The global magnesite market is expected to post a CAGR of nearly 6% during the period 2018-2022, according to the latest market research report by Technavio.
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A key factor driving the growth of the market is the progress in the automotive industry. Magnesium has been extensively used in the automotive industry since the 1920s. Its lightweight features enable its application in the production of cars and other commercial vehicles, offering high fuel efficiency, increased performance, and sustainability. Several automotive companies have replaced the use of steel and aluminum with magnesium. This is because magnesium offers several advantages in automotive applications such as decrease in the overall weight of the vehicle, improvement in handling and turning capabilities as the center of gravity is shifted toward the rear of the car, tuning of magnesium parts that helps in achieving frequencies that reduce vibration and overall noise, higher strength in comparison to steel, and cost-effectiveness.
This market research report on the global magnesite market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand for refractories from the steel industry as another crucial driver for growth in the global magnesite market:
Global magnesite market: Growing demand for refractories from the steel industry
Magnesite, an effective refractory material, can withstand extreme heat and thus is of major significance in a multitude of industrial processes. The steel industry is the main end-user of refractory magnesia for refractory brick linings. The iron and steel industry accounts for two-thirds of all usage of refractory materials at the global level. From coke ovens to blast furnaces, refractories are important in manufacturing processes.
“The rapid industrialization and urbanization in the developed and developing nations present major growth opportunities for iron and steel manufacturers. Steel has wide applicability across the building and construction, automotive, aviation, and oil and gas industries across the globe. Steel casting is a method where liquified steel is poured into the mold, made of sand or ceramic plater, to create the desired shape. Thus, the rapid increase in steel casting market is expected to increase the demand for refractories during the forecast period, thus driving the growth of the magnesite market,” says a senior analyst at Technavio for research on specialty chemicals.
Global magnesite market: Segmentation analysis
This market research report segments the global magnesite market by application (refractory and others) and geographical regions (APAC, EMEA, and the Americas).
The refractory segment held the largest market share in 2017, accounting for nearly 70% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 65%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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