Global Perlite Market 2022-2028

Global Perlite Market 2022-2028

Global Perlite Market Size, Share & Trends Analysis Report By Type (Crude Perlite, Expanded Perlite), By End-User (Agriculture and Horticulture, Construction, Industrial and Others) Forecast Period (2021-2028)Perlite is an amorphous volcanic alumina-silicate rock that inflates when rapidly heated to nearly 900 °C. The particle expands around 20-30 times its usual shape. The water content within the raw perlite vaporizes and creates a glass bubble, which bids beneficial properties to perlite such as lightweight and good insulation. The global perlite market was valued at nearly $1.2 billion in 2021, growing at a CAGR of 5.6%, escalating to around $1.7 billion by the end of the forecast period (2021-2028). The key factors that drive the growth of the market include the increased demand for perlite from the construction industry. Due to its low density and relatively low price, many commercial applications for perlite have developed. In the construction and manufacturing industry, it is used in lightweight plasters and mortars, insulation, ceiling tiles and filter aids. In horticulture, perlite makes composts more open to air, while still having good water-retention properties; it makes a good medium for hydroponics. With the emergence of new industries, the need for industrial construction is also likely to enhance, which thus is creating scope for perlite. Increased spending on capital projects and infrastructure in economies such as China, India, South Africa, and Brazil, among others for modernization are primarily driving the growth of the market. Besides, rapid urbanization is also expected to boost the spending in vital infrastructure sectors such as power, construction, and transportation, which, thereby, is likely to drive the growth of the market during the forecast period.

Further, increased concerns regarding the environment have surged the need for the environment-friendly and sustainable use of perlite. The key manufacturers involved in the perlite market are aiming to develop advanced perlite products that can be directly used in green buildings and can be further recycled and reused. The manufacturers are substantially conducting R&D activities and using novel technologies for the development of sustainable and cost-effective perlite materials with the same mechanical strength. This increased R&D activities to develop ecological perlite materials will provide growth opportunities for the perlite market in the future years. International Journal of Recycling of Organic Waste in Agriculture, Oregon State University, and The Perlite Institute are some of the most active institutes engaged in research.

SEGMENTAL OVERVIEW

The global perlite market is segmented on the basis of type, and end-user. Based on the type, the global perlite market is segmented into crude perlite, and expanded perlite. Among these, the expanded perlite segment of the market is projected to grow substantially at a CAGR of 5.8% during the forecast period. The expanded perlite segment of the market was valued at $924.6 million in 2021 which is projected to reach around $1.4billion by 2028. The expanded perlite is used in various applications such as wall insulation, lightweight insulating boards, and cryogenic insulation, among others. Expanded perlite is used as a heat & sound insulator since it is a lightweight material that ensures economic benefits in building & construction. Moreover, expanded perlite also offers soil ventilation and drainage improvement properties in the agriculture sector. On the other hand, increasing new application base of perlites, such as eco-roofs, waste-water filtration, and soil conditioning, among other applications is also likely to accelerate the market growth in the future years. Crude perlite segment was valued at $238.4 million in 2021 and is estimated to reach $324.3 million in 2028, growing at a CAGR 4.5% during the forecast period. Crude perlite has industrial application—primarily in the foundry industry and as a sandblasting and slag coagulant.

Based on the end-user, the global perlite market is segmented into agriculture & horticulture, construction, industrial, and others. Construction segment held the highest market share and was valued at $488.5 million in 2021 and is anticipated to reach $698.7 million in 2028. In construction industry, perlite is used in variety of applications such as fireproofing sprays, chimney fills, interstitial floors, and acoustical sprays as an aggregate in lightweight insulating concrete and plaster in masonry blocks as loose-fill insulating material, among many others. The agriculture & horticulture segment of the perlite type is anticipated to grow at a CAGR of 6.1% during the forecast period. The agriculture & horticulture segment of the market registered a value of $353.0 million in 2021 which is likely to reach $533.2 million by 2028. The segmental growth of the market is accredited to the increased demand for perlite in the agriculture & horticulture industry as a soil regulator or as an agent to decrease water losses. Agriculture & horticulture perlite possess the characteristics to change the physical properties of greenhouse soil instead of chemical properties. In a greenhouse with sub-irrigation and dripping irrigation application, by pouring 4-5 cm, of course, grain-sized perlite, water usage can be lowered to half. While, for terrace and balcony gardens, lightweight horticultural soil is preferred in order to facilitate moving and arranging of the flower-pots with 50% perlite + 50% peat moss + fertilizer, which is one of the ideal mixtures for use in the cultivation of the domestic plants. Hence, such factors are likely to drive the segmental growth of the market during the forecast period.

