Global Bentonite Market to hit US$1.95 bn by 2024 Bentonite Market

Bentonite Market to grow at 8.3% CAGR from 2018 to 2024: Global Market Insights Inc. Bentonite Market to surpass USD 1.95 billion by 2024; driven by growing demand from the drilling industry in North America. Booming steel industry in India, China and South Korea on account of increasing foreign direct investment from U.S. and Japan has boosted the iron pelletizing industry and may promote growth of bentonite market size. The product is used as a binding agent, offer improved mechanical & abrasive strength, faster reduction and higher mineralization rates compared to ore fines which increases the productivity of sponge iron with less energy consumption. The product imparts structural stability to iron pellets, extracts moisture, improves drop strength and thermal resistance which may accelerate market growth. Declining community involvement owing to rising urbanization has led to rising pet ownership to fulfill companionship needs, which may stimulate bentonite market growth. This product majorly finds usage in clumping cat litter owing to its ability of absorbing fluids and forming clumps. The complete absorption of urine helps in removing undesirable odors and some manufacturers also add odor control additives such as baking soda or charcoal or chemical fragrances to improve product performance. Bentonite Market 1 | Page