One of the main drivers propelling market expansion is the increased demand from the building industry for magnesite and brucite. Over the course of the forecast period, the market is anticipated to increase due to the rising use of these minerals in the manufacture of refractory bricks used to line furnaces, kilns, and reactors. Additionally, it is predicted that the market would rise due to the rising demand for these minerals as functional fillers in paints & coatings and plastics. Abrasives, agricultural chemicals, animal feed, ceramics and glass, environmental products, foundry sands and moulding materials, metallurgical fluxes, and water treatment are just a few of the additional uses for magnesite and brucite.
For the creation of chemicals and goods based on magnesium, the market for magnesite and brucite is crucial. Magnesite and brucite are two distinct mineral kinds that are employed in a wide range of industrial processes, including the production of refractory materials, building, agricultural fertilisers, and water filtration. They have significant use in the production of chemicals as well, serving as fillers in paint, rubber, and plastics as well as in the production of ceramics, glass, and enamels. Due to increased industrialisation and the rising demand for magnesium-based compounds, the demand for magnesite and brucite is anticipated to expand on a global scale. Increased demand for lightweight components from the automotive industry and fireproof materials from the electronics industry is anticipated to be the main drivers of this expansion. The demand for magnesite and brucite will rise even more in the upcoming years as new uses for these minerals are developing in fields like energy storage and biomedical engineering.
The mineral known as "magnesesite" is a magnesium carbonate, and its chemical formula is MgCO3. Magnesium hydroxide, or brucite, is a mineral with the chemical formula Mg(OH)2. Numerous processes, such as dead-burned magnesia, caustic-calcined magnesia, fused or electrofused magnesia, and others, utilise the minerals maghesite and brucite. Additionally, refractory, paint, fertiliser, and other industrial applications are only a few of the uses for magnesite and brucite.
Between 2021 and 2031, it is predicted that the global market for magnesit and brucite will grow at a CAGR of 6.3%, from a value of USD 11,441.2 million in 2021 to USD 17,739.6 million in 2031.
The demand for products made of magnesia has expanded in end-use sectors including refractory, construction, chemicals, and others, which supports the market. The production of magnesia and brucite, as well as their use in a variety of sectors, are credited with driving this increase.
The absence of industry-wide standardisation is a barrier to the growth of the cold plate market globally. Due to the numerous small and medium-sized firms created by this, the market is fragmented, making it challenging for new competitors to establish a presence. Another significant barrier to market expansion is the high cost of raw materials. Cold plates are expensive to produce because they require a lot of raw materials, such as copper and aluminium. Another significant element limiting market expansion is the convoluted production process. Stamping, extrusion, machining, and surface treatment are a few of the stages that must be done precisely to produce high-quality goods.
The overall cost of production goes up as a result. The strict rules governing the use of dangerous chemicals in the production process are also impeding the expansion of the market. These rules forbid the use of specific chemicals that are necessary for the production of cold plates, increasing costs and lowering end-product quality. Nevertheless, despite these inhibitors, the market for magnetite and brucite is anticipated to expand at a respectable rate throughout the course of the projected period.
Magnesite and brucite are produced by a number of significant companies worldwide. Magnezit Group, Jindi Magnesium Industry Co., Ltd., Linzhang County Hengqin Magnesium Co., Ltd., Weifang Qiaocheng Magnesium Co., Ltd., Hunan Chenzhou Mining Group Co., Ltd., and Haicheng Xinnuoxier Refractory Minerals Co., Ltd. are a few of the well-known businesses. With their cutting-edge manufacturing facilities and cutting-edge technologies, these businesses have a solid presence in the market. Furthermore, to meet the expanding demand from diverse end-use industries, these businesses are also making significant investments in research and development efforts.
The Phanerocrystalline Magnesite Segment emerged as the Most Lucrative Type
In 2021, phanerocrystalline magnesite is anticipated to be the most often utilised type of magnesite, and it is anticipated that this dominance will last for the entire anticipated time period. Due to its low reactivity with other materials and capacity to withstand slag penetration and corrosion, this form of magnesite is typically favoured. Because of its high melting points, it can be used in refractory applications.
The Most Prominent Application is the Dead-burned Magnesia Segment
Due to its widespread use in steelmaking, which removes pollution from the process and increases overall efficiency, dead-burned Magnesia held the biggest share in terms of application in 2021. This segment will continue to dominate the market going forward. The demand for dead-burned magnesia is further influenced by its use in refractory and foundry materials.
The North American Region to render Ample Financing Opportunities
Due to the presence of significant manufacturers situated in nations like the United States and Canada, the North American region accounted for the biggest market share in terms of both value and volume in 2020, and it will maintain its dominance throughout the anticipated time period. Furthermore, the region of North America's high demand for magnesia and brucite is another factor contributing to its supremacy.
COVID-19 Impact and Market Status
The market for magnesite and brucite has been significantly impacted by the COVID-19 pandemic epidemic. The worldwide economic slump has caused a dramatic fall in demand for certain minerals. As manufacturing activity increases, a gradual rebound in the market is anticipated in the upcoming months. The market is also anticipated to be impacted by supply chain disruptions and escalating raw material prices. Due to decreased industrial activity, the demand for magnesite and brucite as raw materials has declined in the manufacturing sector.
However, because of their low manufacturing costs and fireproofing qualities, these minerals are now more in demand in other industries, such as the construction industry. Due to the high magnesium content of these minerals, there is also a surge in demand from nations like Turkey, India, and China. Due to the rising demand from numerous sectors, the magnesite and brucite market is anticipated to rise modestly overall throughout the forecast period. Additionally, it is anticipated that in the upcoming years, technological developments along with rising R&D expenditures would further boost the market growth.
Recent Developments in the Magnesite and Brucite Market
• China, the largest producer of magnesite in the world, implemented a new 10% export tax on magnesite ore in March 2020. This was put in place to safeguard the native magnesite sector and lessen the nation's dependency on imports from elsewhere.
• The Brucite Mining Project in Australia was purchased by Vinmart Resources, an Indian mining and exploration business, in August 2020. With the help of this acquisition, the business will be able to create premium brucite and increase its market share internationally.
• A contract for the delivery of premium magnesia products to India was signed in March 2021 by the minerals company EuroChem of Russia and Premier Magnesia of China. With the aid of this arrangement, EuroChem will be able to increase its footprint in India and solidify its status as the region's top mineral supplier.
Magnesite and Brucite Market Scope
|Revenue forecast in 2031
|USD 17,739.6 million
|CAGR of 6.3 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Magnezit Group, Jindi Magnesium Industry Co., Ltd., Linzhang County Hengqin Magnesium Co., Ltd., Weifang Qiaocheng Magnesium Co., Ltd., Hunan Chenzhou Mining Group Co., Ltd., and Haicheng Xinnuoxier Refractory Minerals Co., Ltd.
Key Segment of Global Magnesite and Brucite Market
By Type Overview (USD Million)
• Phanerocrystalline Magnesite
• Cryptocrystalline Magnesite
By Application Overview (USD Million)
• Dead-burned Magnesia
• Caustic-calcined Magnesia
• Fused or Electrofused Magnesia
By Region Overview (USD Million)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa