12-Sep-2022 | Facts and Factors
According to Facts and Factors, the global magnesite market size was worth around USD 7.5 billion in 2021 and is predicted to grow to around USD 10.7 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.2% between 2022 and 2028.
Magnesite is generally referred to as magnesium carbonate and has the chemical formula MgCO3. Magnesite is typically found as a replacement for dolomitic limestone and dolomite in the form of irregular veins produced by serpentine magnesium-rich rock and ultramafic rocks. Magnesite is marketed as a form of magnesium along with other products like magnesium oxide (magnesia, MgO). The manufacturing of magnesium oxide, which comes in two grades: fused magnesia (FM) and dead burned magnesia, is the main usage of magnesite (DBM). Additionally, fused magnesia is mostly employed in the refractory and electrical insulating markets. The steel and iron industry accounts for around 70% of the world's demand for magnesite, making it the primary end-use industry for refractory material. Additionally, the chemical industry, agriculture, pharmaceuticals, the environment, building, and many other industries use magnesium and its compounds.
Browse the full “Magnesite Market Size, Share, Growth Analysis Report By Type (Magnesite Ore, Dead Burned Magnesia, Fused Magnesia and Others), By Application (Construction, Industrial, Chemical, Agriculture, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/magnesite-market
The global magnesite market is driven by its number of benefits such as inexpensive, soft & cut quickly, places less wear on the equipment, and cuts with less energy consumption. Low manufacturing costs and the wide spectrum of dyed colors make magnesite an excellent material for making colorful, low-cost costume jewelry and craft projects. Moreover, the increasing uses of magnesite in various end-use sectors such as chemical, construction, and others are expected to flourish the market growth during the forecast period. However, the governmental and environmental regulation implemented to reduce toxic emissions during mining is expected to hinder the growth of the market.
Lower mining activity is a result of the COVID-19 pandemic. Due to the closure of the mining industry as a result of social isolation and other issues, there is currently an insufficient supply of the mineral to meet demand. This factor has limited the entire mining industry, which harmed the production of the market to a large extent.
The global magnesite market is segmented based on type, application, and region.
The global market is divided into magnesite ore, dead burned magnesia, fused magnesia, and others based on type. The market segment for dead burned magnesia held the major proportion in 2021 and is anticipated to continue to dominate during the forecast period. Dead-burned magnesia is primarily used as a refractory material. It has the highest melting point when compared to other widely used refractory oxides. Dead-burned magnesia is the best material to utilize in high-temperature operations for heat containment, particularly in the steel industry. When it comes to strength, chemical stability, and abrasion resistance, fused magnesia outperforms other materials.
The global market for magnesite is segmented into construction, industrial, chemical, agricultural, and others based on the application. The market segment with the largest share, construction, is predicted to expand rapidly over the projected period. There are several applications for magnesite, a major mineral composed of magnesium carbonate (MgCO3). The building sector is one of the major ones that has historically used high-performance magnesia materials. Among the uses for magnesite, there are industrial flooring, building boards, abrasive stones, grinding wheels, phosphate cement mortars, wall stability, road construction, drilling muds, ceramic tile manufacturing, and use as a cement additive.
Due to the region's significant growth in industrial, agricultural, and construction activity, particularly in developing nations like India and China, the Asia Pacific region is predicted to dominate the global magnesite market over the projection period. In addition, China is the world's biggest producer of magnesite. However, North America is estimated to grow at a substantial rate during the forecast period owing to the high demand for magnesite in the construction industry in the region, especially in the U.S.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 7.5 Billion |
Projected Market Size in 2028 |
USD 10.7 Billion |
CAGR Growth Rate |
5.2% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Grecian Magnesite, Magnezit, Houying Group, Calix, Baymag, Magnesium Group, Liaoning Wancheng, Haicheng Xiyang Magnesium Ltd., Queensland Magnesia Ltd., Ramakrishna Magnesite Mines, Liaoning Jinding Magnesite Group, BeiHai Group, Haicheng Magnesite, and Others |
Key Segment |
By Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global magnesite market is dominated by players like Grecian Magnesite, Magnezit, Houying Group, Calix, Baymag, Magnesium Group, Liaoning Wancheng, Haicheng Xiyang Magnesium Ltd., Queensland Magnesia Ltd., Ramakrishna Magnesite Mines, Liaoning Jinding Magnesite Group, BeiHai Group, and Haicheng Magnesite among others.
Recent Developments:
- In June 2022, Grecian Magnesite S.A. announced that its Turkish subsidiary, Akdeniz Mineral Kaynaklari A.S. (AMK), has signed an agreement for the installation of a roof-type solar energy system at its Kumbet plant, to ensure savings on energy cost and contribute to the broader corporate objectives of reducing Greenhouse Gases (GHG) emissions. This investment is part of the energy efficiency strategy for the reduction of GHG (Greenhouse Gases) emissions already introduced by Grecian Magnesite within its production facilities, with initiatives such as the purchase of energy from certified renewable sources, the installation of smart energy meters & sensors, the installation of active/passive harmonic filters, etc.
- In July 2021, RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, announced that it has executed a Memorandum of Understanding (“MOU”) with Australian technology company Calix Limited. The MOU covers the development of a Calix Flash Calciner for use in the production of refractory materials, which will enable CO2 separation for either utilization or storage.
The global magnesite market is segmented as follows:
By Type
- Magnesite Ore
- Dead Burned Magnesia
- Fused Magnesia
- Others
By Application
- Construction
- Industrial
- Chemical
- Agriculture
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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