Expanded perlite is a naturally occurring amorphous volcanic mineral that has a very low density and high surface area, which makes it ideal for various horticultural, construction and industrial applications. It is an ideal soil conditioner and water retention agent for gardening and agriculture due to its high porosity and insulating properties. The Global expanded perlite market is driven primarily by increasing demand for horticultural substrates and growth fillers from the horticulture & agriculture sectors.
The global expanded perlite market is estimated to be valued at US$ 151.0 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the expanded perlite market are Thermo Fisher Scientific Inc. and BIOMÉRIEUX, HiMedia Laboratories, Alifax S.r.l. Italy, Creative Diagnostics, Resistell AG, Danaher, Becton, Dickinson and Company, Merck KGaA, Bio-Rad Laboratories, Inc., Bruker, Nissui Pharmaceutical Co., Ltd., F. Hoffmann-La Roche Ltd.,Synbiosis, Mast Group Ltd., ELITechGroup, Flinn Scientific, CONDALAB, Accelerate Diagnostics, Inc. and Zhuhai DL Biotech Co., Ltd. The growing demand for perlite from the horticultural industry as soil conditioner and growth filler is expected to drive the market growth during the forecast period. Various regions across the globe are witnessing rising horticulture production, which is likely to boost the adoption of expanded perlite for horticultural applications and propel the global market.
Key manufacturers are focusing on Expanded Perlite Market Demand expansion plans through partnerships, mergers and acquisitions to cater to the growing demand from emerging countries and strengthen their foothold.
Market Trends
The key trend gaining traction in the expanded perlite market is the increasing utilization of perlite for hydroponics and aquaponics cultivation methods. The high porosity and water retention properties of expanded perlite make it suitable for use as a growth substrate in hydroponics and aquaponics. The technique is gaining acceptance globally due to higher yield and less area requirement. The growth in controlled environment agriculture is estimated to drive the consumption of expanded perlite over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required. However, there are opportunities for specialized and niche players with unique service offerings.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as buyers have several options available and price sensitivity is high.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials require specialized expertise and switching costs are minimal.
Threat of new substitutes: The threat of substitutes is low as expanded perlite has unique fireproofing and insulation properties not easily substituted.
Competitive rivalry: The competitive rivalry is high among existing players as the market is fragmented with regional and global players offering differentiated products.
Geographical Regions
North America region currently dominates the expanded perlite market in terms of value primarily due to high demand from the construction industry. The widespread applications of expanded perlite in insulation, horticulture and other industrial uses drive its consumption.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to significant investments in infrastructure development, rapid industrialization and rising agricultural industry in emerging countries such as India and China. Government initiatives to promote energy efficient buildings will further augment demand.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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