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Magnesite Market is forecast to reach $11.39 billion by 2025, after growing at a CAGR of 5.54% during 2020-2025. The key factors driving magnesite market growth include increased demand for magnesite, particularly in chemical and construction industries and increased the production of different grades worldwide. Magnesite is a mineral with a chemical formula of magnesium carbonate and occurs as veins in and an alteration product of ultramafic rocks, serpentinite and other magnesium-rich rock types in both contact and regional metamorphic terrains. These magnesites are often cryptocrystalline and contain silica in the form of chert or opal. Furthermore, the increase in demand from refractory applications primarily in the iron & steel industries fuel the growth of the market.The report covers Magnesite Market size by type and Applications, Magnesite Market share by top 5 companies and also the market share by start-ups during the forecast period.
By Type – Segment Analysis
Dead-Burned Magnesia segment held the largest share in the magnesite market in 2019. Dead burned magnesia is primarily used for refractory purposes. It has the highest melting point compared to other commonly used refractory oxides. Hence, dead burned magnesia is the most suitable material for usage in high-temperature processes for heat containment, especially in the steel industry. When compared in terms of abrasion resistance, strength and chemical stability, fused magnesia is superior. According to the European Association of Mining Industries, Metal Ores, and Industrial Minerals, the European Union (EU) extracts around 2.9 million tons of primary material (expressed as magnesite ore), accounting for 10% of the world production.
By Application – Segment Analysis
The construction segment held the largest share in the magnesite market in 2019. Due to the refractory properties of magnesite, it is widely being used in the construction industry. The primary end-user of refractory materials is iron and steel industry. Magnesite is gaining popularity as an additive in cements used for construction. According to the Institution of Civil Engineers, the global construction market in 2015 is set to grow by US$ 8 trillion by 2030, reaching a total size of US$ 17.5 trillion and increasing by an average annual rate of 3.9% to 2030. The rising construction sector demands cement and other construction materials such as magnesite, which is contributing towards the global magnesite market growth.
Geography – Segment Analysis
North America dominated the magnesite market with a share of more than 37.7% during the forecast period. This can be attributed to the large-scale production of magnesite in this region with regulatory support offered from various countries. The US and Canada are the major contributors in this region due to numerous manufacturers. Due to massive demand from construction and chemical industries and an actively growing manufacturing base in North America, it will propel the magnesite market during the forecast period. According to Indian Minerals Yearbook 2015, the total reserves/resources of magnesite as per UNFC system by 2013, were about 328 million tons, of which reserves and remaining resources are 21 million tons and 307 million tons, respectively.
Drivers – Magnesite Market
Magnesite vendors are introducing products with a high storage capacity specifically for applications that need to store large amounts of data such as action cameras, drones, and video surveillance systems. The trend of capturing high-definition pictures and video and the implementation of automation technologies across various sectors are driving the need for high-capacity Magnesite.
Challenges – Magnesite Market
Stringent environmental and government regulations implemented to reduce environmental pollution arising from steel production is a major challenge faced by magnesite manufacturers as it is one of the important refractory material. This is a major challenge which is hindering the growth of magnesite market. ‘Air and Leaching Pollution Scenario by Iron and Steel Plants, in central India’ research paper stated that, In India iron and steel industries, are, among the 17 most polluting industrial sectors, identified by the Central Pollution Control Board (CPCB).
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the insulated wall panels market. In 2019, the market of magnesite has been consolidated by the top five players accounting for xx% of the share. Top 10 cpmpanies in the magnesite market are Baymag, Calix Inc, Grecian Magnesite, Haicheng Xiyang Magnesium Ltd, Houying Group, Liaoning Wancheng, Magnesita, Magnesium Group, Magnezit Corporation ad Queensland Magnesia Pty Ltd among others.
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