The global bleaching clay market is set to gain traction from its increasing usage in the production of fats and oils for food applications. As per Statista, the worldwide consumption of palm oil during the period of 2019 to 2020 was 71.9 million metric tons, while soybean oil stood at 56.68 million metric tons. This information is given by Fortune Business Insights™ in a new study, titled, “Bleaching Clay Market, 2021-2028.” As per the study, the bleaching clay market size was USD 280,862.0 thousand in 2020 and is projected to reach USD 474,591.3 thousand by 2028, exhibiting a CAGR of 6.9% during the forecast period.
Disruptions in Supply-Demand Networks to Impact Growth amid COVID-19 Pandemic
The Food and Agriculture Organization stated that from 2018-19, the global production of oil crops was 612.3 million tonnes. But, it reduced to 584.3 million tonnes during 2019-2020. This occurred because of adverse weather conditions in multiple regions, as well as reduced yields. Also, the COVID-19 pandemic has tightened the supply and demand for oilseeds and other derived products. These factors may obstruct the demand for bleaching clay in the upcoming years. We are offering authentic research reports to help you overcome this situation.
Edible Oils Fats Segment Held the Largest Share in 2020
Based on the application, the market for bleaching clay is divided into edible oils fats, mineral oils and lubricants, and others. Out of these, the edible oils fats segment held the largest bleaching clay market share in 2020. This growth is attributable to the increasing utilization of the product in the manufacturing of paraffin wax, biofuels, and edible oils.
Rising Usage in Vegetable Oil Production to Accelerate Growth
Fats and oils must be refined for removing impurities in order to use them in various food items. Fuller’s earth plays a vital role in making them safe for use. Asia Pacific is in the dominant position in terms of the global fats and oils production. India is the world’s number one importer of vegetable oil. The country is expected to showcase a per capita consumption of 3.1% per annum by 2028. This factor is likely to boost the bleaching clay market growth in the near future. However, the production process of vegetable oil generates a large number of by-products, contaminants, and of organic solid waste. It may hinder growth.
Asia Pacific to Remain at the Forefront Fueled by Rising Crop Yields in Malaysia Indonesia
Geographically, Asia Pacific earned USD 1, 45,365.25 thousand in terms of revenue in 2020. The surging consumption of vegetable oils is the major factor contributing to the regional growth. Besides, the increasing growing crop yields in Indonesia and Malaysia would also spur the demand for bleaching clays. North America, on the other hand, is set to remain in the second position because of the presence of a well-established refined and industrial edible oils industry.
Key Players Focus on Acquisitions and Price Surges to Compete with Their Rivals
The global market houses numerous prominent companies that are mainly focusing on mergers and acquisitions to compete with their rivals. A few others are striving to meet the high demand by increasing prices of their products. Below are the two latest industry developments:
- April 2019: EP Minerals, LLC declared that it is planning to increase the cost of all grades of bleaching clay, cellulose products, absorbents, perlite, and diatomaceous earth powder from June 1, 2019 by 3-6%. It will be applied only in North and South America to keep up with the surging expenses of labor, ore, energy, and packaging.
- July 2017: BASF recently sold its Bleaching Clay and Mineral Adsorbents businesses to EP Engineered Clays Corporation. The divestiture contains the mineral rights sublease related to a mine in Arizona, a clay mine production site in Mississippi, and sixty-six employees.