Dublin, June 01, 2021 (GLOBE NEWSWIRE) -- The "Magnesite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Magnesite Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The impact of the COVID-19 pandemic results in lower mining activities. The shutdown of the mining sector due to social distancing and other factors has highly reduced the mineral's production levels, which, as a result, are unable to meet the current demand. This factor has constrained the overall mining sector, and thus, negatively impacted the overall market in terms of production.
In short term, the increasing demand from construction, refractory industries are driving the market growth. In addition, Asia-Pacific is likely to dominate the overall market due to rising demand from the construction sector.
Key Market Trends
Growing Demand for the Construction Industry
- Magnesite is an important mineral composed of magnesium carbonate (MgCO3) and is being used for many applications. Construction Industry is among the major users that have been using high-performance magnesia products for a long time.
- The applications of magnesite include industrial floors, building boards, abrasive stones, and grinding wheels, phosphate cement mortars, wall stabilization, road construction, drilling muds, ceramic tile production, and is also used as an additive in cement.
- The adoption of magnesite in the construction industry is mainly due to its properties. Some of the properties include excellent adhesion, self-leveling, fire resistance, high bonding strength, and high hydration reaction.
- The impact of COVID-19 resulted in the lockdown of economic and industrial activities across the globe. Due to this, mining operations have been stopped globally. So, the demand and supply dynamics have changed and the supply of magnesia to the construction industry has decreased in 2020, compared to previous years.
- Moreover, the performance of the construction sector is projected to be greatly affected due to the impact on the liquidity of money as a result of the affected income of a relatively larger section of the society, this factor is expected to affect the market studied.
- It is expected that post-recovery of activities from locked, the demand for magnesite is likely to recover from new construction projects in the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed construction and chemical sectors in China, coupled with the continuous investments done in the region to develop the agriculture segment through the years.
- A large percentage of magnesite is being used in the refractory industries. Hence, the presence of magnesite at the time of making steel plays a major role.
- The growing construction market in Asia-Pacific has been increasing the demand for ceramics from residential as well as industrial sectors. Rising road construction activities in developing regions further escalate the demand for magnesite in recent times.
- According to the US Geological Survey, China is the largest producer of magnesite and has produced around 19,000 metric tons in 2019. Agriculture (fertilizers), chemical, construction, industrial, refractory are some of the end-user industries that have been major consumers of magnesite for different applications in the country.
- However, the recent COVID-19 pandemic, which originated from China, has tremendously impacted every country's economy with trade disruptions. This resulted in less consumption of magnesite due to the shut down of various end-user industries in the Asia-Pacific region, in 2020.
- In the Asia-Pacific region, even after the resumption of most of the construction projects, the growth of the construction sector is experiencing slower growth. This is due to the lack of labor, transportation, and supply of raw materials. This factor has also become the major reason that has constrained the growth of the market studies in terms of consumption.
- Post-COVID-19 recovery, the market is likely to grow for the rest of the forecast period, majorly owing to the expansion of chemical, agriculture, and construction industries develop in the region.
Competitive Landscape
The magnesite market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Grecian Magnesite, RHI Magnesita GmbH, Sibelco Australia Limited, Magnezit Group, and Baymag, amongst others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from Refractory Industries
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Stringent Government Regulations
4.2.2 Impact of COVID-19
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.2 Application
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Merger and Acquisitions, Joint ventures, Collaborations, and Agreements
6.2 Market Share (%)
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Baymag
6.4.2 Calix Inc
6.4.3 Grecian Magnesite
6.4.4 Haicheng Xiyang Magnesium Ltd
6.4.5 Houying Group
6.4.6 Liaoning BeiHai Industries Group Co., Ltd
6.4.7 Magnesitas Navarras S A
6.4.8 Magnezit
6.4.9 RHI Magnesita N.V.
6.4.10 Sibelco Australia Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ov6ovz