Advantages over Dolomite Coupled with High Demand for Sintering to Aid Market Growth
The study on minerals and developments in the geological and geoscience sector coupled with increasing adoption of pyroxenite in a host of applications, including production of iron & steel, building stone, metal, and countertops, among others, are a leading factor expected to provide an impetus for the overall growth of the pyroxenite market in the forthcoming years. With considerable studies being carried out by researchers and scientists related to overall properties of pyroxenite, its source, and potential scope in the future, the overall prospects of the global pyroxenite market offer a positive outlook.
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Studies have revealed that different types of pyroxentites have different origins, including re-fertilization of peridotite, crystal liquid accumulation, recycling of lower crystal restites, and cumulate and metasomatic process. In addition, as pyroxenites constitute of ferromagnesian minerals apart from olivine, interest levels for the mineral among stakeholders continues to witness a remarkable growth. As per current observations, the growing adoption of pyroxenite and dunite as a fluxing agent in blast furnace instead of dolomite, along with high demand for sintering, is a trend that is expected to further provide a considerable boost to the growth of the global pyroxenite market, which is expected to reach ~US$ 150 Mn by the end of 2030.
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Growing Adoption of Olivine to Shape Market Growth
The demand for pyroxenite and dunite is projected to witness substantial growth during the assessment period, as these two minerals are increasingly being used over dolomite as a source of magnesium oxide across the iron & steel industry worldwide. In addition, olivine offers several advantages over dolomite in slag conditions, including higher magnesium oxide content, low coke and energy consumption, decreased slag volume, and considerably lower carbon dioxide emission. The growing demand for olivine is one of the leading factors that is expected to provide a notable boost to the overall growth of the pyroxenite market.
The iron & steel sector is likely to remain the primary consumer of pyroxenite and dunite during the assessment period. Over the past few years, the consumption of both, dunite and pyroxenite in the organized sector, particularly in nations, including India and China has witnessed a noteworthy growth and the trend is expected to continue during the forecast period. The Ferro Alloy industries are also expected to provide an array of opportunities for participants operating in the pyroxenite market landscape.
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Apart from augmenting demand from the iron & steel sector, research & development activities are expected to influence the growth trajectory of the pyroxenite market during the assessment period. As promising results from research and development activities are gradually opening up new potential avenues for the application of pyroxenite, investments are projected to grow at a commendable pace.
Demand from North and Latin America to Remain High
North America and Latin America are expected to be at the forefront in terms of market share and value due to a host of factors, including rapid industrialization in nations such as Brazil, Argentina, Mexico, etc. The booming iron & steel sector in the region is another factor that is expected to provide abundant opportunities for participants operating in the current pyroxenite market landscape.
While the iron & steel sector is projected to dominate the global pyroxenite market, the construction industry has gradually emerged as promising sector wherein the adoption of pyroxenite is witnessing consistent growth. In addition, due to advancements in production technology and research, the demand from the automotive sector has increased over the past few years– a trend that is likely to shape the growth of the pyroxenite market during the forecast period.
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