Manganese Ore Market TOC
Manganese Ore Market size is estimated to reach USD 822.4 Million by the end of 2036, growing at a CAGR of 6.25% over the forecast period, i.e., 2024-2036. In the year 2023, the industry size of manganese ore was USD 374.2 Million. The growth of the market can be attributed to the rising demand for the production of automobiles. Manganese ore is often mixed with copper and aluminum alloys and then used in different products, such as car radiators, temperature control devices in the car, the outer body of the vehicle, and others. In the world, around 85 million motor vehicles were manufactured in 2022, which is about 6% higher than in 2021. Japan, Germany, and China were the largest manufacturers in 2022, especially for commercial vehicles and cars.
In addition to these, factors that are believed to fuel the growth of manganese ore market include the rising focus on sea-bed mining. The majority of deep-sea mining is expected to occur in international seas, or those that are beyond any nation's territorial borders, where international agreements which are currently lacking in deep-sea mining—are required for governance and regulation implementation. The International Seabed Authority (ISA) was established in response to the United Nations Convention on the Law of the Sea (UNCLOS), and it was given the authority to supervise related developments in international waters as well as to develop policies, guidelines, and procedures for seabed minerals. So far, the ISA has awarded about 30 contracts, allowing for the exploration of nearly 1.5 million km2 of seafloor for deep-sea mining.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.25% |
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Base Year Market Size (2023) |
USD 374.2 Million |
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Forecast Year Market Size (2036) |
USD 822.4 Million |
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Regional Scope |
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End User (Iron & Steel, Chemical, Batteries)
The iron & steel segment in the manganese ore market is estimated to cross USD 732.7 million in the year 2036 by growing at a CAGR of 6.26% over the forecast period. Moreover, the segment generated a revenue of USD 332.8 million in 2022. The growth of the segment can be attributed to the rising demand for manganese ore in steel and iron production. The majority of manganese ore is smelted to create alloys used in the manufacture of iron and steel. Manganese is essential in the manufacture of iron and stainless steel, accounting for more than 90% of manganese mined globally. The demand for stainless steel is expected to increase faster than steel in general, increasing demand for manganese. Furthermore, per capita steel consumption in the developing world is continually increasing, driven by population growth as much as increased income, and is thus somewhat impervious to economic downturns.
Finished Products (High Carbon Ferromanganese {HCFeMn}; Medium Carbon Ferromanganese {MCFeMn}; Low Carbon Ferromanganese {LCFeMn}; Silico-Manganese {SiMn}; Electrolyte Manganese Metal, Electrolyte Manganese Dioxide {EMD}, Sintered Manganese, Manganese (II) Sulphate {MnSO4), Manganese (II) Chloride {MnCL2}, Manganese (II) Carbonate {MnCO3}
The HCFeMn segment in the manganese ore market is expected to expand at a CAGR of 6.09% over the forecast period, garnering the largest market revenue of USD 245.1 million in the year 2036. Moreover, in 2022, the segment was responsible for USD 113.7 million worth of revenue generation. The growing need for steel in the construction industry is expected to drive the segment’s growth. The finished steel demand from the building and construction industry is forecast to reach 90 MT in FY31, with a CAGR of 9.7 percent, and the infrastructure sector is expected to reach 63 MT in FY31, with a CAGR of 6.8 percent.
Our in-depth analysis of the global manganese ore market includes the following segments:
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Grade |
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Finished Products |
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End User |
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APAC Market Forecast
The manganese ore market in Asia Pacific is projected to expand at a CAGR of 6.48% during the forecast period and garner the largest revenue of USD 722.7 million by the end of 2036. The market revenue in 2022 was USD 319.6 million. The growth of the market can be attributed majorly to the rising demand and production of crude steel. China, India, Japan, and South Korea collectively produce over 70% of the world's crude steel capacity. This demonstrates the solid industry structure in the Asia Pacific area as a whole. The region's burgeoning construction and automotive sectors will also increase demand for iron and steel, influencing demand for manganese ore.
MEA Market Statistics
The Middle East & Africa manganese ore market is expected to surpass USD 37.6 million by the end of 2036 from USD 16.8 million in 2022, by growing at a CAGR of 6.29% over the projected time frame. The electric car market in South Africa is one of the most advanced in the region. While the EV sector in South Africa is still in its nascent stages, it is likely to grow in the next years. Significant investment has been made in the automobile sector to enable it to shift to EV production. Furthermore, EV production in the UAE is likely to increase. This would result in a huge increase in the demand for battery-grade manganese materials.
Author Credits: Smruti Ranjan, Rajrani Baghel
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