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Perlite Market Overview
The Perlite market size is forecast to reach US$ 2.3 billion by 2027 after growing at a CAGR of 6.2% during 2022-2027. Perlite is a naturally occurring versatile mineral that is mined and processed for use in multiple industries. Perlite finds its extensive use in the construction sector where it is utilized in ceiling tiles, lightweight insulated concrete, cavity walls, interstitial floors, roof decks, and in many other construction applications. The construction sector is booming globally with increasing investment and new project announcements and this is expected to drive the market’s growth during the forecast period. For instance, as per the 2021 data by India Brand Equity Foundation, demand for residential properties has surged in India owing to increased urbanization. Furthermore, perlite finds its high utilization in the agriculture and horticulture sector where it is used as an effective aggregate in horticultural growing mixes, as a rooting medium for plants, vegetables, and fruits, and many other applications. The agriculture and horticulture sector expanding globally with increasing production and investments and this is projected to contribute to the growth of the market during the forecast period. For instance, as per the data by India Brand Equity Foundation, horticulture crops production in India reached a record 331.05 million metric tonnes in 2020-2021. The strict regulations regarding the use of perlite might hamper the market’s growth during the forecast period.
COVID-19 Impact
The perlite market was negatively affected due to the COVID-19 pandemic with disturbances such as supply chain scarcity and labour shortage surfaced in the market. Market players enforced new work strategies to withstand the severity of the pandemic but still faced challenges in their business operations. As per the April 2020 COVID-19 report by French-based producer of industrial minerals Imerys S.A., the company had to come up with contingency plans to tackle the adverse impact of the pandemic. The company also witnessed disruption in its industrial and commercial operations amid the pandemic. The perlite market experienced decent growth towards the end of 2020 due to increased activity in multiple end-use industries. Going forward, the market is projected to witness significant growth during the forecast period due to expansion in the construction, agriculture & horticulture sector.
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Perlite Market – By Type
Expanded perlite dominated the perlite market in 2021 and is growing at a CAGR of 6.6% during the forecast period. This type of perlite comes with exceptional physical properties and is amazingly lightweight. expanded perlite find its high uses in multiple industries, ranging from construction to agriculture and chemical industry. The lightweight, fire resistance, and insulating properties of expanded perlite make it a robust option for lightweight mortars and plasters, ceiling tiles, insulation material, and filter aids. Owing to such a diverse field of application and properties, market players and research organizations are actively utilizing expanded perlite in different research and development processes. For instance, as per the September 2020 journal by the International Journal of Concrete Structures and Materials (IJCSM), a study was conducted for the development of durable structural lightweight concrete by using expanded perlite. Such increasing utilization of expanded perlite is expected to increase its demand during the forecast period.
Perlite Market – By End Use Industry
The construction industry dominated the perlite market in 2021 and is growing at a CAGR of 7.2% during the forecast period. The construction industry is one of the largest markets for perlite where it is utilized in several applications that include ceiling tiles, lightweight insulated concrete, chimney fills, cavity walls, interstitial floors, concrete masonry blocks, among others. The construction industry is booming globally with increasing investments and new construction project announcements and this is expected to influence the market’s growth during the forecast period. For instance, as per the August 2021 stats by Eurostat, the building construction sector in the European Union and Euro Area jumped by 3.8% and 3.1% respectively in June 2021. Similarly, as per the statistics by India Brand Equity Foundation, India’s residential sector is anticipated to grow significantly in 2022 as the central government made its announcement to build 20 million affordable homes throughout the country. Such massive growth in the construction sector globally is expected to increase the use of perlite in construction applications, driving the growth of the market during the forecast period.
Perlite Market – By Geography
The Asia-Pacific region held the largest market share in the perlite market in 2021, up to 32%. The high demand for perlite is attributed to the expanding construction sector in the region. Perlite is used in large quantities in the region’s house building and several infrastructure applications. The construction sector in the region is exhibiting a positive growth rate and this is projected to amplify the higher utilization of perlite during the forecast period. For instance, according to the data by trade.gov, the construction industry revenue value in China will touch US$ 1.1 trillion in 2021 which was US$ 968 billion in 2019. Similarly, as per the data by India Brand Equity Foundation, India will become the third-largest construction market in the world by 2022. This expanding construction sector in the region is projected to increase the demand for perlite during the forecast period.
Perlite Market Drivers
Booming construction sector will drive the market’s growth
The construction sector is one of the most important markets for perlite where it is used in several construction applications. Perlite is used as a loose fill insulation material for concrete masonry blocks, as an aggregate in lightweight insulated concrete and plaster, cavity walls, and many other applications. The construction industry globally is on a progressive track and this is expected to stimulate the higher uses of perlite, driving the market’s growth during the forecast period. For instance, according to the report by European Construction Industry Federation, net investment in new construction works stood at USD 13.46 billion in 2020 which was a 9.3% increase compared to 2019. Similarly, according to the stats by India Brand Equity Foundation, foreign direct investment received by India in the construction development sector (townships, housing, built up infrastructure and construction development projects) between April 2000 and June 2021 was recorded at USD 26.14 billion. This booming construction sector in the world is expected to augment the higher uses of perlite, contributing to the growth of the market during the forecast period.
Expanding agriculture and horticulture sector will drive the market
Perlite is widely used in the agriculture and horticulture sector globally. The mineral is used as a material of soilless growing mixes, where it offers optimum moisture retention and aeration for superior plant growth. Perlite is utilized as a rooting medium for fruits and vegetables and several other applications. The agriculture and horticulture sector expanding globally with increasing production and exports and this, in turn, is anticipated to influence the growth of the market during the forecast period. For instance, as per the 2021 data by India Brand Equity Foundation, the agriculture sector India will stay on a progressive track in the next few years owing to increased investment in agricultural infrastructure. Similarly, according to the OECD-FAO Agricultural Outlook 2021-2030 report, global agricultural production is expected to increase by 1.4% p.a. over the coming decade. Such expansion in the agriculture and horticulture sector globally is expected to drive the market’s growth during the forecast period.
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Perlite Market Challenges
Strict regulations regarding the use of perlite might hamper the market’s growth
Perlite is monitored by several governing bodies owing to the health hazards associated with the material which is a major challenge and this might affect the market’s growth during the forecast period. Working with perlite requires proper supervision as too much exposure to perlite can lead to multiple health hazards. As per the data by Asia Industrial Gases Association (AIGA), recommended protective equipment should be used while operating with perlite. Upon perlite entering the respiratory tract or the eyes, it can lead to serious irritation. Such regulations regarding the use of perlite might hinder the market’s growth during the forecast period.
Perlite Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the perlite market. Major players in the perlite market include:
Recent Developments
In April 2020, Imerys S.A acquired North America based producer of perlite Cornerstone Industrial Minerals Corp. This acquisition enabled Imerys to strengthen its perlite business globally.
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Key Takeaways
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