Global Magnesite Market: Overview
Magnesite has become an integral part of advanced manufacturing process and materials. Almost every product, spanning paper and cement to animal feeds, contain magnesite. Also known as magnesium carbonate (MgCO3), magnesite is usually found as veins formed due to the modification of magnesium-rich rocks undergoing low level metamorphism when in contact with carbonate-rich compound. The color of magnesite ranges from white to tinted brown and tinted yellow based on purity of the mineral. The mineral is brittle and has magnesium content of about 50% in its purest form. High magnesium content of the mineral makes it ideal for the production of magnesium. Magnesium is used in various products such as laptops, power tools, car seats, and cameras luggage. The magnesium metal is also employed in several end-use industries for various applications.
Growth in the global construction industry is one of the major drivers of the magnesite market. The global construction industry is expanding at a steady pace. Increase in number of new projects, especially in developing countries, is boosting the construction industry. This, in turn, is expected to propel the demand for magnesite, as the mineral plays an important role in the industry.
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Global Magnesite Market: Key Segments
Based on type, the magnesite market can be segmented into fused magnesia, magnesite ore, dead burned magnesia, and others. Dead burned magnesia is primarily used for refractory purposes. Among all the commonly used refractory oxides, dead burned magnesia has the highest melting point. Thus, it is the most suitable material for usage in high temperature processes for heat containment, especially in the steel industry. Fused magnesia is superior to dead burned magnesia in terms of abrasion resistance, chemical stability, and strength.
Based on end-use industry, the magnesite market can be divided into construction, chemical, industrial, agriculture, and others. The construction segment is projected to account for dominant share of the global magnesite market in the near future. It is anticipated to maintain its leading position during the forecast period. This can be ascribed to the increase in demand for magnesite in the segment due to its refractory properties. Magnesite is also gaining popularity as an additive in cements. The iron & steel industry is the primary end-user of refractory materials. It accounts for around 70% of the global magnesite market in terms of demand. The chemical segment is estimated to be expand at a rapid pace due to the absorbent property of magnesite that makes it useful for spill cleanup of hazardous chemicals. Magnesite is also used to treat industrial wastewater containing heavy metals and silica.
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Global Magnesite Market: Regional Outlook
In terms of region, the global magnesite market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to dominate the global magnesite market during the forecast period owing to the high demand for magnesite in the construction industry in the region, especially in the U.S. However, the market in Asia Pacific is likely to expand at a faster pace during the forecast period, due to the rapid increase in construction, agriculture, and industrial activities in the region, especially in developing countries such as India and China. Furthermore, China is the largest producer of magnesite across the globe.
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Global Magnesite Market: Key Players
Key players operating in the global magnesite market include Houying Group, Queensland Magnesia Pty. Ltd., Magnezit Group, Calix, Baymag Inc., Liaoning Wancheng Magnesium Industry Group Co Ltd, GRECIAN MAGNESITE, RHI Feuerfest GmbH, Hartley (Haicheng) Magnesite Company Limited, and Liaoning BeiHai Industries Group Co., Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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