September 15, 2022 13:48 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “Magnesite Market Size, Share, Growth Analysis Report By Type (Magnesite Ore, Dead Burned Magnesia, Fused Magnesia and Others), By Application (Construction, Industrial, Chemical, Agriculture, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Magnesite Market size & share in terms of revenue was valued at USD 7.5 billion in 2021 and it is expected to surpass around USD 10.7 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 5.2% during the forecast period 2022 to 2028.”
Magnesite is generally referred to as magnesium carbonate and has the chemical formula MgCO3. Magnesite is typically found as a replacement for dolomitic limestone and dolomite in the form of irregular veins produced by serpentine magnesium-rich rock and ultramafic rocks. Magnesite is marketed as a form of magnesium along with other products like magnesium oxide (magnesia, MgO). The manufacturing of magnesium oxide, which comes in two grades: fused magnesia (FM) and dead burned magnesia, is the main usage of magnesite (DBM). Additionally, fused magnesia is mostly employed in the refractory and electrical insulating markets.
The steel and iron industry accounts for around 70% of the world's demand for magnesite, making it the primary end-use industry for refractory material. Additionally, the chemical industry, agriculture, pharmaceuticals, the environment, building, and many other industries use magnesium and its compounds.
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The global magnesite market is driven by its number of benefits such as inexpensive, soft & cut quickly, places less wear on the equipment, and cuts with less energy consumption. Low manufacturing costs and the wide spectrum of dyed colors make magnesite an excellent material for making colorful, low-cost costume jewelry and craft projects. Moreover, the increasing uses of magnesite in various end-use sectors such as chemical, construction, and others are expected to flourish the market growth during the forecast period. However, the governmental and environmental regulation implemented to reduce toxic emissions during mining is expected to hinder the growth of the market.
Lower mining activity is a result of the COVID-19 pandemic. Due to the closure of the mining industry as a result of social isolation and other issues, there is currently an insufficient supply of the mineral to meet demand. This factor has limited the entire mining industry, which harmed the production of the market to a large extent.
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Magnesite Market: COVID-19 Impact Analysis
The pandemic induced by COVID-19 has resulted in a catastrophic loss of life on a global scale, and it poses a threat that has never been seen before to food distribution networks, public health, and workplaces. The rigorous lockdown that was imposed by governments around the world in response to the COVID-19 pandemic in an effort to contain the virus's further spread had a negative influence on a number of different businesses, including construction and manufacturing, amongst others. Because of the lockdown, there has been a disruption in the supply chain of products and services, which is the primary factor contributing to the slowdown in industrial growth. In a similar vein, the COVID-19 epidemic is to blame for the decline in mining activities.
At the moment, there is not enough of the mineral available to meet market demand because the mining sector was forced to close due to social isolation and other issues. Because of this one factor, the mining industry as a whole has been constrained, which has had a significant negative effect on the overall production of the market? In addition, the COVID-19 epidemic had a detrimental impact on the building industry, which resulted in a reduction in the demand for magnesite. Magnesia is included in cement and ceramic tiles in the form of an additive. During the time of COVID-19, this had an effect on the expansion of the market.
The global magnesite market is segmented based on type, application, and region.
The global market is divided into magnesite ore, dead burned magnesia, fused magnesia, and others based on type. The market segment for dead burned magnesia held the major proportion in 2021 and is anticipated to continue to dominate during the forecast period. Dead-burned magnesia is primarily used as a refractory material. It has the highest melting point when compared to other widely used refractory oxides. Dead-burned magnesia is the best material to utilize in high-temperature operations for heat containment, particularly in the steel industry. When it comes to strength, chemical stability, and abrasion resistance, fused magnesia outperforms other materials.
The global market for magnesite is segmented into construction, industrial, chemical, agricultural, and others based on the application. The market segment with the largest share, construction, is predicted to expand rapidly over the projected period. There are several applications for magnesite, a major mineral composed of magnesium carbonate (MgCO3). The building sector is one of the major ones that has historically used high-performance magnesia materials. Among the uses for magnesite, there are industrial flooring, building boards, abrasive stones, grinding wheels, phosphate cement mortars, wall stability, road construction, drilling muds, ceramic tile manufacturing, and use as a cement additive.
The global Magnesite market is segmented as follows:
Browse the full “Magnesite Market Size, Share, Growth Analysis Report By Type (Magnesite Ore, Dead Burned Magnesia, Fused Magnesia and Others), By Application (Construction, Industrial, Chemical, Agriculture, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/magnesite-market
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. Some of the main competitors dominating the global Magnesite market include -
Key Insights from Primary Research:
Key questions answered in this report:
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Due to the region's significant growth in industrial, agricultural, and construction activity, particularly in developing nations like India and China, the Asia Pacific region is predicted to dominate the global magnesite market over the projection period. In addition, China is the world's biggest producer of magnesite. However, North America is estimated to grow at a substantial rate during the forecast period owing to the high demand for magnesite in the construction industry in the region, especially in the U.S.
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