Rapid Growth of End-Use Industries Drives Market Growth
According to our latest market study on “Halloysite Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Medical, Cosmetic, Ceramics, Polymer, Paints and Coatings, and Others),’’ the halloysite market size is expected to grow from US$ 39.64 million in 2021 to US$ 58.88 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028.
Halloysite is a crucial member of the kaolin subgroup of minerals. It has a high whiteness, high aspect ratio, and nano-sized structure, which is highly demanded by ceramic tableware producers. The rapid growth of end-use industries along with the rise in the cosmetic and medical industry fuels the halloysite market growth. Furthermore, wide scope of applications and discovery of halloysite deposits would hold potential opportunities for the halloysite market growth in the future. The growing adoption of nanomaterials in the medical industry is one of the major halloysite market trends that propels the halloysite market size. Moreover, stringent regulatory norms for mining and extraction of halloysite material may slightly restrain the halloysite market growth.
Halloysite is widely used in cosmetic, medical, polymer, and ceramic industries. It is most widely used in ceramic, paint, and cement products that are further used in the building and construction industry. Halloysite is most widely used as a carrier in cosmetics and pharmaceuticals; as a filler in plastics, particularly PVC; and as a suspension agent in paints, inks, and filters. The halloysite is also used in the medical industry for various applications, such as bone implants, dental fillings, tissue engineering, wound care, drug carrier, release system, and tissue scaffolds. It is a hollow tubular structure that can be filled with a variety of active ingredients including those used for cosmetics, household, and personal care products. Thus, the wide scope of application in many industries coupled with the growth of end-use industries would augment the expansion of the halloysite market size during the forecast period.
The halloysite market is segmented on the basis of application. Based on application, the market is segmented into medical, cosmetic, ceramics, polymer, paints and coatings, and others. The medical segment is expected to register the highest CAGR during the forecast period due to the growing adoption of halloysite nanomaterials in the medical industry for therapeutic applications.
American Elements, APPLIED MINERALS INC., Imerys, I-Minerals Inc., MERCK KGaA, Otto Chemie Pvt. Ltd., Nanoshel LLC, Phantom Plastics, Northstar Clay Mines LLC, and Esan are among the key players or manufacturers in the global halloysite market.
Impact of COVID-19 Pandemic on Halloysite Market
The COVID-19 pandemic has negatively impacted the global halloysite market owing to the manufacturing units shutdown, rising raw material prices, labor shortage, supply chains disruption, and financial instability. Halloysite is most widely used in various industries, such as construction, paints and coatings, cosmetics, and construction, which were dramatically impacted by the pandemic. Hence, a major decline in the number of residential construction projects due to financial crisis and declining trend from end-use industries owing to the pandemic has significantly hampered the market growth. However, the rise in vaccination and ease in restriction are expected to drive the halloysite market growth during the forecast period.
Halloysite Market Breakdown – by Region, 2020
Halloysite Market Opportunities and Global Analysis to 2028
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Halloysite Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Medical, Cosmetic, Ceramics, Polymer, Paints and Coatings, and Others) and Geography
Halloysite Market Opportunities and Global Analysis to 2028
Download Free SampleHalloysite Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Medical, Cosmetic, Ceramics, Polymer, Paints and Coatings, and Others) and Geography
The report segments the halloysite market as follows:
Based on application, the halloysite market is segmented into medical, cosmetics, ceramics, polymer, paints and coatings, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).
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