Magnesite Market Analysis, Share & Trends - Industry Forecast to 2026

Posted by anagha on February 19th, 2019

Magnesite is a magnesium carbonate (MgCO3) mineral occurring as veins in magnesium-rich rocks such as ultramafic rocks and serpentinite. It is very brittle and has a vitreous shine with colors ranging from colorless or white when pure to pale yellow, pale brown, faintly pink, and lilac rose. In its purest form, the mineral contains around 50% magnesium, which makes it ideal for producing magnesium. Magnesium metal is used in products such as car seats, laptops, cameras luggage, and power tools. Magnesite is used in end-use industries such as construction, chemical, industrial, and agriculture. Large quantities of magnesite is burnt to make magnesium oxide, which is an important refractory material used as a lining in blast furnaces, kilns, and incinerators, as a binder in flooring material in the construction industry. Magnesite is used as a catalyst and filler in manufacturing of synthetic rubber and in the preparation of magnesium chemicals and fertilizers. Magnesite cupels are used for cupellation as magnesite cupel in fire assay, which can resist high temperatures involved in the process. Magnesite is commonly used to make beads, tumbled stones, and cabochons. White magnesite is porous and has the ability to be cut and reliably absorb dye to produce almost any color. According to Investing News Network, China is the world’s top country for magnesite mining by 2017, accounting for around 66% of the global output.

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Other major countries for magnesite mining are Brazil, Greece Slovakia, Turkey, Australia, India, Russia, Austria and Spain. According to Indian Minerals Yearbook 2015, the total reserves/resources of magnesite as per UNFC system by 2013, were about 328 million tons, of which reserves and remaining resources are 21 million tons and 307 million tons, respectively. According to the European Association of Mining Industries, Metal Ores, and Industrial Minerals, the European Union (EU) extracts around 2.9 million tons of primary material (expressed as magnesite ore), accounting for 10% of the world production.

Market Dynamics

A major driver for the global magnesite market growth is increasing growth in the construction sector. According to Global Construction Perspectives and Oxford Economics, in 2015, the global construction market is set to grow by US$ 8 trillion by 2030, reaching a total size of US$ 17.5 trillion and increasing by an average annual rate of 3.9% to 2030. Rising construction sector demands cement and other construction materials such as magnesite, which is contributing towards the global magnesite market growth.

Stingent environmental and government regulations implemented to reduce environmental pollution arising from steel production is a major challenge faced by magnesite manufacturers as it is one of the important refractory material. This is a major a restraint for global magnesite market growth. For instance, ‘Air and Leaching Pollution Scenario by Iron and Steel Plants, in central India’ research paper stated that, In India iron and steel industries are, among the 17 most polluting industrial sectors, identified by the Central Pollution Control Board (CPCB).

Market Outlook

According to global magnesite market analysis, North America held the dominant position in the market in 2017. North America is projected to maintain its dominance throughout the forecast period owing to magnesite demand from the construction industry.

Based on end-use industry, the construction segment is projected to gain major traction over the forecast period, owing to increasing use of magnesite for application in this sector. This is due to exceptional refractory properties of magnesite useful in steelmaking, metallurgical, and ceramic processes. The use of magnesite as a cement additive is also gaining popularity in the construction industry. According to Industrial Minerals Association North America, the refractory industry is the greatest consumer of magnesium compounds and the steel industry is the largest user of refractory magnesia. It is used to treat industrial wastewater by removing silica and precipitating heavy metals, to reduce air pollution by stripping sulfur dioxide from industrial air emissions. Magnesite’s absorbent properties are useful in cleaning up hazardous chemical spills and hence, the chemical segment is expected to be the fastest growing segment during the forecast period.

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Key players in Global Magnesite Market

Key players operating in the global magnesite market are Calix, Magnezit, Grecian Magnesite Houying Group, Baymag, Grecian Magnesite, Magnesium Group, Liaoning Wancheng, Haicheng Xiyang Magnesium Ltd., Magnesita, Ramakrishna Magnesite Mines, Queensland Magnesia Ltd., Liaoning Jinding Magnesite Group, BeiHai Group, and Haicheng Magnesite among others.

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