NEW YORK, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to IndexBox's recent report on the global magnesite market, the following key points stand out.
Magnesite Market Forecast
The global magnesite market is projected to grow steadily at a CAGR of 2.1% (2022-2030), rising from $3.8B in 2022 to $4.5B in 2030. This projection reflects the rising demand for magnesite, particularly in the construction, chemical, and metallurgical and automotive industries.
Magnesite is a mineral with the chemical formula MgCO3 (magnesium carbonate). It is a white, crystalline solid, which occurs naturally as a primary mineral in ultramafic rocks and serpentinite. It is also found as a dolomitic limestone and an alteration product of peridotite and serpentinite.
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Magnesite can be used in a variety of industries, including construction, agriculture, glassmaking, and ceramics. It is also used as a refractory material in furnaces and kilns due to its high melting point and low electrical conductivity. In addition, magnesite can be used as an abrasive, fireproofing agent, or soil conditioner.
Magnesite Consumption
Refractories account for the largest share in the global magnesite market, followed by steel and construction. Magnesia is a key raw material used in the production of refractory bricks and shaped refractories, which are used extensively in the lining of furnaces and kilns in the steel, cement and non-ferrous metals industries.
Magnesia-based cements and concretes are used in a variety of applications including flooring tiles, fireproofing materials, insulation products, and soundproofing materials. The growing popularity of green buildings is expected to fuel demand for magnesia-based construction materials as they are low carbon emitting and have high energy efficiency.
The agricultural industry is the third-largest end user of magnesite. Magnesite is used in the production of agricultural fertilizers and pesticides, as it helps to increase the soil pH level and improve its water retention properties. The rising demand for organic farming has increased the demand for magnesite-based fertilizers and pesticides.
The automotive industry is another major consumer of magnesia, using it primarily in catalytic converters and brake pads. Finally, magnesite is also used in a variety of industrial applications including paint, rubber, plastic, adhesives, sealants, and friction materials. Rapid industrialization and urbanization are expected to drive growth in these end use industries over the forecast period.
Consumption by Country
The Asia-Pacific region is the largest market for magnesite, accounting for over 70% of the global consumption. China is the largest producer and consumer of magnesia in the world, accounting for 65% of total consumption volume.
The Asia-Pacific region is expected to remain the largest market for magnesite in the coming decade, due to the growing demand from China and India. North America and Europe are also expected to witness significant market growth.
The increasing environmental concerns are one of the major challenges for the market growth. Stringent environmental regulations in China have led to the closure of several magnesite mines, which has affected the supply of magnesite in the market.
Companies Mentioned in the Report
Imerys, Magnezit Group, Sibelco, Al Wataniah United Group, Alcomet Limited, Australian Magnesia Pty Ltd., Huaxinmag Corporation, Jinan Yuxing Chemical Co. Ltd., Jinduicheng Molybdenum Group Co. Ltd., LKAB Minerals Ltd., Anyang Huatuo Metallurgy Co., Ltd., Qixia Tianze Refractory Materials Co., Ltd., Qimingxing New Materials Co., Ltd., Shandong Xinhai Mining Technology & Equipment Inc., American Magnesia & Chemical Company, Dead Sea Magnesia Ltd., Hubei Yuxing Magnesium Industry Co., Ltd., Israel Chemicals Ltd., Rio Tinto plc, Showa Denko K.K., Zimco Minerals Pty Ltd., CarboMag SA, Magnesita SA, Sociedad Quimica & Minera De Chile SA, Zemag SA, Emirates Steel Industries, Qatar Steel Company, Martin Marietta Magnesia Specialties LLC, Huber Engineered Materials, Inc., HarbisonWalker International, Dead Sea Magnesium Ltd.
Sources
World - Magnesite - Market Analysis, Forecast, Size, Trends and Insights
EU - Magnesite - Market Analysis, Forecast, Size, Trends and Insights
Asia - Magnesite - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Magnesite - Market Analysis, Forecast, Size, Trends and Insights
