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The global magnesite market size is forecast to increase by USD 2.86 billion at a CAGR of 5.48% between 2022 and 2027. The growth of the global magnesite market is fueled by various factors, notably the rising need for refractories within the steel sector, the expanding automotive industry, and the considerable demand for dead-burned magnesia. These factors collectively drive market expansion and underscore the diverse applications and robust demand for magnesite-based products across different industrial sectors. This market research and growth report includes historic market data from 2017 to 2021. It also includes an in-depth analysis of the key market drivers, trends, and challenges during the forecasted period.
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The magnesite ore segments are estimated to witness significant growth during the forecast period. Magnesite ore is a naturally occurring mineral composed mainly of magnesium. It can be found in various parts of the world and it has many uses, both commercially and industrially. It has been used to make cement since ancient times. Thanks to its ability to store heat energy and not pass it on to another material, it may be made into an insulation material.
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The magnesite ore segment was the largest segment and was valued at USD 3.64 billion in 2017. Magnesite ore can be used as part of the manufacturing process for producing metals such as steel and aluminum. It is also possible to enhance the durability and longevity of paint or coating products by adding them. It can also be used to produce medicines such as antacids and laxatives, which help treat digestive problems like acid indigestion or constipation. All these advantages related to magnesite ore will increase its demand in various applications such as refractory and fillers and binders.
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APAC is estimated to contribute 59% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC consists of abundant magnesite reserves. North Korea, China, Australia, and India account for rich sources of these reserves. In 2022, China continues to be the world's top producer and exporter, although certain regulations have had an impact on production, exports, and costs. India is also one of APAC leading producers and consumers of magnesite.
Moreover, magnesite is mainly used as a refractory material commonly employed in the iron and steel industry. This rapid surge in steel and iron production is expected to increase the demand for refractories (magnesite). Thus, the increasing demand from end-user industries and its abundance in the region are growth drivers for the market in APAC.
The global magnesite market thrives on the abundant availability and its derivatives such as magnesium carbonate, serpentine magnesium rock, dolomitic dolomite, and limestone, sourced from ultramafic rocks. These raw materials are essential for the production of various magnesium compounds including magnesium oxide, fused magnesia, and dead burned magnesia, catering to diverse sectors such as refractory markets, electrical insulating applications, the iron & steel industry, agriculture, and the chemical industry. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for refractories from the steel industry is driving growth in the market. Magnesite, prized for its refractory properties, exhibits exceptional resistance to extreme temperatures, rendering it indispensable across various manufacturing processes. A significant portion of refractory magnesia is utilized in lining refractory bricks crucial for diverse iron and steel manufacturing units, spanning from coke ovens to blast furnaces. With over two-thirds of the global allocation of refractory materials directed toward applications in the iron and steel industry, the demand for magnesite remains robust.
Additionally, the swift pace of industrialization and urbanization observed across both developed and emerging economies presents substantial growth opportunities for stakeholders in the iron and steel sector. Steel, ubiquitous across diverse sectors such as construction, automotive, aviation, and oil and gas, assumes a pivotal role. Steel casting, a prevalent manufacturing technique, involves the pouring of molten steel into molds crafted from sand or ceramic plaster to shape the final product. Consequently, the burgeoning steel casting market is set to amplify the demand for refractories, particularly magnesite, in the foreseeable future, thereby stimulating market expansion.
The use of lightweight materials in the automotive industry is a primary trend in the market. In the automobile sector, there is an increase in the use of lightweight materials. The major driver for the demand for lightweight materials is the consumer demand for more fuel-efficient cars. Customers demand lighter vehicles with a view to saving fuel due to the growing awareness of climate change and environmental issues, as well as rising fuel costs.
Moreover, magnesium is one of the lightest structural metals when compared to other metals such as iron, lead, copper, brass, zinc, titanium, and aluminum. As a result, parts such as gearboxes, steering wheels, and seats are very commonly used by magnesium in the automotive industry. Steel, iron, and aluminum are some of the metals used mainly in the automotive sector. Thus, the use of magnesium in place of steel, iron, and aluminum due to its light weight is increasing in the automotive sector, which is expected to drive the market during the forecast period.
The environmental and recyclability concerns are a major challenge in the market. In view of inappropriate processing, the production of magnesite may lead to contamination of different by-product streams in the environment. This would have an adverse effect on the environment. It is very important to dispose of or recycle magnesite properly and post their removal from applications in end-user industries. A major threat to the environment and human life may be caused by magnesia which is not properly managed or recycled.
However, the opportunities and approaches for recycling diverge significantly, depending on the local settings and environmental regulations. Moreover, only recycled material shall be reused in accordance with its source and grade of impurities. These concerns regarding the environmental impact and recyclability are expected to negatively impact the global market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Magnesite Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Almora Magnesite Ltd. - The company offers magnesites such as Dead Burnt magnesite, Calcined magnesite, and Light Calcined magnesite.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Magnesite Market is a vital component of various industries such as the Mining Sector, Chemical Industry, Agriculture Industry, and Construction Industry. With stringent Government Regulations and a growing emphasis on Renewable Energy Sources, the demand for magnesite, particularly Magnesium Carbonate (MgCO3), remains high. Its versatile applications include industrial floors, building boards, abrasive stones, and grinding wheels, contributing significantly to sectors like the Cement Industry, Glass Industry, and Fertilizer Industry. Moreover, magnesite finds use in Phosphate Cement Mortars, Wall Stabilization, and Road Construction, while also playing a crucial role in Ceramic Tile Production and Drilling Muds for Mining Operations. Its properties, including Adhesion, Fire Resistance, and Bonding Strength, enhance various economic and industrial activities, making it a cornerstone of modern infrastructure and development.
The market also encompasses various sectors, including refractory markets, electrical insulating applications, and the iron & steel industry. Magnesite, derived from serpentine magnesium rock, dolomitic dolomite, or ultramafic rocks, yields magnesium oxide, a key component in numerous industrial applications. Its versatility extends to environmental areas like carbon capture and storage and wastewater treatment. Additionally, it finds use in pharmaceuticals, cement additives, and magnesia-based wallboards. Its significance in steel production, coupled with its role in infrastructure development and renewable energy technologies, underscores its relevance in modern industrial processes. Both underground and surface mining techniques contribute to meeting global demand, amidst evolving economic trends and circular economy practices aimed at sustainable resource utilization.
This market, sourced from limestone and ultramafic rocks, produces essential magnesium compounds used in various sectors. Its applications range from refractory technologies to animal feed additives, albeit concerns over toxic emissions persist. Mining, both underground and surface, supports its supply chain amidst Industry 4.0 advancements. It plays a vital role in global economic trends, particularly in steel production and renewable energy. Additionally, it contributes to electric vehicle production and supports digitalization efforts in the mining industry. Despite challenges, magnesite remains integral to modern industrial processes and the transition towards sustainable practices.
This report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Magnesite Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.48% |
Market growth 2023-2027 |
USD 2.86 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.09 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 59% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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, Refratechnik Holding GmbH, RHI Magnesita GmbH, SCR Sibelco NV, Sri Ponkumar Magnesite-Mines, TANMAG, and Tomra Systems ASA |
Market dynamics |
Market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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