Market Trends of Perlite Industry
This section covers the major market trends shaping the Perlite Market according to our research experts:
Increasing Demand from Construction Sector
- The majority of perlite market consumption is by the construction industry. Perlite demand in the construction industry is attributed to its durable, lightweight, and efficient properties, which is anticipated to drive market expansion over the forecast period.
- Further, due to perlite's density and low cost, it is used in various construction and building products, such as insulation, ceiling tiles, concrete, mortar, and lightweight plasters. The building construction sector is expanding rapidly across the globe.
- For example, China's growth is fueled mainly by rapid residential and commercial building expansion. China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030. Also, China's construction output peaked in 2021 at a value of about USD 4.21 trillion. As a result, these factors tend to increase the demand for perlite across the globe.
- India is expanding its commercial construction sector. For instance, the CommerzIII Commercial Office Complex construction worth USD 900 million started in Q1 2022. The project involves the construction of a 43-story commercial office complex and is expected to be completed in Q4 2027. The increasing commercial construction is expected to increase the demand for perlite during the forecast period.
- Therefore, the aforementioned factors, the demand for perlite is expected to increase during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the global market share. With the growing application of perlite in horticulture, agricultural production has shown an outstanding yield. The use of a hydroponic system can also boost the yield, which in turn, drives the consumption of perlite.
- Perlite is also used as a filler in the construction industry for ceiling tiles, floor heating insulations, highway sound-absorbing walls, etc. With growing construction activities, perlite consumption is expected to grow during the forecast period.
- China experienced a significant increase in construction activities, resulting in a surge in demand for perlite in construction applications. For example, China is one of the leading countries with respect to the construction of shopping centers. China has almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025.
- Moreover, in India, under Pradhan Mantri Awaas Yojana Gramin (PMAY-G), the scheme of 'Housing for All' by 2024 has been set at 2.95 crore houses. Out of which, 2,17,54,812 houses have been sanctioned to the beneficiaries, and 1,71,34,737 houses have been completed as of 2nd February 2022. Thus, the increasing housing construction is expected to support market growth.
- Thus, such factors may contribute to the increasing demand for perlite in the region during the forecast period.
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