The global carbonate minerals market is expected to develop at a 6.0% CAGR from 2022 to 2029, with revenues topping US$ 53 billion in 2022. Carbonate minerals profit from a growing construction industry by serving dual roles as construction materials and cement components. The market is expected to reach US$ 80,508.3 million by 2029.
The widespread use of paper in the fast moving consumer goods (FMCG) sector promotes the growth of the paper industry, which leads to an increase in demand for carbonate minerals used in paper manufacturing.
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Key Takeaways – Carbonate Minerals Market Study
- The paper industry, particularly for printing and writing paper, is found to be the largest user of carbonate minerals, which is either used as a filler or as a coating on paper.
- The finishing characteristics of paper such as gloss, whiteness, and ink are determined by the combination of minerals used. The rise in usage of calcium carbonate in the manufacturing of paper for improving the finishing of paper is correspondingly enhancing the demand for carbonate minerals.
- Carbonate minerals have extensive applications in the construction industry. These minerals are present in the form of components of the binding agent in aggregates, mudstones, sandstone, and coal.
- Carbonate minerals are widely used in paints & coatings as they improve brightness and helps to improve reliability and consistency of the coating, resulting in increased demand over the forecast period.
- Asia Pacific excluding Japan (APEJ) region is leading the carbonate minerals market by virtue of continuous growth in the building and construction industry in developing countries from this region like China and India.
While carbonate minerals market is primarily driven by demand from construction and paper & pulp industries, the preference towards using carbonate minerals in the paints & coatings is expected to increase the demand for carbonate minerals in the foreseeable future.
Carbonate Minerals Market Participant Insights
The market for carbonate minerals has remained competitive with the presence of giant players with expertise in advanced manufacturing. With the aim of sustaining their positions in the market in the long run, solidification of the supply chain in regions such as the Middle East & Africa, APEJ, and Japan will be the key strategy adopted by market participants. Furthermore, players give importance to compliance with quality standards for production, while catering to the specific demands from the end users.
Why Demand for Carbonate Minerals is Rising in the U.S.?
The U.S. is projected to account for approximately 67.5% of the North America carbonate minerals market in 2029. In 2022, the market is expected to grow by 6.5% year-on-year, reaching a valuation of US$ 7,260.7 Million by the end of 2022.
High investments in advanced mining technologies is augmenting the sales of carbonate minerals in the country. Private construction sector is growing with significant growth rate and contributes to more than 70% share in the construction industry. Moreover, the presence of leading companies like Minerals Technologies, Inc., IMERYS Carbonates LLC, and Huber Engineered Materials is expected to bolster the growth of these minerals in the country.
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What Lies in Future?
The construction industry has witnessed considerable growth across the globe and this growth is expected to persist over the forecast period correspondingly supporting the growth in demand for carbonate minerals. Moreover, innovations and advancements in mining technology, especially in countries from the Middle East & Africa region, are creating new growth avenues for players in the global carbonate minerals market.
Key Segmentation
By Mineral Type:
- Calcite
- Magnesite
- Aragonite
- Smithsonite
- Dolomite
By Source Type:
- Natural
- Synthetic
By End Use:
- Food and Beverage
- Paints and Coatings
- Plastic and Rubber
- Paper and Pulp
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