The global carbonate market is forecasted to experience a moderate-paced compound annual growth rate (CAGR) of 7.2% throughout the forecast period. As of 2022, the market is valued at US$ 4.02 billion, with projections indicating a potential valuation of USD 8.06 billion by 2032. Historical data from the base year records a market valuation of USD 3.75 billion, as analyzed by Future Market Insights.
The surge in the carbonate market in recent years is attributed to its solubility and polarity, rendering it suitable for diverse applications such as electrolytes in lithium batteries, fiber processing agents, capacitor electrolytes, soil hardening agents, lubricants, organic solvents, and medical products. Carbonates serve as essential raw materials in organic synthesis due to their unique properties.
Furthermore, sustainability concerns and the versatility of glycerol carbonates are identified as key factors driving market demand. The utilization of glycerol carbonates for valorizing waste glycerol is particularly noteworthy. Additionally, ongoing research and development endeavors aimed at expanding carbonate usage across various industrial sectors contribute to market growth.
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Market Dynamics
- Growing Demand from Packaging and Hygiene Products:
- Increasing need for paper in packaging applications and hygiene-related products like tissue paper driving demand for carbonates.
- Expected to influence market dynamics positively in the coming years.
- Expansion in Paints & Coatings Sector:
- Carbonates increasingly used in paints & coatings, adhesives, and sealants, especially in the construction industry of emerging economies.
- Faster growth anticipated through 2022 due to widespread implementation across construction industries.
- Regulatory Compliance Efforts:
- Economies focusing on adhering to regulations in manufacturing processes, influencing market dynamics.
- Compliance efforts contribute to market growth by ensuring product quality and safety.
- Automotive Industry Growth:
- Rise in automotive industry sales leading to increased demand for paints and coatings for vehicles.
- Expected to drive up the demand for carbonates, supporting market growth.
- Highly Competitive Market:
- Carbonate market characterized by high competition, with key players involved in mining operations, application sectors, and processing facilities.
- Companies engaging in mergers, acquisitions, collaborations, and partnerships to sustain leadership and market share.
- R&D activities focused on innovation to strengthen market foothold amid intense competition.
- Intensified Competition Post-2021:
- Competitive scenario becoming more intense, with companies expanding architectural coatings and paint manufacturing capacity.
- Anticipated to contribute to significant market growth throughout the forecast period.
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Top Key Players
- Franklin Minerals,
- Huber Engineering Materials,
- Imerys S.A.,
- Omya Group,
- Excalibar Minerals LLC,
- Mississippi Lime Company,
- Solvay S.A.,
- Schaefar Kalk GmbH & Co. KG
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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