Our in-depth analysis has segmented global manganese mining market into the following segments:
Global manganese mining market is further classified on the basis of region as follows:
Global manganese mining market is anticipated to grow at a CAGR of 3.6% over the forecast period. Rapid industrial development in the growing economies is expected to drive the growth of global manganese mining market during the forecast period. Manganese is used for the manufacturing of steels. Further, increasing consumption of steel is expected to spur the growth of global manganese mining market.
Geographically, Asia-Pacific accounted for largest market in the terms of market size of overall manganese mining market. Further, it is estimated to continue its dominance over the forecast period due to the rising demand for steel from automotive. Growing infrastructure development activities is expected to supplement the growth of manganese market in Asia Pacific region. China and India are witnessing the augmented demand for steel which is further likely to impel the growth of Asia Pacific manganese mining market during the forecast period.
North America is expected to expand at a significant CAGR over the forecast period. Rise in construction activities such as rehousing, renovation and others is expected to propel the growth of manganese mining market in North America region. U.S. is anticipated to be the major country witnessing the augmented demand for steel which further, is expected to bolster the market of manganese mining market. It has been notified that presently South Africa has 22% of overall manganese mining reserves all over the globe. Middle East & Africa region is expected to showcase lucrative growth owing to presence of mining reserves in the region. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of application, the segment is divided into alloys, electrolytic manganese dioxide and electrolytic manganese metals. Alloys segment captured the largest market share in overall manganese mining market due to massive utilization of steel across the globe.
Manganese is the key ingredient to manufacture any type of steel. Global growth in the consumption of steel is expected to be the key factor behind the growth of global manganese mining market. Further, growth in infrastructure sector has been witnessed in recent years. Apart from this, automotive industries have been a major consumer for steel since decades. In recent years, automotive industries have expanded their presence in developing economies. These factors are expected to garner the growth of the global manganese mining market.
Manganese is used to produce alkaline batteries. Surging use of batteries and increasing adoption of electric vehicles is likely to foster the growth of the manganese mining market during the forecast period. Further, growing use of batteries in consumer applications is expected to facilitate the expansion of global manganese mining market in the next few years. Moreover, availability of technically advanced equipment to extract the mines is likely to supplement the growth of the global manganese mining market.
However, power and electricity issues in South Africa are expected to dampen the growth of global manganese mining market during the forecast period. Additionally, lack of investment, inadequate skilled workforce and poor maintenance of the sector is anticipated to slow down the growth of global manganese market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel