The global Magnesium Carbonate Minerals Market is poised for substantial expansion over the forecast period of 2022 to 2030, with a projected Compound Annual Growth Rate (CAGR) of 5.1%. This promising growth trajectory is set to elevate the market’s overall sales from a notable figure of over US$ 689.0 million in 2022 to a projected high of US$ 1,029.0 million by the conclusion of 2030. This surge in market demand is primarily attributed to the escalating utilization of magnesium carbonate minerals across diverse sectors, most prominently in the chemical, pharmaceutical, and construction industries.
One of the key driving forces behind the market’s expansion is the increasing adoption of magnesium carbonate minerals across various industrial domains. In the chemical sector, magnesite, a vital component of magnesium carbonate minerals, plays a pivotal role in the production of magnesium sulphate. This compound is witnessing a surge in demand owing to its diverse applications across an array of end-use industries. This trend has instigated a ripple effect, propelling the overall growth of the magnesium carbonate minerals market.
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Key Takeaways from Global Magnesium Carbonate Minerals Market Study
- Surging demand from pharmaceutical and personal care industries is expected to drive the market, owing to its application in the production of OTC drugs.
- East Asia is expected to be prominent in terms of production, and North America and Europe will lead in terms of consumption over the decade ahead. Countries such as Belgium, the U.S., the Netherlands, Spain, Germany, France, and Italy are prime consumers of magnesium carbonate minerals.
- Unique fire retardant properties of hydromagnesite are enabling its broader adoption as a flame retardant or fire retardant additive for polymers.
- Flourishing chemical industries across the world are offering a conducive ground for magnesium carbonate minerals market players. Increasing demand from pulp & paper and paints & coatings industries are also offering white spaces.
- Extensive use of magnesium carbonate in the production of magnesium oxide, which is used in the steel and cement industries as a refractory material, will augment market growth. Rapid growth in these industries is estimated to boost the demand for magnesium oxide.
“Countries all over the world are likely to enhance their medical, pharmaceutical, and personal care sectors as a consequence of the ongoing COVID-19 pandemic, which is expected to bring about multiple changes in these sectors. Magnesium carbonate minerals play an important role – directly and indirectly – in the pharmaceutical sector. Thus, over the coming years, the market is expected to witness demand growth.”
East Asia to Offer Opportunities of Growth and Profitability
East Asia is anticipated to hold a prominent share in the global magnesium carbonate minerals market, owing to the increasing demand from pharmaceutical and personal care industries, along with refractories. Manufacturers in East Asia are facing stiff competition, given the higher concentration of players in the region. Moreover, magnesium carbonate minerals have multiple end uses, hence, the market is likely to flourish in the years ahead. Easy availability of raw materials and cheap labour is poised to propel the magnesium carbonate minerals market in East Asia.
On the flip side, chemical and automotive industries in East Asia are under extreme pressure due to the coronavirus (COVID-19) pandemic. Uncertainty in the global economic order and capital markets is shrinking the profit pools of industrial executives. Chemical and automotive industries in East Asia are undergoing manufacturing standstills in order to avoid workers getting affected by the coronavirus, as well as address the demand drop from businesses and consumers during nationwide lockdowns. These factors are affecting the growth of the magnesium carbonate minerals market.
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Looking for More Information?
The report on the magnesium carbonate minerals market published by Future Market Insights brings to the fore a pin-point analysis of the market, and offers comprehensive information with historical demand data of 2015-2021 and forecast statistics for 2022-2030. The study offers insightful information on the global magnesium carbonate minerals market based on various categories – mineral form and end use, across seven regions. This study highlights key market players who are well-known market vendors, and have proven themselves as key shareholders in the global magnesium carbonate minerals market.
Some of the market players included in the report
- 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
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Magnesium carbonate minerals Market by Category
By Mineral:
- Magnesite
- Hydromagnesite
- Nesquehonite
By End use:
- Pharmaceuticals & Personal Care
- Refractory Bricks & Kilns
- Steel & Metallurgy
- Ceramics
- Building & Flooring Materials
- Chemicals
- Plastics
- Fertilizers
- Flame Retardant Additives
- Adhesives & Sealants
- Paints
- High Purity Magnesia
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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