Vermiculite is a hydrated magnesium aluminum silicate mineral, found in abundance across the globe, which resembles mica in appearance. It is used extensively to manufacture molded shapes for open fire places, high temperature insulations, and fireproofing of structural steel and pipes. It is also used in automotive industries for preparing brake linings as vermiculite possess extra-ordinary thermal resistance. Vermiculite has wide range of applications in which it is used, such as floor and roof screeds and concretes, used as soilless media in hydroponics, soil enhancer etc. Vermiculite market is expected to increase with a significant CAGR over the forecast period, owing to its extra-ordinary applications in several industries. Owing to increasing innovations in automotive industry, roof insulating concretes, etc. Vermiculite market is expected to witness robust growth over the forecast period.
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Vermiculite Market: Segmentation
Vermiculite is found in various regions across the globe such as Brazil, Australia, South Africa, Russia, etc. Vermiculite market is segmented on the basis of product type and application.
On the basis of product type, vermiculite market is segmented into crude vermiculite and exfoliated vermiculite. Exfoliated vermiculite holds relatively high value share as compared to crude vermiculite.
On the basis of application, vermiculite market is segmented into construction, chemical industry, automotive industry, agriculture, and others (animal feed stuff). Construction segment is further sub-segmented into building plasters, ultra and light weight aggregates and concretes, Insulation, and roofing systems.
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Vermiculite Market: Drivers, Restraints and Trends
Increasing use of vermiculite in hydroponics and agriculture industry is expected to boost the sales of vermiculite market, as awareness of hydroponics is increasing among individuals. Vermiculite forms soilless media for growth of plant, and it is also used as enhancer for soil. Extensive use of vermiculite in aluminum smelting industry as an insulator is also expected to back the sales of vermiculite market. Automotive and construction industry is also playing a key role in increasing sales of vermiculite market as vermiculite is used in preparing roof concretes, construction plasters, and brake linings in automotive.
Vermiculite Market: Regional Outlook
On the basis of region, the vermiculite market is segmented into 7 key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan.
On the basis of production, Middle East and Africa and Asia-Pacific holds the highest position in vermiculite market. A considerable amount of vermiculite is exported from South Africa and China. Vermiculite market is expected to increase in these regions over the forecast period with significant CAGR.