The global magnesite market to grow at a CAGR of 5.54% during the period 2018-2022.
Global Magnesite Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growth in the automotive industry. Magnesium has been extensively used in the automotive industry since the 1920s. Its lightweight feature enables its application in the production of cars and other commercial vehicles, offering high fuel efficiency, increased performance, and sustainability.
According to the report, one driver in the market is growing demand for refractories from the steel industry. Magnesite, an effective refractory material, can withstand extreme heat and thus is of major significance in industrial processes. The steel industry is the main end-user of refractory magnesia for refractory brick linings.
Further, the report states that one challenge in the market is increasing price of magnesite in China. China is a leading producer and exporter of magnesite globally, accounting for 64.29% of the global magnesite production in 2017. Any change in the export price of magnesite directly influences the overall supply chain related to magnesite.
Key Market Trends
Increasing projects for magnesite production
Imposition of tariff by the US on industrial minerals imported from China