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IN THE NEWSFebruary 2020- Refratechnik Holding GmbH/DE announced that it has entered a purchase agreement with SIBELCO Group for taking over 100 % of QMAG Ltd. This agreement is aimed to make QMAG an important partner in the Refratechnik Group.
March 2019- Terna Mag unveiled the launch of Dead Burned Magnesia products series, under the brand name NOVAPYR, that will serve the growing needs of refractory industry and other industrial applications.
The global caustic calcined magnesite market is estimated to garner a large amount of revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the rising demand for the product from agricultural and construction industries to make compounds with high magnesium concentrations, such as cattle feed additives and magnesia cement. Along with this, growing demand for caustic calcined magnesite in environmental applications, including the production of magnesite balls is also expected to drive market growth in the forthcoming years. Furthermore, high need for soil decontamination, water treatment and waste neutralization across the globe is projected to offer abundant opportunities for market growth in the near future. According to the United Nations organization, 56% of the household wastewater flows in the world were safely treated in 2020. Also, 80% of wastewater flows back into the ecosystem without being treated or reused.
The market is segmented by application into agricultural, chemicals, pharmaceutical, construction, steel production, and pulp & paper, out of which, the construction segment is anticipated to hold the largest share in the global caustic calcined magnesite market. This can be accounted to the rising demand for the product for the production of cement, and for the construction of refractory linings and furnaces. Apart from this, the agricultural segment is predicted to gather the largest share during the forecast period, which can be credited to the high requirement of magnesium for photosynthesis in plants, and its growing usage to manufacture agricultural fertilizers all around the world. Additionally, on the basis of product type, the standard (up to 90% MgO) segment is assessed to acquire the largest share owing to the high availability at low cost of this type of magnesite. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global caustic calcined magnesite market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing demand for the product from the chemical industry, especially in China. In addition, rapidly growing construction sector is also projected to fuel the market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the booming cosmetics industry, and strong presence of prominent market players in the region. In the United States, in 2020, about USD 2 billion was generated from sales of eye cosmetics, and approximately USD 1.5 billion from the sales of facial cosmetics.
The global caustic calcined magnesite market is further classified on the basis of region as follows:
Our in-depth analysis of the global caustic calcined magnesite market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising demand for the product from agricultural and construction industries, and growing demand for caustic calcined magnesite in environmental applications.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
The major players in the market are Possehl Erzkontor GmbH & Co. KG, Befriend Trading Co. Ltd., TERNA MAG S.A., Nedmag B.V., Magnezit Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, and by region.
The construction segment is anticipated to hold largest market size and is estimated grow at a robust CAGR over the forecast period and display significant growth opportunities.
Volatility in the prices of raw materials is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing demand for the product from the chemical industry, especially in China.
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