Magnesite chemical is also known as magnesium carbonate, which is majorly found as an alternative product of serpentine magnesium rock, molded by replacement of dolomitic dolomite & limestone and ultramafic rocks. The major application of magnesite is in the production of magnesium oxide, which requires two grades such as fused magnesia and dead burned magnesia.
Some Of The Key Players In The Global Market Include: Houying Group, Calix, Magnezit, Queensland Magnesia Pty. Ltd., Baymag, Grecian Magnesite, Liaoning Wancheng, Magnesium Group, Magnesita, Haicheng Xiyang Magnesium Ltd.
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In addition, fused magnesia is frequently applied in refractory markets and electrical insulating applications. The leading end use for the refractory material is iron & steel industry. In addition, applications of magnesium compounds such as agriculture, chemical industry, environmental area, pharmaceuticals, construction, and many others are expected to fuel the growth of the global market.
The key factors that drive the growth of global magnesite market include increase in demand for magnesite, especially in chemical and construction industries and rise in production of different grades across the globe. In addition, the surge in demand from refractory applications primarily in iron & steel industries fuels the market growth. Furthermore, increase in usage of cement across the globe is anticipated to drive the market growth, as magnesite is used as a cement additive in the construction industry. Moreover, surge in use of magnesium oxide in magnesia-based wallboards, wastewater treatment, and animal feed boosts the market growth. However, governmental and environmental regulations implemented on reducing toxic emissions from steel production is a major restraint of the market.
The global magnesite market is segmented on the basis of type, application, and geography. By type, the market is categorized into magnesite ore, dead burned magnesia, fused magnesia, and others. The applications covered in the study include construction, industrial, chemical, agriculture, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the global market are focusing on key market strategies such as mergers, acquisitions, collaborations, and partnerships.
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