Gilsonite Market Report Overview
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The global gilsonite market size was USD 333.1 million in 2022 and is projected to touch USD 454.02 million by 2031, exhibiting a CAGR of 3.5% during the forecast period.
Gilsonite is a black hard resin that is brittle and occurs as asphalt complexes on the border between Iran and Iraq. It is mostly constituted of NSO compounds and asphaltite, with minor saturated and aromatic hydrocarbons. The industry of the gilsonites is divided into three segments: Lump and Powder.
It also known as uintaite, is a natural asphalt or bitumen-like compound found largely in the Uinta Basin in northeastern Utah, United States. It is a unique sort of asphaltite with a high carbon content and unique qualities that make it valuable in a variety of industrial applications. The product market has been gradually rising over the years, owing to its numerous applications in various sectors.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
The global COVID-19 pandemic has been unprecedented and staggering, with the gilsonite market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The ongoing COVID-19 pandemic has transformed the position of the chemicals and materials sector and has hampered the expansion of the glisonite market. The execution of steps to control the virus's spread has exacerbated the issue and hampered the expansion of various sectors. Due to decreased market demand, many powder metallurgy parts and powder manufacturers have had to cut back and adapt their operations. The automobile industry's raw material constraint has harmed the powder metallurgy sector's performance and lowered demand for atomizing metal powders. However, as economies aim to restart their operations, global demand for the product is likely to rise in the coming years.
LATEST TRENDS
"The Waterproofing and Roofing Applications to Grow Market Potentially"
Gilsonite's water-repellent qualities allow it to be used in waterproofing and roofing applications. In order to improve the waterproofing properties of roof coatings, mastics, and sealants, and lengthen the lifespan of roofs and other buildings, it is added to these products. In the creation of paint, ink, and other coatings, it is employed. The adherence, gloss, and longevity of these products are improved by its role as a binder and viscosity modifier. Printing techniques like lithography and gravure employ inks made of the powder.
Gilsonite Market Segmentation
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- By Type
Based on type the market is classified as lump, powder and others.
The part lump is the leading of all other types.
- By Application
Based on application the market is classified as foundry, construction, oil and gas, ink and paint and others.
The part foundry is the leading type of the application segment.
DRIVING FACTORS
"Excellent Drilling Fluid Additive Properties with Paving Applications is Viable to Boost the Market Growth "
Oil-based drilling fluids contain gilsonite as a crucial component. By offering superior fluid loss management at high temperatures, enhanced lubricity, and better shale stabilization, it improves drilling mud performance. Additionally, during drilling operations, it lessens torque and drag and helps to prevent differential sticking. When paving roads and using asphalt, it is used as a modifier. It increases the asphalt pavements' toughness and resilience to rutting, moisture damage, and temperature changes. Asphalt that has been treated with the chemical is frequently utilized in infrastructure projects including building parking lots, airport runways, and roads.
"Metallurgical Applications in the Industrial Sectors and Foundry to Multiply the Production and Market Growth"
Gilsonite is used as a carbonaceous addition in metallurgical and foundry processes. It serves as a binder and lowers flaws like veining and scabbing in metal castings, enhancing their quality. Infrastructure development, oil and gas exploration operations, and the demand for high-performance coatings are some of the factors that have an impact on the Gilsonite market. In areas where there has been a lot of construction, the market is anticipated to rise.
RESTRAINING FACTORS
"Several Challenges Associated with the Demand and Production to Restrain the Market Growth"
Industries such as infrastructure, oil and gas exploration have been majorly impacted by sudden disruptions in operational efficiencies and disruptions in value chains as a result of the abrupt closure of national and international borders. The major slowdown of the growth in various industrial sectors reduced global demand for the product. Therefore, reduced global demand is limiting the gilsonite market growth.
Gilsonite Market Regional Insights
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"Asia Pacific Region to Dominate the Market with Developing Industrial Sector"
Because of the continuously developing industrial sector, Asia Pacific has a promising gilsonite market share. The growth of the infrastructure, the search for oil and gas, and the need for high-performance coatings are all aspects that have an impact on the Gilsonite market. The market is anticipated to expand in areas with major industrial and building activity, such as Asia-Pacific and the Middle East. The rising use of the product in metallurgical and foundry applications is likely to drive the product demand over the forecast period.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
The market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- American Company (U.S.A)
- Wasit Group (U.A.E)
- Chemical Mine World (Malaysia)
- Asian Gilsonite (U.A.E)
- Kardoost Ariya Company (Iran)
- Nikan West Company (Iran)
- Asia Gilsonite (U.A.E).
REPORT COVERAGE
The SWOT analysis and information on future developments are covered in the study.The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 333.1 Million in 2022 |
Market Size Value By |
US$ 454.02 Million by 2031 |
Growth Rate |
CAGR of 3.5% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the gilsonite market expected to touch by 2031?
The global gilsonite market is expected to reach USD 454.02 million by 2031.
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What CAGR is the gilsonite market expected to exhibit by 2031?
The gilsonite market is expected to exhibit a CAGR of 3.5% by 2031.
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Which are the driving factors of the gilsonite market?
Excellent drilling fluid additive properties with paving applications and the metallurgical applications in the industrial sector and the foundry are driving factors of the gilsonite market.
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Which are the key players functioning in the gilsonite market?
American Company, Wasit Group, Chemical Mine World, Asian, ATDM, Kardoost Ariya Company, Nikan West Company, Asia and others are the key players functioning in the gilsonite market