June 20, 2024
Wollastonite Powder Market

Wollastonite Powder Market to Witness Significant Growth Trends

Wollastonite powder is a calcium metasilicate mineral that finds numerous applications due to its unique physical and chemical properties such as excellent insulation, high strength, and chemical inertness. It is commonly used as an extender in paints, coatings, plastics, polymer composites as it improves product properties at lower costs.

The global wollastonite powder market is estimated to be valued at US$ 246.9 Mn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.

Key players operating in the wollastonite powder market are Wolkem, R.T. Vanderbilt Holding Company, Inc., Changxing Earth New Type of Material Co., Ltd., Nordkalk Corporation, Jilin Shanwei Wollastonite Mining CO., LTD., ACBM JSC, Imerys, Canadian Wollastonite, Xinyu South Wollastonite Co., Ltd., Karnataka Silicates, MCA International, Garg Mineral & Chemicals, Swapnil Minerals Export Co., S V Minerals, and Fite. Wollastonite powder finds extensive usage in powder metallurgy as it aids in improving strength in ceramics and metals. The increasing consumption of wollastonite powder as a filler in plastics to reduce costs while maintaining mechanical properties is expected to drive market growth over the forecast period.

Key Takeaways

Key players: Key players operating in the wollastonite powder market are focusing on capacity expansion plans to cater to the rising demand. For instance, Imerys plans to increase its wollastonite production capacity in the USA by 25% by 2025.

Growing demand: The growing demand for wollastonite powder a filler in paints, coatings, plastics, and ceramics industries owing to its cost-effectiveness is expected to propel market revenue over the forecast period.

Global expansion: Leading manufacturers are focusing on global expansions to consolidate their market presence. For example, in 2022, Nordkalk announced plans to invest $22 million to expand its wollastonite production facility in Michigan, USA.

Market key trends

A major trend gaining traction in Wollastonite Powder Market Size is increasing application in metallurgy and metal casting. Wollastonite powder improves mechanical strength and creep resistance in metals and alloys. Its increasing use as a reinforcing filler in aluminum alloys to manufacture automotive parts is projected to drive its demand over the coming years. Also, the rising awareness regarding the benefits of wollastonite powder as an eco-friendly alternative to talc in several industrial applications is expected to boost market revenues. Manufacturers are continuously investing in R&D to develop value-added application-specific grades of wollastonite powder to further expand the market size.

Porter’s Analysis

Threat of new entrants: Low capital requirements but established players have strong economies of scale and product differentiation.

Bargaining power of buyers: Low for specialized applications but high for commodity grade products due to availability of substitutes.

Bargaining power of suppliers: Suppliers have control over raw material sources but the industry has many suppliers to choose from.

Threat of new substitutes: Substitutes exist but have limitations in applications where wollastonite excels.

Competitive rivalry: Intense competition among major players to gain market share.

Geographical Regions

Currently, North America accounts for the largest share of the global wollastonite market in terms of value due to high demand from construction, ceramics and polymer industries. The market in Asia Pacific region is estimated to witness fastest growth during the forecast period due to expansion of end-use industries in China, India and other developing countries.

In terms of value, China is the largest producer as well as consumer of wollastonite globally owing to abundant reserves and rapidly growing manufacturing sector. The wollastonite market is also concentrated in Europe and Middle East regions where it finds extensive usage in oil & gas drilling applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it