CRUDE PERLITE PRODUCTION ANALYSIS

World trade in perlite, which finds key applications in a wide range of low to high value markets including horticulture, insulation, construction, and fillers, is dominated by exports from Greece and Turkey, while the US and China consumes most of its own production. There are very few companies across the globe producing this unique industrial mineral, with just China and New Zealand as the key country sources in the Asia-Pacific region. In recent years, the perlite supply sector has dropped significantly with acquisitions and consolidations by leading players, especially by Imerys Group. Greece, Turkey, and the US are the primary sources after China. The world production of perlite was around 3,460 thousand metric tons (MT) in 2021. China is majorly contributing to total global perlite production with 1,300 thousand MT. China exports perlite to South Korea, Japan, Taiwan, the US, and other economies. Greece is second largest perlite producer across the globe. Greece exports large portion of perlite in the US, Israel, Canada, Germany, the Netherlands, and other economies. Turkey also produces significant quantity of perlite followed by the US. Turkey exports to Belgium, India, South Korea, China, Spain, Italy, Russia, and other.

REGIONAL OVERVIEW

Geographically, the global perlite market report is analyzed based on four major regions including North America, Europe, Asia-Pacific, and the Rest of the World (RoW).Asia-Pacific is one of the largest and fastest-growing regions in the global perlite market, accrediting to the growing activities in the agriculture & horticulture, and construction industries in the region. Asia-Pacific perlite market helda major share of 50.1% in 2021. The market in Asia-Pacific region registered a value of $582.5 million in 2021 which is likely to reach $865.3 million by 2028. China held the highest market in Asia-Pacific and was valued at $308.7 million in 2021 and is estimated to reach $464.1 million in 2028. Wide presence of local expanded perlite manufactures in China are majorly contributing to the market share. Garden Industrial (Dalian) Co., Ltd., Hebei Chuangsen Technology Co., Ltd., Shijiazhuang Haogesi Trade Co., Ltd., Tianjin Incom Science & Technology Co., Ltd., Tianjin Haohang International Trade Co., Ltd. are among few active players in the country. Further, extensively growing construction industry in China is also fueling the demand for expanded perlite. According to the International Trade Administration (ITA), China is the world’s largest construction market with continuous growing urbanization in 2020. According to the analysis of the Development Trend of China’s Architectural Design Industry in 2021, architectural design industry revenue in China reached $189.3 billion in 2021. These facts represent significant usage and demand for perlite in country.

Further, the market in Europe is also expected to grow substantially during the forecast period. Russia, Germany, the Netherlands, and Belgium, are the key economies that contribute to the growth of the European perlite market. The European perlite market is growing at a CAGR of 5.7% during the forecast period. The European region of the market registered a value of $252.1 million in 2021 which is likely to reach $370.9 million by 2028. The regional growth of the market is accredited to the rising infrastructural development and construction activities in the region.

KEY PLAYERS OUTLOOK

The prominent players operating in the global perlite market include Imerys Group, Aegean Perlites SA, Amol Dicalite Ltd., Dupré Minerals, Ltd., IPM Industrial Mining SA, Mitsui Kinzoku Kougyou Co., Ltd., Showa Chemical Industry Co., Ltd., and Blue Pacific Minerals Ltd., among others. These prominent market players adopt different strategies such as mergers and acquisitions, product launches, and geographical expansion among others, to sustain in the global market. For instance, in October 2020, IMCD US and IMERYS Minerals extended their distribution agreement. IMCD will now represent IMERYS Performance Minerals as its preferred distributor across the North American region. Such activities are likely to aid the company’s growth as well as the growth of the global perlite market during the forecast period.