due to the exponential decrease in demand. However, the halloysite market saw a considerable amount of growth owing to the increase in demand from the healthcare and pharmaceutical industry. The situation is further set to improve by the year ending 2021 and the halloysite market is expected to grow.
Halloysite Market Segment Analysis – By Application
Medical Tubes segment held the largest share in the halloysite market in the year 2021 and is growing at a CAGR of 6.6% during the forecast period 2022-2027. Halloysite nanotubes are naturally occurring tubular products made from clay minerals. These halloysite nanotubes are made from aluminosilicate minerals and kaolinite. These halloysite nanotubes exhibit some excellent qualities such as high biocompatibility, environmental friendliness, better solubility in water and enhanced performance as compared to tubes made from artificial materials. This is increasing the demand for halloysite nanotubes from medical industry as these tubes are naturally occurring, provides better performance and is affordable. This is majorly driving the demand from the medical tubes segment of the halloysite market.
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Halloysite Market Segment Analysis – By End-use Industry
Pharmaceutical industry held the largest share in the year 2021 and is expected to grow at a CAGR of 6.9% during the forecast period 2022-2027 in the halloysite market in the year 2020. Halloysite nanotubes are widely used in the pharmaceutical industry for drug delivery purposes. Halloysite nanotubes are made of aluminosilicate minerals and kaolinite, which makes it bio-compatible and highly resistant to chemicals. Therefore, the growth in the pharmaceutical industry is contributing to the growth of the halloysite market. For instance, according to the latest report published by the European Federation of Pharmaceutical Industries and Associations in the year 2020, the pharmaceutical industry in the United States grew by 6.1%, the pharmaceutical industry of the European Nation grew by 5.4% during the year 2019, the pharmaceutical industry of India grew by 11.1% and Brazilian pharmaceutical industry grew by 11.2%. This will further drive the demand for halloysite nanotubes in the pharmaceutical industry which will in turn drive the growth of the halloysite market.
Halloysite Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the halloysite market and is growing at a CAGR of 7.5% during the forecast period 2022-2027. The increase in demand from the cosmetics industry from countries like China, India, Japan and South Korea is majorly driving the halloysite market in the Asia Pacific region. Kaolinite clay mineral is used as a carrier of substance in cosmetics. Therefore, the increase in the growth of the cosmetics industry is majorly driving the demand for halloysite market in the Asia Pacific region. According to Cosmetics China, the online retail value of sales of cosmetic products was valued at US$27.92 in the year 2019. According to the Korean National Statistical Office, cosmetics online shopping transactions grew by 25% year-on-year to US$10.5 billion in 2019. According to the Ministry of Economy and Industry (Foreign Trade Administration), the market size of body care in India is set to increase by 36% and hair care by 5%. This is highly driving the personal care chemicals market in the region, which is further contributing to the growth of the halloysite market in the Asia Pacific region.
Halloysite Market Drivers
The increase in demand from the ceramic and glass industry for production of dishware and other houseware products is majorly driving the halloysite market
Clay minerals such as halloysite, kaolinite and aluminosilicate minerals are used in the production of ceramic and glass. For instance, according to Glass Alliance Europe, the glass production in Europe reached 37.2 million tonnes, an increase of 1.8% compared to the previous year 2018. Likewise in the US, according to the Bureau of Economic Analysis of US, the total value of glass and glass product manufacturing industry was valued at US$3.83 trillion in the year 2020, an increase of 0.26% from the previous year value. This will further increase the demand for halloysite market from the production of glass and ceramics.
The increase in demand from the building and construction industry is also driving the demand for halloysite market
Halloysite is widely used in the building and construction industry. Halloysite nanotubes are used for the mixing of various composites used in the building and construction industry. Halloysite and kaolinite are also used in paintings and are used as a mixture in concrete. Therefore, the increase in the number of activities in the building and construction industry across the globe coupled with the increase in the expenditure of the building and construction industry is majorly driving the demand for the halloysite market. For instance, according to the World Bank, the expenditure cost of construction industry is estimated to reach US $ 11.9 trillion by 2023, which is an increase of 4.2% as compared to the previous year expenditure. This will drive the demand for halloysite from the building and construction industry.
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Halloysite Market Challenges
Reaction of halloysite nanotubes with compounds
As much as halloysite are widely available in the nature, it has also various disadvantages associated with it. Sometimes, the compounds put inside the halloysite nanotubes tend to negatively react when it comes in touch with the halloysite nanotube. Halloysite nanotubes are inorganic and has negative biocompatibility. This leads to low enzyme levels which leads to a weak link between the enzyme and the nanotubes. This could reduce the value of the compound, which could totally give a negative impact to the substance it is being added to. Therefore, this is one of the major factors challenging the growth of the halloysite market.
Halloysite Market Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Bio-Based Polypropylene Market. Major players in the Bio-Based Polypropylene Market include:
Northern Star Resources Limited
APPLIED MINERALS INC
Imerys Ceramic
Yanfeng Automotive Interior
American Elements
Applied Minerals, Inc.
PTH Intermark
BASF SE
Northstar Mines, LLC
Daleco Resources
I-Minerals, Inc.
NaturalNano Corp.
Quarzwerke GmbH
Reade International Corp.
Acquisitions/Technology Launches
In 12 May 2021, Okapi Resource Ltd acquired the large-scale kaolin-halloysite projects of Bulk Minerals Holdings. These projects are located in Kojonup, West Australia.
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Key Takeaways
Asia-Pacific market held the largest share in the halloysite market owing to increase in demand from the cosmetics industry from countries like China, India, Japan and South Korea.
The increase in demand from the ceramic and glass industry for the production of dishware and other household products is majorly driving the halloysite market.
The increase in demand from the building and construction industry is also driving the demand for halloysite market.
Amid the Covid-19 pandemic, the halloysite market witnessed slow growth owing to the ongoing covid-19 pandemic.
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