Magnesite Global Market Report 2024

The magnesite market size has grown steadily in recent years. It will grow from $12.37 billion in 2023 to $12.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth observed in the historical period can be attributed to several key factors. This includes the progress in industrialization and urbanization, the expansion of steel production, shifts in global economic trends, the influence of environmental regulations, and substantial infrastructure development. These combined elements played pivotal roles in driving growth during that period within the magnesite and related industries.

The magnesite market size is expected to see steadily grown in the next few years. It will grow to $14.9 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. Anticipated growth in the forecast period is expected to stem from several key factors. These include the increased emphasis on carbon capture and storage, the burgeoning production of electric vehicles, a focus on infrastructure resilience, the adoption of circular economy practices, and the influence of global population trends shaping market dynamics.

Government initiatives supporting critical mineral resources supply are expected to drive the magnesite market's growth. Various subsidies and encouragement for foreign direct investments (FDI) in the mineral sector are being provided by governments globally. This support includes investments from bilateral development banks, export credit agencies, fiscal backing through budget allocations and tax exemptions, and endeavors through majority state-owned companies. In July 2022, the China government's establishment of the China Mineral Resources Group stands as a pivotal step in bolstering the supply chain for critical mineral resources like magnesite. As a wholly state-owned company, it operates under principles centered on cooperation, market orientation, and law-based operations. The aim is to become a globally competitive and influential comprehensive mineral resources service enterprise, driving the magnesite market's growth.

The burgeoning demand within the construction industry is anticipated to propel the magnesite market forward. Magnesite, a vital mineral composed of magnesium carbonate (MgCO3), plays a crucial role in construction applications. Its uses encompass industrial floors, building boards, abrasive stones, grinding wheels, cement additives, among others, contributing significantly to the construction sector. Forecasts from January 2022 by Global Construction Perspectives and Oxford Economics indicate an anticipated 85% increase in global construction production by 2030, reaching $15.5 trillion. This surge, led by China, the United States, and India, with the US construction market expected to grow faster than China's over the next 15 years, underscores the driving force behind the magnesite market's growth. The adoption of renewable energy sources is aiding magnesite companies in curbing energy consumption and emissions in mining operations. Incorporating solar or wind projects near mining sites reduces the cost of connecting to conventional power grids. Site-specific renewable energy sources offer reliability, consistency, and cost-effectiveness, emerging as a prominent trend in the magnesite market.

Key players in the magnesite mining sector are intensifying their focus on introducing advanced mining vibration screen technology, aiming to gain a competitive advantage. This technology enables the separation and classification of particles during mining and mineral processing. For instance, in October 2022, GN Separation, a US-based mining industry company specializing in magnesite mining, unveiled an advanced iteration of mining vibration screen technology. It includes high-frequency vibrating screens, classification screens, polyurethane screen panels, dewatering screens, and stack vibrating screens, offering unique vibration modes and advanced technology. This equipment stands as one of the most cutting-edge solutions for fine-grained material screening in the industry.

In October 2023, RHI Magnesita, an Austria-based global supplier specializing in high-grade refractory products, systems, and services, successfully acquired the refractory businesses of the Preiss-Daimler Group (P-D Refractories) based in Germany, Czech Republic, and Slovenia. The financial details of the acquisition remain undisclosed. This strategic move empowers RHI Magnesita to expand its offerings across a wider spectrum of products and services, catering to an extended customer base. P-D Refractories, a Germany-based company known for producing top-quality alumina-based refractories for various industrial applications, boasts a diverse product portfolio featuring magnesite bricks alongside other materials like high-alumina specialties, bauxite, andalusite, silica, and fireclay.

Major companies operating in the magnesite market report are Calix Inc., Houying Group, Queensland Magnesia Ltd., Magnezit Group, Grecian Magnesite S.A, Baymag, Haicheng Xiyang Magnesium Ltd., Liaoning BeiHai Industries Group Co. Ltd., Sibelco Australia Limited, Almora Magnesite Ltd., Compagnie Financiere et de Participations Roullier, Galaxy Enterprise, RHI Magnesita GmbH, Magnesita Refratários S.A., Kumas Magnesite Industry Inc., Premier Magnesia LLC, SMZ Jelsava, Magnesite Ore Industries Pvt. Ltd., Premier Periclase Ltd., Bisley International LLC, Aldon Corporation, Chemalloy Co. Inc., Prince Minerals LLC, Magnesia GmbH, Magnesita do Brasil S.A., Korab Resources, Volatus Capital, Magnesitas Navarras S A, QMag Limited.

Asia-Pacific was the largest market in the Magnesite market in 2023.the regions covered in the magnesite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the magnesite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of magnesite include magnesite ore, dead-burned magnesia, fused magnesia, and other variants. Magnetite, on the other hand, is a mineral predominantly composed of iron oxide containing equal quantities of iron (II) and iron (III). Various industries serve as end-users for magnesite, encompassing construction, chemical, industrial, and agriculture sectors. Mining methods employed for magnesite extraction consist of both underground mining and surface mining techniques.

The magnesite market research report is one of a series of new reports provides magnesite market statistics, including magnesite global industry, regional shares, competitors with a magnesite market share, detailed magnesite market segments, market trends and opportunities, and any further data you may need to thrive in the magnesite industry. This magnesite market global research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Magnesite market includes revenues earned by entities by providing mining services through open-pit operations, soft-rock mining, blast mining, short wall mining, and Coal skimming. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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