Global Magnesite Market 2024 , Forecast To 2033
7 Mar, 2024
The magnesite market has witnessed steady growth, increasing from $12.37 billion in 2023 to $12.97 billion in 2024, with a CAGR of 4.9%. This growth is attributed to factors such as industrialization and steel production. Looking ahead, the market is expected to continue its steady growth, reaching $14.9 billion in 2028 at a CAGR of 3.5%. Factors driving this growth include carbon capture and electric vehicle production. Major trends may include advancements in refractory technologies and digitalization in mining.
Global Magnesite Market Key Driver
Government policies to support the supply of critical mineral resources (18) are 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 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 Chinese government established the China Mineral Resources Group, crucial for improving China's ability to ensure the supply of critical mineral resources including magnesite, secure supply chains, and promote high-quality development, thus driving the growth of the magnesite market (19).
Get A Free Sample Of The Global Magnesite Market ReportGlobal Magnesite Market Segments
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
By Geography: The countries covered in the magnesite market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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.
Major Magnesite Industry Players
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
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Magnesite Market Overview
Magnesite refers to the process of mining magnesite ores that are used in pharmaceutical and chemical applications.