Latest News- Magnesite Market: Magnesite ore is expected to lead the Product segment during 2025-2029

The Magnesite Market is being driven by Growing demand for refractories from steel industry

The Magnesite Market is expected to grow at a CAGR of 5.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3410 million. In the automotive sector, there is a growing trend towards the utilization of lightweight materials due to the rising consumer preference for fuel-efficient vehicles. With increasing concerns over climate change and environmental issues, as well as escalating fuel costs, there is a significant demand for lighter cars. To meet the stringent fuel efficiency standards and environmental regulations, automakers aim to reduce overall vehicle weight by approximately 25%. By 2023, the automotive industry is projected to produce over 100 million vehicles, making the adoption of lightweight materials a priority for achieving both regulatory compliance and improved fuel economy. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Magnesite ore
  • Dead burned magnesia
  • Fused magnesia
• Application
  • Refractory
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for refractories from steel industry
• Growth in automotive industry
• High demand for dead burned magnesia

However, the market also witnesses some limitations, which are as follows:

• Available substitutes for magnesite
• Environmental and recyclability concerns
• Disadvantages of die casting process

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Market Scope in Magnesite Market Research Report

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Research Analysis Overview

The Magnesium market encompasses various applications of magnesium compounds, primarily in refractory materials and magnesium alloys for steel manufacturing and metal production. Magnesium is extracted from magnesite resources through mining and processed into high-purity magnesia, magnesium oxide, and other forms. Calcium carbonate and magnesium-based fertilizers are also derived from magnesite. The mining sector plays a crucial role in magnesium supply, with flameproof materials and cement additives being other significant applications. Magnesium production involves extraction, refining, and oxide production, contributing to environmental sustainability through the use of magnesium in eco-friendly industries.

Market Research Overview

The global commodity chemicals market encompasses businesses specializing in the production of industrial and fundamental chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, this sector excludes chemical companies engaged in diversified chemicals, agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers for the commodity chemicals market include the expanding demand for plastic packaging and the increasing preference for lightweight, corrosion-resistant materials. The packaging industry's reliance on plastic as the primary material has led to continuous innovation, significantly influencing the application of chemicals in the production of plastic packaging materials. Magnesite products, including deadburned magnesia, fused magnesia, and high-performance magnesia, find extensive use in various industries, including agriculture, construction, refractories, and chemical processes, as magnesium carbonate, a magnesite derivative.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/