Wollastonite Market: Introduction
Transparency Market Research delivers key insights on the global wollastonite market. In terms of revenue, the global wollastonite market is estimated to expand at a CAGR of 8.79% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global wollastonite market.
The global wollastonite market is broadly affected by several factors, including usage of wollastonite in various applications such as ceramics, paints & coatings, plastics & rubber manufacturing, metallurgical, and friction products. The rise in global demand for ceramics has led to a significant growth in the usage of wollastonite to increase the production output. The growth in production and demand for ceramics & related products is expected to be the primary driver for the expansion of the wollastonite market.
Wollastonite Market: Dynamics
Wollastonite is primarily used in the production of ceramics. The global demand for ceramics has been increasing at a significant pace. This is boosting the production of wollastonite in several countries. Thus, the increase in the production of tiles, mugs, tableware, cookware, and sanitary ware is propelling the global wollastonite market.
Wollastonite is being increasingly used as a substitute for short-fiber asbestos in fire-resistant wall boards, cement products, and friction products. Wollastonite is an important additive in friction products such as brake pistons, brake linings, and clutches. In North America, asbestos formulations for friction products are being replaced by wollastonite owing to the latter’s low thermal conductivity and high aspect ratio structure. Additionally, outside the U.S., wollastonite is also being used to replace asbestos in gaskets.
Wollastonite is resistant to chemical attacks and stable at high temperatures. It improves flexural and tensile strength, making it an ideal substitute for asbestos in products such as insulation for boards and panels, paints & coatings, plastics, roofing tiles, and friction devices (brakes and clutches). Furthermore, the crystal structure and physical properties of wollastonite are stable nearly at 1,120°C, making wollastonite an ideal alternative to asbestos in thermal insulation applications.
Wollastonite Market: Prominent Regions
Asia Pacific dominates the global wollastonite market. The market in the region is anticipated to expand at a CAGR of more than 8.39% during the forecast period. The increase in the demand for wollastonite in various end-use industries such as construction and automotive is driving the wollastonite market in Asia Pacific. China is a key wollastonite market in Asia Pacific. It held major share of the wollastonite market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
North America is also a prominent region of the global wollastonite market. The U.S. led the wollastonite market in North America in 2020. The presence of a large number of wollastonite manufacturers is driving the demand for wollastonite in North America.
Wollastonite Market: Key Players
The global wollastonite market is consolidated with the presence of key players. Prominent players operating in the global wollastonite market include Nordkalk Corporation, Wolkem, Imerys S.A., ACBM JSC, R.T. Vanderbilt Holding Company Inc., Canadian Wollastonite, Xinyu South Wollastonite Co., Ltd, Lishu Dadingshan Wollastonite Co. Ltd, Changxing Earth New Type of Material Co., Ltd, and Jilin Shanwei Wollastonite Mining CO., LTD.
Global Wollastonite Market: Segmentation
Wollastonite Market, by Application
Wollastonite Market, by Region
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