Manganese Mining Market Size to grow by USD 10940.1 million between 2024-2028
According to a research report “ Manganese Mining Market” by Application (Alloys, Others) Type (Braunite, Pyrolusite, Psilomelane, Rhodochrosite) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 10940.1 million, at a CAGR of almost 6.78% during the forecast period. The global steel market experiences significant growth due to steel's indispensable role in various industries, including automotive, energy, construction, and industrial machinery. The construction sector, in particular, has been a major contributor to this market expansion. Modern infrastructure and buildings incorporate steel beams and bars for their longevity, workability, and high resistance to fatigue. In 2021, China dominated global crude steel production, accounting for approximately 50%-52% with 1.03 MMT, followed by India, Japan, the US, and Russia. These countries' robust economic development and population growth have fueled the demand for steel, making it a crucial element in the global economic landscape.
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By Application, the Alloys segment is projected to dominate the market size in 2024
In the global manganese mining sector, braunite, a mineral rich in manganese and iron, holds significant value due to its unique composition and industrial applications. This distinct variant of manganese ore is highly sought-after in metallurgical processes for its desirable properties. The braunite market is characterized by its high demand, driven by its use in various industries, particularly steel and alloys. Its dark brown to black coloration and tetragonal crystalline structure further distinguish it in the mining industry.
By Type, Braunite segment is expected to hold the largest market size for the year 2024
In the global manganese mining market, the alloys segment held the largest market share in 2023, accounting for significant revenue growth. Manganese is primarily utilized in the production of various alloys, enhancing their physical and mechanical properties. Steel, particularly stainless steel, is the primary end-user, absorbing approximately 70% of manganese alloys. Concurrently, around 15% of manganese alloys are converted into slag as waste, leaving the remaining portion for industrial applications. Notably, a substantial proportion of mined manganese ore is transformed into manganese alloy, which subsequently serves as a crucial input in the manufacture of diverse alloys, including steel and aluminum.
APAC is forecasted to hold the largest market size by region in 2024
The Manganese mining market represents a significant business opportunity due to the increasing demand for this mineral in various industries, particularly in steel production. Manganese is an essential element for strengthening and hardening steel, making it indispensable in the manufacturing sector. The global market for manganese ore and concentrates is projected to grow at a steady pace, driven by expanding steel production in developing economies. Companies operating in this market face challenges such as price volatility and supply chain disruptions, necessitating strategic planning and risk management.
The Manganese Mining Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Manganese is a vital element in various industries, including steel production, electronics, chemicals, and renewable energy sources. The global manganese mining market is driven by the increasing demand for steel products, particularly in the transport industry, and the growing use of manganese in rechargeable batteries for electronics and renewable energy storage. Manganese minerals such as Rhodochrosite, Psilomelane, Pyrolusite, Braunite, and others are mined for their high manganese content. The steel industry is the largest consumer of manganese, using it to produce ferromanganese and silicomanganese, which are essential for the production of high-strength and low-alloy steels. Electrolytic manganese and ferromanganese are used in the aluminum industry for the production of alloys. Manganese is also used in the production of non-ferrous alloys and ferrous alloys, such as manganese alloys, which are used in various industries, including aerospace, automotive, and construction. The growing adoption of renewable energy sources, such as solar and wind power, is expected to drive the demand for manganese in the production of batteries. The increasing use of manganese in batteries for electric vehicles and grid energy storage is also expected to boost the market growth. Overall, the global manganese mining market is expected to grow significantly due to the increasing demand for manganese in various industries.
Market Research Overview
The Manganese mining market is experiencing significant growth due to the increasing demand for Manganese-based products in various industries. Steel products, electronics, and chemicals are the major consumers of Manganese, with Rhodochrosite, Psilomelane, Pyrolusite, Braunite being the primary ore types used for their production. Manganese producers are focusing on meeting the rising demand for batteries, particularly in the energy storage industries and electric vehicles (EVs). Manganese is a crucial component in Lithium-ion batteries, enhancing battery performance and energy density. With the growing emphasis on renewable energy sources like solar and wind power, the demand for rechargeable batteries is expected to surge, boosting the Manganese mining industry. Manganese is also used in the manufacturing of aluminum and ferrous alloys, including high-carbon ferromanganese and silicomanganese, which are essential in the steel industry. The transport industry's growing focus on reducing emissions and increasing fuel efficiency is also driving the demand for Manganese alloys in the manufacturing of aluminum and steel. Manganese exposure limits and the need for substitute materials are concerns for the mining sector. Research initiatives by institutions and manganese battery manufacturers are underway to explore alternative sources and improve mining practices to mitigate these challenges. The mining industry must also adapt to the evolving market trends and technological advancements to remain competitive.
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