Brine Concentration Minerals Market worth $1.7 billion by 2029 Globally, at a CAGR of 8.1%, says MarketsandMarkets™

Chicago, Feb. 22, 2024 (GLOBE NEWSWIRE) -- The Brine Concentration Minerals Market is projected to reach USD 1.7 billion by 2029, at a CAGR of 8.1% from USD 1.1 billion in 2024, as per the recent study by MarketsandMarkets™. The automotive and construction industries relies heavily on these minerals for lithium batteries and refractories including cement.

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List of Key Players in Brine Concentration Minerals Market:

1. Magrathea (US)
2. Olokun Minerals (US)
3. Albemarle Corporation (US)
4. Ganfeng Lithium Group Co., Ltd. (China)
5. Arcadium Lithium (US)
6. ICL Industrial Products (Israel)
7. SQM S.A. (Chile)
8. Solvay (Belgium)
9. SEALEAU (Netherlands)
10. Konoshima Chemical Co., Ltd. (Japan)

Drivers, Opportunities and Challenges in Brine Concentration Minerals Market:

1. Drivers: Growing demand for lithium-ion batteries coupled with global emphasis on sustainbale practices.
2. Restraint: Low mineral concentration and selective mineral recovery
3. Opportunity: Expanding applications across diverse sectors
4. Challenge: Energy intensive nature and product quality consistency along with volatility in mineral prices.

Key Findings of the Study:

1. Metallurgical by application is projected to be the largest, in terms of value, during the forecast period
2. Magnesium derivative by type is projected to be the largest, in terms of value, during the forecast period
3. Solar evaporation by technology segment is projected to be the largest, in terms of value, during the forecast period
4. Asia Pacific is expected to be the fastest growing market for brine concentration minerals during the forecast period, in terms of value

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Based on type, the brine concentration minerals market has been segmented into sodium  derivatives, magnesium derivatives, potassium derivatives, calcium derivatives and others. Magnesium derivatives accounted for the largest share, in terms of value, of the global market in 2024.

Derived from brine, magnesium derivatives have the potential to dominate the market due to their versatility across industries. In the automotive sector, magnesium's integration into lightweight components aligns with sustainable transportation trends, increasing demand. In agriculture, magnesium derivatives serve as vital fertilizers, addressing soil deficiencies. In pharmaceuticals, magnesium compounds play a crucial role in formulations, promoting health. Additionally, in construction, magnesium oxide acts as a valuable fire-resistant material, meeting industry standards. The broad applications of magnesium derivatives underscore their significance in eco-friendly solutions, making them a sought-after resource in various sectors.

 Based on application, the brine concentration minerals market has been segmented into metallurgical, pharmaceuticals and food & beverages, water treatment, construction, fertilizers and others. Metallurgical application accounted for the largest share, in terms of value, of the global market in 2024.

The dominance of the metallurgical segment in the brine concentration minerals market stems from utilizing specific minerals derived from brine in refractory production. Renowned for their heat-resistant properties crucial in metal smelting and glass manufacturing, refractories commonly integrate minerals like magnesium oxide, calcium oxide, and alumina from brine, enhancing their capacity to endure high temperatures in metallurgical applications. The robust demand for refractories in pivotal processes like steel production and non-ferrous metal processing acts as a primary catalyst, solidifying the metallurgical segment's significance in the brine concentration minerals market. The anticipated global steel industry expansion further amplifies the need for brine-derived minerals in refractories, reinforcing the segment's substantial standing.

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Based on technology, the brine concentration minerals market has been segmented into solar evaporation, NF-RO-MF, osmotically assisted RO among others. Solar evaporation, accounted for the largest share, in terms of value, of the global market in 2024.

Solar evaporation technology excels in brine mineral extraction due to its cost-effectiveness, relying on minimal infrastructure and harnessing natural solar energy, thereby reducing operational expenses. The simple process enables swift implementation, leading to shorter setup times and lower initial capital investments. Recognized for environmental friendliness, it avoids chemical reagents and minimizes energy consumption, aligning with sustainability goals. Particularly beneficial in regions with high solar radiation, like the lithium triangle (Chile, Argentina, Bolivia), this method targets minerals such as lithium, potassium, magnesium, sodium, and calcium based on specific brine source characteristics. Solar evaporation emerges as an efficient, eco-friendly, and regionally adaptable technology, addressing industry needs and supporting contemporary sustainability objectives.

Asia Pacific is positioned as the fastest-growing region in the brine concentration minerals market, driven by a confluence of factors emphasizing its economic vigor and strategic importance. Central to this growth is China, spearheading robust industrial activities marked by manufacturing prowess, rapid urbanization, and expansive infrastructure projects. The nation's leadership in electric vehicle consumption and renewable energy initiatives aligns with global sustainability trends, propelling the demand for brine-derived minerals. Moreover, Asia Pacific boasts substantial lithium resources, notably in Australia and China, establishing a reliable supply chain for the burgeoning electric vehicle and energy storage sectors. Strategic collaborations and investments in lithium-rich regions, including the lithium triangle in Chile, Argentina, and Bolivia, showcase the region's commitment to securing resource access. Additionally, agricultural pursuits in countries like India and China contribute to the demand for brine-derived minerals as fertilizers, reflecting Asia Pacific's dedication to enhancing agricultural productivity and achieving food security. In geopolitical terms, the region's strategic foresight in securing resource access solidifies its pivotal role in driving growth within the global brine concentration minerals market.

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