Future Market Insights
Magnesite chemical nomenclature as MgCO3 is commonly known as a carbonate of magnesium. Magnesite is mostly found as irregular veins as an alternative product of serpentine magnesium rich rock and ultramafic rocks and molded by replacement of dolomitic limestone and dolomite. Magnesite is commercially refered as magnesium products, like magnesium oxide (magnesia, MgO). The primary application of magnesite is the production of magnesium oxide and that consist of two mutual grades such as and fused magnesia (FM) and dead burned magnesia (DBM). Moreover, fused magnesia is mostly applied in electrical insulating and refractory markets. The prime end-use sector for the refractory material is steel and iron industry that register around 70% of magnesite demand in volume terms. Also, applications of magnesium and its compounds such as chemical industry, agriculture, pharmaceuticals, environmental area, construction, and many others.
Magnesite Market: Drivers & Restraints
The major factors boosting the growth of magnesite market are rising demand of magnesite in construction and chemical industry, and increasing production of its product type across the globe. Moreover, the magnesite market is growing due to growing demand from the refractory application, majorly in steel & iron industry. Magnesite is highly required in the refractory industries, and demand for refractories is likely to be boosted by increasing global steel& iron output. In terms of end-user application, around 65% of magnesite is used in refractory industries and thus increasing the growth of overall magnesite market in coming years. As, fused magnesia is expected to contribute high share among all product types of magnesite and thus increase the growth of the market in forecast years. Furthermore, growing cement consumption across the globe, magnesite use as a cement additive in the cement industry is majorly driving the growth of the magnesite market. Increasing use of magnesium oxide in growing demand for magnesite application in wastewater treatment, magnesia-based wallboards, and animal feed and are the key supporter for the positive impact on the growth of magnesite market over the forecast period. On the other side, environmental and government regulations implemented on reducing environmental pollution emanating from steel production among other industries are major the challenge faced by magnesite manufacturers. Moreover, magnesite substitutes are also hindering the growth of the market in forecast years.
Magnesite Market: Market Segmentation
The magnesite market is segmented into four parts based on the product type, technology, application, and geography.
Based on the type magnesite market is segmented into:
Based on application magnesite market is segmented into:
Magnesite Market: Regional Outlook
Regarding geography, magnesite market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. In terms of region, North America accounts for high share as compared to Latin America and West owed torn Europe due to massive production of magnesite in this region with regulatory supports offered by various countries. Magnesite market for Asia Pacific is also expected to witness rapid growth during the forecast period primarily attributed to increasing usage of magnesite in different application such as chemical construction, agriculture, and many others. Moreover, due to rising economies and growing industrialization across is driving the overall growth of the magnesite in the region, especially in China and India. In addition, factors such as rapid economic development, globalization and increasing demand of magnesite in the refractory application, foreign direct investment, and the wide range of end-users. In future, magnesite market is expected to grow at high CAGR, enhanced by increasing use in construction and chemical industry. In Asia-Pacific, China and India are the largest consumers of cement, cumulatively accounting for around 70% share of overall consumption of magnesite.
Magnesite Market: Few Players
Few players identified in magnesite market are:-
Queensland Magnesia Pty. Ltd.
Haicheng Xiyang Magnesium Ltd.
Liaoning Jinding Magnesite Group
Ramakrishna Magnesite Mines
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