NEWARK, Del, July 23, 2024 (GLOBE NEWSWIRE) -- The global magnesium carbonate mineral industry is set to expand at a CAGR of 4.8% and reach a valuation of USD 386.7 million by 2034. The magnesium carbonate mineral market size is slated to attain USD 241.5 million in 2024.
The global sales of magnesium carbonate minerals were USD 199.3 million in 2019. The historical growth rate was recorded at 2.9% from 2019 to 2023 with revenue expected to reach USD 229.7 million in 2023.
The surging adoption of magnesium carbonate minerals in the pharmaceutical, chemical, and construction sectors amplifies the market growth. The chemical industry needs magnesite for the manufacturing of magnesium sulfate because of their escalating magnesium carbonate mineral demand.
Such minerals are considerably employed to purify industrial effluent with heavy metals and silica. The demand for magnesium carbonate minerals thrives at a rapid pace during the forecast period.
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Increasing application of magnesium carbonate minerals in chemical, pharmaceutical, and construction industries is fuelling the growth in the market. The chemical industry requires magnesite for the production of magnesium sulphate due to their surging demand in diverse end-use industries.
These minerals are also extensively used to treat industrial wastewater containing heavy metals and silica. On account of these factors, the demand for magnesium carbonate minerals is expected to increase at a rapid pace over the forthcoming years.
“The magnesium carbonate mineral market exhibits constant growth ushered by various industrial usage. The increasing demand for magnesium carbonate minerals highlights its importance in production. Distribution chain stability and progressing extraction procedures strengthens the magnesium carbonate market potential.”, Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).
Key Takeaways:
- The magnesite segment in the mineral category to possess a share of 61.2% in 2024.
- In the end use category, the pharmaceuticals and personal care segment to acquire a share of 31.3% in 2024.
- Italy magnesium carbonate mineral market imply augmentation at a CAGR of 3.1% between 2024 and 2034.
- Germany magnesium carbonate mineral sector indicates a CAGR of 2.3% through 2034.
- France magnesium carbonate industry indicates a CAGR of 3.4% from 2024 to 2034.
- Spain sales of magnesium carbonate minerals indicate a CAGR of 3.6% through 2034.
- The United Kingdom magnesium carbonate mineral industry reflects expansion between 2024 and 2034 at a CAGR of 1.9%.
- Through 2034, Canada magnesium carbonate market show escalation at a CAGR of 2.9%.
- China magnesium carbonate mineral market exhibit upsurge at CAGR of 5.4% from 2024 to 2034.
- Between 2024 and 2034, the United States magnesium carbonate mineral industry imply growth at a CAGR of 2.2%.
- From 2024 to 2034, South Korea magnesium carbonate mineral ecosystem equates at a CAGR of 2.40%.
- India magnesium carbonate mineral sector infers a CAGR of 7.2% between 2024 and 2034.
- Through 2034, Australia magnesium carbonate mineral industry exhibits a CAGR of 1.8%.
- Japan magnesium carbonate mineral market implies expansion at a CAGR of 2% through 2034.
Which are the Key Factors Boosting the Magnesium Carbonate Minerals Market?
“Preference for Magnesium Batteries in Electric Vehicles to Improve the Magnesium Carbonate Minerals Sales”
Increasing production and sales of electric vehicles across the globe has surged the production of lithium-ion and magnesium batteries. Some of the leading auto-makers are opting for magnesium batteries due to its higher capacity.
The capacity of magnesium-ion batteries is 5 to 10 times higher than lithium-ion batteries, as magnesium, as an anode, provides two electrodes per atom. Besides this, growing sustainability concerns in automotive industry is also propelling the demand for magnesium-ion batteries.
Additionally, magnesium-ion batteries are efficient in temperatures below -15°C and -30°C, as compared to lithium-ion batteries which are inefficient. Hence, magnesium-ion batteries are gaining immense popularity as an alternative to lithium-ion in electric vehicles.
On the back of this, the sales of magnesium carbonate minerals are expected to increase, especially across automotive industry, during the forecast period.
“Increasing Demand for Magnesium Alloy in Automotive and Aerospace Industry to Fuel Sales”
Magnesium carbonate minerals are extensively used as raw materials for the production of magnesium and its alloys. Magnesium alloy is known for its durability, stiffness, and lightweight features.
The increasing application of magnesium and its alloys in the manufacturing the parts of a vehicle or aircraft will increase the demand in aerospace and automotive industries. Growing adoption of magnesium alloys in automotive industry for weight reduction and to improve vehicle performance is another factor fuelling the demand.
Besides this, in order to adhere to the emission laws and compliance of sustainability trend, leading automotive industry companies are increasing the adoption of magnesium alloys, propelling the sales of magnesium carbonate minerals.
Regional Outlook:
North America leads in the market share owing to the chemical industry fostering an atmosphere that promotes the market growth for magnesium carbonate minerals. The paper and pulp sector and the paint and coating industry require magnesium carbonate minerals for application in the production of adhesives, paints, and sealants.
The Asia Pacific witness’s growth in the global magnesium carbonate mineral industry. India is the primary vendor of magnesium carbonate, and Asia Pacific is the key geographic area of the market. The proliferation of the cement, steel, glass, paper, and ceramic industries escalates the regional economy.
Competitive Landscape:
To increase their market presence, leading magnesium carbonate mineral vendors are concentrating on implementing alternate distribution methods, like the Internet channel. While some producers focus on expanding their current manufacturing facilities, the prominent magnesium carbonate mineral providers are focused on offering new and improved products.
Leading Magnesium Carbonate Mineral Brands:
- 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
- Others
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Latest Developments:
- M. Huber Corporation's Huber Engineered Materials division has announced that it has acquired the Nutri Granulations business and assets from IMCD N.V., a specialty chemical and ingredient distributor with headquarters in the Netherlands.
- Alliance Magnesium signed a contract on materials from the MRC des Sources with the Carrefour de l'Innovation. AMI got unrestricted access to the laboratory and 50% of CIMMS's staff, equipment, and facilities during the agreement.
Key Segments of Magnesium Carbonate Mineral Market Report:
By Mineral Type:
The category is trifurcated into magnesite, hydromagnesite, and nesquehonite.
By End use:
The report consists of end uses like pharmaceuticals and personal care, refractory bricks and kilns, steel and metallurgy, ceramics, building and flooring materials, chemicals, and others. The chemicals segment is classified into plastics, fertilizers, flame retardant additives, adhesives and sealants, paints, and high purity magnesia.
By Region:
Key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa are covered.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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