Global Talc Market to Surge 1.6x, Backed by Increased Polymer Engineering Applications and Asbestos-free Product Development: Fact.MR
Published : 07 Oct 2021 Industry: Chemical & Materials
Fact.MR’s recently published report anticipates the global talc market to reach US$ 600 Mn in 2031, projecting a CAGR worth 4.8% from 2021-2031. According to the report, the market is likely to be valued at US$ 372.7 Mn by 2021-end. Extensive applications for polymer engineering along with other end use industries will likely propel future demand.
The talc market experienced stable expansion across the 2016-2020 historical period, registering a CAGR of nearly 4%. However, temporary disruption in manufacturing activities stalled growth prospects during the height of COVID-19. For instance, Johnson & Johnson Consumer Health ceased shipping hundreds of talc powder products in May 2020, including the Baby Powder portfolio, which represents approximately 0.5% of the North American market.
Furthermore, the company has decided to permanently discontinue shipping its talc powder products to the continent. However, this will have a negligible future impact, as other application areas, including paints & coatings, will sustain talc powder demand. Additionally, manufacturers are looking to develop asbestos-free talc products, particularly for the cosmetics segment in lieu of the detrimental effects of the same on human health.
Key Takeaways from the Market Study
- By form, powdered talc likely to surpass US$ 500 Mn in value by 2031
- Ceramics to remain an important end use industry, capturing over 1/4th of global demand
- Paints & coatings to be the fastest growing segment, expanding at 5% CAGR through 2031
- Talc carbonate deposits to generate absolute opportunity worth US$ 224 Mn through 2031
- 30% of talc sales to be led by the North American market
- Asia to emerge as the largest talc market, accounting for half of the global revenue
- Europe to account for at least 1 out of 5 talc sales across the 2021-2031 forecast period
“Prominent talc manufacturers are capitalizing on the surging trend of developing user-friendly coating materials, devoid of toxic or harmful substances, including asbestos, resulting in a plethora of product launches”, says the Fact.MR analyst.
Strategic collaborations enable manufacturers to increase production and meet consumer demand which will increase revenue and market share. New products and technologies will enable end-users to benefit from products that are eco-friendly by nature.
- In February 2021, Magris Resources Canada Inc. fully acquired the assets of all the subsidiaries of Imerys’ at the price of US$ 223 million. Imerys’s talc production is regarded as one of the best ingredients used for different industrial purposes, therefore, Magris Resources Canada Inc.’s acquisition can help them to gain a major competitive advantage in the U.S.
- Minerals Technologies Inc. offers talc products for multiple end use applications- including MicroTuff® AG and MicroTalc® for polyolefins for automotive parts & appliances, Talcron® and Sericron® talc series for paints & coatings and MicroTalc® and UltraTalc® for pharmaceuticals, foods and body powders respectively.
More Insights Available
Fact.MR's, in its new offering, presents an unbiased analysis of the talc market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on form (powered and lumps or granules), end use industry (agriculture, ceramics, pharmaceuticals, paints & coating, cosmetics, pulp & paper, food and others), and deposit type (talc chlorite, talc carbonate and others), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials