Magnesite Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Global magnesite market size is expected to reach $14.9 Bn by 2028 at a rate of 3.5%, segmented as by type, magnesite ore, dead-burned magnesia, fused magnesia, and others types- magnesite

Jun 20, 2024 - 18:40

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Magnesite Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Magnesite refers to the process of mining magnesite ores that are used in pharmaceutical and chemical applications.

Sizing and Forecast
The magnesite market size has grown steadily in recent years. It will grow from $12.37 billion in 2023 to $12.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to industrialization and urbanization, steel production, global economic trends, environmental regulations, infrastructure development.

The magnesite market size is expected to see steadily grown in the next few years. It will grow to $14.9 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to carbon capture and storage, electric vehicle production, infrastructure resilience, circular economy practices, global population trends. Major trends in the forecast period include advancements in refractory technologies, renewable energy technologies, technological advancements, digitalization in mining and extraction, integration of industry 4.0 technologies .

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Segmentation & Regional Insights
The magnesite market covered in this report is segmented –

1) By Type: Magnesite Ore, Dead-Burned Magnesia, Fused Magnesia, and Others Types- Magnesite
2) By Mining Type: Underground Mining, Surface Mining

Asia-Pacific was the largest market in the Magnesite market in 2023.The regions covered in the magnesite market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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Major Driver Impacting Market Growth
The government policies to support supply of critical mineral resources is expected to propel the growth of the magnesite market going forward. Governments are providing subsidies and encouraging foreign direct investments (FDI) in the mineral sector. The amount of government support includes the support through governments' public finance institutions such as bilateral development banks and export credit agencies investing in mineral projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned companies. For instance, in July 2022, the China government established the China Mineral Resources Group. The launch of the mineral resource’s giant is crucial for improving China's ability to ensure the supply of critical mineral resources including magnesite, secure supply chains, and promote high-quality development. As a wholly state-owned company directly managed by the central government and a state-authorized investment institution, the company will operate on the principles of openness, win-win cooperation, and market-oriented and law-based operation. It aims to become a world-class comprehensive mineral resources service enterprise with global competitiveness and influence. Therefore, the growing government policies will drive the magnesite market during forecast period.

Key Industry Players
Major companies operating in the magnesite market report are Calix Inc., Houying Group, Queensland Magnesia Ltd., Magnezit Group, Grecian Magnesite S.A, Baymag, Haicheng Xiyang Magnesium Ltd, Liaoning BeiHai Industries Group Co. Ltd., Sibelco Australia Limited, Almora Magnesite Ltd., Compagnie Financiere et de Participations Roullier, Galaxy Enterprise, RHI Magnesita GmbH, Magnesita Refratários S.A., Kumas Magnesite Industry Inc., Premier Magnesia LLC, SMZ Jelsava, Magnesite Ore Industries Pvt. Ltd., Premier Periclase Ltd., Bisley International LLC, Aldon Corporation, Chemalloy Co. Inc., Prince Minerals LLC, Magnesia GmbH, Magnesita do Brasil S.A., Korab Resources, Volatus Capital, Magnesitas Navarras S A, QMag Limited

The magnesite market report table of contents includes:

1. Executive Summary
2. Magnesite Market Characteristics
3. Magnesite Market Trends And Strategies
4. Magnesite Market - Macro Economic Scenario
5. Global Magnesite Market Size and Growth
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31. Global Magnesite Market Competitive Benchmarking
32. Global Magnesite Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Magnesite Market
34. Magnesite Market Future Outlook and Potential Analysis
35. Appendix