Enjoy complimentary customisation on priority with our Enterprise License!
The magnesite market size is forecast to increase by USD 3.10 billion at a CAGR of 5.64% between 2023 and 2028. The market experiences significant growth due to several key factors. Primarily, the increasing demand for refractories in the steel industry drives market expansion. Additionally, the automotive sector's expansion contributes to the market's growth, as magnesite is used in the production of certain alloys and engine components. Furthermore, the robust demand for dead-burned magnesia in various industries, including glass, cement, and chemical manufacturing, underscores the market's diversity and resilience. These factors collectively fuel the market's growth and highlight the versatility and essential role of magnesite-based products in modern industrial processes.
To learn more about this report, View Report Sample
The 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 2023 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 forecasting 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 market growth and forecasting strategies.
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 20 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 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.
Get a glance at the market contribution of various segments View the PDF Sample
The magnesite ore segment was the largest segment and was valued at USD 3.78 billion in 2018. 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.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 60% to the growth of the global 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 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Magnesium Oxide Market- Magnesium Oxide Market Analysis APAC, Europe, North America, Middle East and Africa, South America - US, China, Japan, Germany, Italy - Size and Forecast
Refractory Materials Market for Steel Industry Refractory Materials Market for Steel Industry Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, India, Japan, Russia - Size and Forecast
Refractory Materials Market- Refractory Materials Market by Product Type, Application, Type, and Geography - Forecast and Analysis
The market serves a vital role in various industries, despite occasional challenges like the shutdown of the mining sector. Baymag and other key players provide these for a multitude of applications in the construction sector, including industrial floors, building boards, and wall stabilization. This finds utility in diverse sectors such as the ceramic industry, cement industry, and environmental protection, owing to its properties like fire resistance and bonding strength. Additionally, it serves as a crucial ingredient in sectors ranging from agriculture to pharmaceuticals, proving its versatility. As the demand for renewable energy sources grows, there role in environmental protection and water treatment becomes increasingly significant, driving favorable market growth in commercial construction and other significant segments.
The market plays a crucial role in supplying materials for various sectors, including mining activities and the overall mining sector. With applications in refractory industries and as a soil conditioner and fertilizer, contributes to environmental areas and serves as a source of magnesium nutrients. Its versatility extends to serving as flame retardants and in refractory applications, catering to diverse needs and facilitating the production of different grades to meet market demands effectively. In the market, the focus on short term solutions aligns with the demand for magnesium hydroxide in various applications, including Reftory markets and Environmental area.
Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
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 3.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
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 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.