The global carbonate industry is poised to experience a moderate-paced Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period, according to a recent report by Future Market Insights (FMI). With a current valuation of US$ 4.02 Billion in 2022, experts anticipate the market value to soar to US$ 8.06 Billion by 2032. This growth trajectory underscores the increasing demand for carbonates across various industries worldwide.
Carbonates, renowned for their solubility and polarity, find versatile applications across sectors such as lithium batteries, fiber processing, soil hardening, and lubricants. Additionally, they serve as organic solvents and play a pivotal role in medical products and organic synthesis. The sustainability concerns coupled with the versatility of glycerol carbonates are expected to fuel market growth, especially in waste glycerol valorization.
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“Carbonates are witnessing a surge in demand, driven by the need for packaging materials, hygiene products, and industrial applications like paints, coatings, adhesives, and sealants,” says an FMI Analyst. “The burgeoning automotive industry, coupled with stringent regulatory frameworks, further bolsters market expansion.”
The competitive landscape of the carbonate market is characterized by key players strategically integrating across the value chain, engaging in mergers, acquisitions, collaborations, and partnerships to strengthen their market presence. R&D activities aimed at innovation and capacity expansion are also rampant among industry players.
“The post-2021 scenario reflects heightened competition as companies increase their manufacturing capacity and distribution facilities,” says an FMI Analyst. “This competitive intensity signifies significant growth potential for the carbonate market in the coming years.”
With the rising demand across multiple sectors and continuous innovation driving market dynamics, the carbonate market is poised for substantial growth and innovation in the foreseeable future.
Carbonate Market: Key players
Some of the key manufacturers in the carbonate market are Franklin Minerals, Huber Engineering Materials, Imerys S.A., Omya Group, Excalibar Minerals LLC, Mississippi Lime Company, Solvay S.A., Schaefar Kalk GmbH & Co. KG among others.
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Carbonate Market segmented
By type:
- Calcium Carbonate
- Potassium Carbonate
- Sodium Carbonate
- Iron Carbonate
By end-use industries
- Paper & Pulp
- Paints & Coatings
- Adhesives & Sealants
- Detergents & Cleaners
- Glass & Ceramics
- Dyes & Pigments
- Others (includes food manufacturing)
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 over 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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