Carbonate Minerals Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Carbonate Minerals Market grew at a CAGR of 4.6 % between 2017-2021 and is estimated to be US$ 59,463.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.3% and is expected to reach a valuation of US$ 99,662.4 Mn by 2032 end.
Throughout the projected period, the market is anticipated. Sales of carbonate minerals will continue to be driven by rising demand for the minerals in the food, building, paper and pulp, and other end-use industries, as well as from the paints and coatings industry.
GROWING DEMAND FROM THE CONSTRUCTION INDUSTRY WILL BOOST THE MARKET FOR CARBONATE MINERALS
The building and construction industry is one of the fastest growing industries in the world, owing to high urbanization and the rising per capita income of individuals. Carbonate minerals such as calcite, dolomite, and gypsum are extensively used as components of binding agents in aggregates and sandstone in building materials. North American and European building construction are also estimated to increase because of increasing government projects in the US and German economies. Also, The cumulative demand for carbonate minerals from the building and construction industry and the escalating building and construction industry is a driver for the carbonate minerals market.
DIFFICULTIES IN TRANSPORT HAMPER THE MARKET GROWTH
To ensure a high standard of calcium carbonate production, companies must have their manufacturing site. Over time, the same location became too crowded and cumbersome for the process, leading to increased equipment costs, ultimately increasing the cost of goods more substantially. In addition to decreased productivity as personnel is spent on moving raw materials and products to other locations, the cost of transporting these raw materials is increasing.
GROWING GOVERNMENT INITIATION IN AGRICULTURE PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The world is currently facing issues of food safety. The Food and Agriculture Organization (FAO) reported that 40% of children in developing countries suffer from micronutrient deficiencies. Calcium carbonate is used as an amendment to neutralize soil acidity and supply calcium for plant nutrition. Calcium carbonate or dolomite can be used for various agricultural applications, including pH control, fertilizer conditioners, and fillers, animal feed formulations.
Due to the COVID-19 outbreak, the end-users are facing issues such as delays in receiving raw materials, resulting in delayed shipments to the customer due to the restriction on the import and export of produce. Also, the quality of some raw materials has declined considerably. In addition, the import and export restrictions are heavily affecting the carbonate minerals market growth since all building and construction activities are stopped until COVID-19 has been declared free from the pandemic.
Market Segments Covered in Report
By Region and Country:
Why is Magnesite projected to ensure the most revenue during the forecast period?
Magnesite or magnesium carbonate is the most preferred magnesium carbonate mineral among end users. It is utilized in producing magnesium oxide as a refractory material in steel and cement industries. Around 80% of magnesium chemicals are derived from Magnesite. Besides this, the surging application of Magnesite in the pharmaceutical, paper & pulp, paints, and coating industries will fuel the growth in the segment. Further, growing use of Magnesite as an anti-misting agent and filler in the production of paints.
Why is the pharmaceutical & Personal Care Sector segment expected to expand the fastest during the forecast period?
In 2021, In terms of end use, the pharmaceutical and personal care segment was expected to register substantial growth over the forecast period. The increasing consumption of Magnesite in cosmetic products as absorbent underpins development in this segment. Besides this, Magnesite is extensively used by pharmaceutical companies as a filler for tablets and antacids. This, in turn, is aiding the growth of the magnesium carbonate minerals market.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The rising demand for magnesium-based electrolytes has boosted the global market for magnesium carbonate minerals. Leading players in the worldwide magnesium carbonate minerals market are strategically expanding their market presence through acquisitions and product expansion. They are also adopting inorganic growth strategies such as research and development, expansion of production capacity, and establishment of new facilities.
Some of the key developments that have taken place in the Carbonate Minerals Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Minerals, End Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.3%.
Worldwide demand for and production of electric vehicles have increased lithium-ion and magnesium battery production. Due to their greater capacity, some top automakers choose magnesium batteries.
Major global Carbonate Minerals Market players are Konoshima Chemical Co., Ltd., Naikai Salt Industries Co., LTD, Hebei Meishen Technology Co. Ltd., Kyowa Chemical Industry Co. Ltd., Yingkou Magnesite Chemical, SCORA S.A.S., Lehmann & Voss & Co. KG, Dr. Paul Lohmann GmbH KG, NUOVA SIMA Srl, Buschle & Lepper S.A., Grecian Magnesite, Persia Paya Madan, Others.
The assured availability of the raw material in the needed quantity at any time is one of the crucial elements that affect the producer of carbonate minerals like calcium carbonate.
The North American region is expected to account for the largest market revenue share in the Global Carbonate Minerals market.
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