Magnesium carbonate minerals are foreseeing a rise in demand, because of their multiple end-use industry application for example construction and personal care & pharmaceuticals. Magnesium carbonate minerals are employed to make raw materials which serve as refractory materials for steel, metallurgy, and ceramic industries. End users, for instance, the chemical industry additionally employ magnesium carbonate minerals to build raw materials for plastic, polymers, paints, and fertilizers. Magnetite, in scanty amounts, is moreover employed as a gem and lapidary material. In addition, there is a probable revamp in pharmaceutical and personal care sectors, owing to its use in the production of OTC drugs, as a result of the current COVID-19 pandemic, which, successively, will drive the market in the progressing years. Refractory bricks & kilns and building & flooring materials are moreover making way for noteworthy sales.
The market is projected at US$ 208 Million in 2020, and is estimated to expand at a CAGR of 5% during the projected period (2020-2030).
Key Takeaways from Market Research
- East Asia will be famous on the basis of production, and North America and Europe will lead based on consumption throughout the decade ahead. Nations such as the U.S., Belgium, the Netherlands, Germany, Spain, Italy, and France are foremost customers of magnesium carbonate minerals.
- Unique fire retardant attributes of hydromagnesite are allowing its broader acceptance as a fire retardant additive or flame retardant for polymers.
- Flourishing chemical industries worldwide are providing a contributory ground for market participants. Growing need from paints & coatings and pulp & paper sectors are additionally providing white spaces.
- Widespread usage of magnesium carbonate in the manufacturing of magnesium oxide that is utilized in the cement and steel industries as a refractory material, would expand market growth. Fast development in these industries will boost the need for magnesium oxide.
“Nations all over the globe are projected to augment their personal care, pharmaceutical, and medical industries as a consequence of the constant COVID-19 pandemic that will bring about numerous changes in these industries. Magnesium carbonate minerals act as an vital role – indirectly and directly – in the pharmaceutical industry. Therefore, throughout the approaching years, the market is likely to foresee demand expansion.”
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East Asia is likely to account for a prominent share in the market, due to the rising need from personal care and pharmaceutical industries, together with refractories. Makers in East Asia are confronting rigid competition, given the higher density of players in the region. Additionally, magnesium carbonate minerals have numerous end uses, hence, the market will thrive in the years ahead. Easy accessibility of cheap labour and raw materials is slated to push the East Asia market.
On the other hand, automotive and chemical industries in East Asia are under extreme pressure because of the coronavirus (COVID-19) pandemic. Improbability in the worldwide capital markets and economic order is lessening the profit pools of industrial executives. Automotive and chemical sectors in East Asia are experiencing production standstills so as to avert workers getting affected by the COVID-19, and tackle the demand drop from consumers and businesses amid nationwide lockdowns. These aspects are influencing the market growth.
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