NEW
YORK, June 26, 2024 /PRNewswire/ -- The
global magnesite market size is estimated to grow by
USD 3.10 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 5.64% during the forecast period. Growing demand for
refractories from the steel industry is driving market
growth, with a trend towards use of lightweight materials
in the automotive industry. However, available substitutes for
magnesite poses a challenge. Key market players include
Almora Magnesite Ltd., Compagnie Financiere et de Participations
Roullier, Galaxy Enterprise, GRECIAN MAGNESITE SA, Haicheng
Magnesite Group Co. Ltd., IBAR Group, Iranian Refractories
Procurement and Production Co., Konoshima Chemical Co. Ltd., Korab
Resources Ltd., Kumas Manyezit Sanayi A S, MGX Minerals Inc., PD
Refractories GmbH, Premier Magnesia LLC, Ramakrishna Magnesite
Mines, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco
NV, Sri Ponkumar Magnesite Mines, TANMAG, and Tomra Systems
ASA.
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Magnesite Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.64%
|
Market growth
2024-2028
|
USD 3102.6
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.26
|
Regional
analysis
|
APAC, Europe, North
America, South America,
and Middle East and Africa
|
Performing market
contribution
|
APAC at 60%
|
Key
countries
|
China, US, Japan,
Germany, and India
|
Key companies
profiled
|
Almora Magnesite Ltd.,
Compagnie Financiere
et de Participations Roullier, Galaxy Enterprise,
GRECIAN MAGNESITE SA, Haicheng
Magnesite Group Co. Ltd., IBAR Group, Iranian
Refractories Procurement and Production Co.,
Konoshima Chemical Co. Ltd., Korab Resources
Ltd., Kumas Manyezit Sanayi A S, MGX
Minerals Inc., PD Refractories GmbH, Premier
Magnesia LLC, Ramakrishna Magnesite Mines,
Refratechnik Holding GmbH, RHI Magnesita
GmbH, SCR Sibelco NV, Sri Ponkumar
Magnesite Mines, TANMAG, and Tomra
Systems ASA
|
Market Driver
The automotive industry's shift towards fuel efficiency and
environmental compliance is driving the demand for lightweight
materials, particularly magnesium. With magnesium being 50% lighter
than aluminum and 75% lighter than steel, its use in components
like gearboxes, steering wheels, and seat frames is increasing.
This replacement of heavier metals with magnesium is expected to
significantly impact the magnesite market growth during the
forecast period. The automotive sector's focus on producing over
100 million vehicles by 2021, with a priority on fuel efficiency
and environmental regulations, further emphasizes this
trend.
The Magnesite market has seen significant demand due to its use
in various industries. Domestic demand for Magnesite comes from the
cement, chemical, and refractory sectors. Exports are driven by
countries like China, Dominic, and
Australia. The US market utilizes
Magnesite for making minerals, while India and China use it for refractories. The demand for
Magnesite is increasing due to its use in the production of steel
and cement. The market is competitive with major players including
suppliers from China, Australia, and Turkey. The market is expected to grow further
due to its applications in the automotive and construction
industries.
Research report provides comprehensive data on
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Report
Market Challenges
- The magnesite market experiences robust growth due to
magnesia's versatile uses and significant demand in refractory
applications. However, the market's expansion is challenged by the
availability of alternative refractory materials such as alumina,
fireclays, bauxite, chromite, dolomite, silicon carbide, and
zirconia. While magnesite is a primary source of magnesium, other
methods like dolomite, brucite, olivine, and magnesium recovery
from wells, lake brines, and seawater exist.
- The Magnesite market faces several challenges in the production
and consumption sectors. The primary challenge is the high cost of
production due to the complex process involved in extracting and
refining magnesite. Additionally, the industry struggles with
inconsistent demand, leading to supply imbalances and price
volatility. The use of magnesite in various industries, such as
steel, chemicals, and construction, adds to the market complexity.
Furthermore, the competition from alternative materials and the
need for sustainable production methods pose significant
challenges. To address these issues, industry players must focus on
improving production efficiency, exploring new applications, and
collaborating to stabilize the market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This magnesite market report extensively covers market
segmentation by
- Product
- 1.1 Magnesite ore
- 1.2 Dead burned magnesia
- 1.3 Fused magnesia
- Application
- 2.1 Refractory
- 2.2 Fillers and binders and others
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Magnesite ore- Magnesite ore, a mineral rich
in magnesium, is found worldwide and holds significant commercial
and industrial value. Its uses span from cement production to
insulation, metal manufacturing, paint enhancements, and medicine.
The health benefits associated with magnesite ore, including
improved bone health and reduced inflammation, contribute to its
growing demand in various applications. The global magnesite market
is expected to expand due to the increasing use of magnesite ore in
refractory and fillers, binders, and the production of antacids and
laxatives.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Magnesite Market encompasses the production and application
of magnesite in various industries. The overall mining sector plays
a significant role in the supply of magnesite, which is essential
for refractory industries. In the short term, demand for magnesite
is expected to increase due to its use as a soil conditioner and
fertilizer. Magnesium nutrients, specifically magnesium oxide and
magnesium hydroxide, are crucial components of magnesite. Magnesite
finds extensive applications in water treatment, flame retardants,
and environmental protection. Dead-Burned Magnesia is a key
magnesite product used in refractory markets for electrical
insulating applications. Magnesium compounds are also used in
agriculture, environmental area, and construction industries. The
demand for magnesite is driven by its versatility and the growing
need for sustainable and eco-friendly solutions in various
sectors.
Market Research Overview
The Magnesite Market encompasses the global supply and demand
for magnesite, a mineral composed primarily of magnesium carbonate.
This mineral is essential in various industries, including the
production of refractories, cement, and fertilizers. The market's
growth is driven by the increasing demand for magnesite in these
sectors, particularly in the refractories industry due to its high
melting point and excellent heat resistance properties. The market
is segmented based on the type of magnesite, including dead-burn
magnesite and fused magnesia, and the end-use industries. The
market's dynamics are influenced by factors such as raw material
availability, production capacity, and price trends. The market is
expected to grow steadily in the coming years due to the increasing
demand for magnesite in various applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Magnesite Ore
- Dead Burned Magnesia
- Fused Magnesia
- Application
-
- Refractory
- Fillers And Binders And Others
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio