Perlite market is projected to grow at a CAGR of 5.19% to reach US$1,201.604 million by 2024, from US$886.772million in 2018. Perlite is a naturally occurring, amorphous, volcanic glass typically formed by hydration of obsidian. It has some unique properties such as its capacity to expand when heated, lightweight cellular structure, excellent thermal insulation properties, high strength, resistance to water penetration and non-flammable features. The perlite market is expected to have a significant growth driven by its increasing demand for various industrial applications. The increasing use of perlite in the construction sector and increasing investment in this sector is expected to further fuel the market growth. But the lack of awareness regarding perlite and its benefits is estimated to be a restraint for market growth.
By form, the expanded perlite market is expected to have a significant market share due to its various applications in the industrial sector. By application, the industrial segment is estimated to have a considerable growth rate. By geography, the Asia Pacific region is expected to have a significant growth rate due to growing urbanization.
Several industrial applications of perlite
Increase in investment in the construction sector
Lack of awareness regarding perlite and its benefits
In January 2019, The Whittemore Co. officially partnered with NSK America which provides high-speed precision machine tool spindles and hand tools to meet the demands of critical requirements of many industries.
In May 2018, US Silica completed the acquisition of EP Minerals a global producer of engineered materials derived from industrial minerals including diatomaceous earth (DE), clay (calcium bentonite) and perlite.
The perlite market has been analyzed through the following segments: