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 increasing consumer preference for fuel-efficient vehicles. This shift is driven by rising environmental consciousness, escalating fuel costs, and stringent regulations mandating improved fuel efficiency. To meet the benchmark of 4.5 miles per gallon, a reduction of approximately 25% in overall vehicle weight is necessary. By 2023, the automotive industry is projected to manufacture over 100 million vehicles, with a significant focus on employing lightweight materials to ensure regulatory compliance and enhance 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, Europe, North America, South America, 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:
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Key Features in Magnesite Market Research Report
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The magnesite market encompasses various magnesia products, including deadburned and fused magnesia. These products find applications in diverse sectors such as agriculture, chemistry, construction, and refractories. Sources of magnesite include ultramafic rocks like serpentinite, which are processed to produce magnesium carbonate and high-performance magnesia products. These materials are used in industrial floors, blast furnaces, kilns, and incinerators as refractory materials, catalysts, fillers, and in the production of synthetic rubber, magnesium chemicals, fertilizers, building boards, abrasive stones, grinding wheels, phosphate cement mortars, and wall stabilization. The brittle and vitreous shine properties of magnesia make it suitable for use in magnesium metal and magnesium oxide production.
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. Noteworthy exclusions include chemical companies manufacturing diversified chemicals, agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the market's size is determined by the consolidated revenue generated by manufacturers of industrial and basic chemicals. Key growth drivers in the commodity chemicals market include the expanding demand for plastic packaging and the increasing preference for lightweight, corrosion-resistant materials. Plastic, the most frequently utilized material in the packaging sector worldwide, continues to witness continuous innovation, leading to advancements in the chemical industry and influencing the production of plastic packaging materials. Magnesite products, including deadburned magnesia, fused magnesia, magnesium carbonate, and high-performance magnesia products, find extensive applications in agriculture, chemical, construction, refractory, and industrial flooring industries, further bolstering the market's growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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