Yahoo Finance Global Dolomite Market is Estimated to Reach $11.3B by 2030 due to Rising Construction - IndexBox
NEW YORK, Dec. 09, 2022 (GLOBE NEWSWIRE) -- A new report on the global dolomite market has just been published by the market intelligence platform IndexBox. Here are some of the most interesting takeaways.
Market Size
The dolomite market size was valued at USD 8.1 billion in 2021 and is expected to grow at a CAGR of 3.8% from 2021 to 2030 to 11.3 billion by 2030. Rising demand for construction materials, steel, and refractory products is fuelling market growth. The production of glass and ceramic is another key factor driving the market as dolomite is used as a raw material in these industries. Moreover, the increasing use of chemicals such as magnesium sulfate, bleach powder, and so on is propelling the market forward.
Dolomite is a carbonate mineral composed of calcium magnesium carbonate with the molecular formula CaMg(CO3)2. It is widely distributed throughout the world and is used in a wide range of applications such as construction, agriculture, and steelmaking.
Dolomite finds applications across several industries such as construction, agriculture, chemical, steel & refractories among others. In terms of value, the construction industry accounted for the largest share of the global dolomite market in 2021. This can be attributed to growing infrastructure development activities worldwide coupled with rising demand for dolomite-based construction materials such as concrete and asphalt aggregate. Furthermore, dolomite is also used in agricultural applications as a soil conditioner due to its ability to improve crop yield by providing essential nutrients such as magnesium and calcium to plants.
The Asia Pacific region is expected to be the fastest-growing region in terms of both value and volume over the forecast period due to rapid industrialization and urbanization in countries such as China, India, Japan, South Korea, and ASEAN countries. Additionally, increasing investment by foreign companies in these regions is also bolstering market growth.
Market Drivers
The global dolomite market is growing due to the following drivers:
1. Increasing demand from the construction industry: Dolomite is used as a construction aggregate in concrete and asphalt paving, and as a base material for road building and railway tracks. The construction industry is expected to continue to grow in developed and emerging economies, which will drive demand for dolomite.
2. Rising demand from the agriculture sector: Dolomite is used as a soil amendment and fertilizer, due to its high calcium and magnesium content. The agriculture sector is expected to grow globally, driven by population growth and rising incomes, which will boost demand for dolomite.
3. Growing environmental concerns: The use of dolomite in environmental applications, such as flue gas desulfurization (FGD) systems for coal-fired power plants, is increasing due to stricter environmental regulations. This trend is expected to continue, driving demand for dolomite.
Market Trends
The global dolomite market is expected to grow at a healthy rate during the forecast period. The major drivers for this market are the increasing demand for steel and iron, and the growing construction industry.
The dolomite market is segmented based on type, end-use industry, and geography. On the basis of type, the market is divided into natural and processed dolomite. The natural dolomite segment held the largest share in 2021 and is expected to grow at the fastest rate during the forecast period. This growth can be attributed to the growing demand from Asia-Pacific countries such as China and India.
Based on the end-use industry, the global dolomite market can be classified into steel & iron, construction, chemicals, agriculture, and others. The steel & iron category dominated the market in 2021 and is projected to grow at a significant rate during the forecast period. This growth can be attributed to the increasing demand for steel in developed as well as developing countries.
Market Challenges
The global dolomite market is segmented into two major categories, based on product type and end-use applications. On the basis of product type, the global dolomite market is classified into three segments, crushed dolomite stone, refractory dolomite, and calcined dolomite. On the other hand, the global market for dolomite is fragmented on the basis of end-use applications into four segments, which are agriculture, construction & roads, chemicals & steel industry, and environmental protection & others.
The challenges that are faced by the vendors in the global dolomite market are as follows:-
1) Access to quality raw materials at competitive prices – The quality of raw materials used has a direct impact on the properties and performance of dolomite products. In order to maintain a competitive edge in terms of pricing, it is essential for dolomite manufacturers to have access to quality raw materials at competitive prices.
2) Stringent environmental regulations – The mining and processing of dolomite can result in environmental impacts such as air pollution, water pollution, and noise pollution. As a result, several countries have imposed stringent environmental regulations on dolomite miners and processors. This has increased the costs associated with Dolomite production and also restricted its availability in some markets.
3) Fluctuations in demand – The demand for dolomite fluctuates depending on factors such as economic growth rate, infrastructure development, construction activity, and steel production. As a result, Dolomite manufacturers are required to maintain high levels of inventory to meet the fluctuating demand. This, in turn, increases their costs and affects their profitability.
Market Forecast
The global dolomite market is expected to grow at a healthy rate during the forecast period. The major factors driving the growth of the market are the increasing demand from the construction industry and the growing use of dolomite as a flux in iron and steel production.
The global dolomite market is growing at a moderate pace due largely to the increasing demand from the construction industry. This mineral is an essential component in concrete and asphalt, and its use is expected to continue to rise in the coming years as infrastructure development continues around the world. Additionally, dolomite is used as a source of magnesium and calcium, two important nutrients for plant growth. As a result, the market for agricultural applications is also anticipated to grow in the coming years.
The other significant application area of dolomite is in iron and steel production, where it is used as a fluxing agent. Dolomite aids in removing impurities from pig iron and steel while reducing energy consumption during production. This makes it an essential raw material for iron and steelmakers. The growing steel production across the Asia Pacific and South America is projected to fuel the demand for dolomite over the forecast period.
Several factors are restraining market growth, however, including strict environmental regulations regarding mining operations and concerns about the impact of mining on local ecosystems. Additionally, the high cost of transporting dolomite to market is also a limiting factor for many potential buyers.
The Asia-Pacific region is expected to be the largest market for dolomite during the forecast period owing to the high economic growth rate and infrastructure development activities in countries such as China, India, Japan, and South Korea. In addition, an increase in construction activities in ASEAN countries such as Indonesia, Malaysia, Philippines, Thailand, and Vietnam is anticipated to fuel the growth of the dolomite market in the Asia-Pacific region.
The Middle East & Africa region is projected to be the second-largest market for dolomite during the forecasted period on account of the rise in demand from the construction industry in GCC countries such as Saudi Arabia and UAE due to government initiatives such as Saudi Vision 2030.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Minerals Technologies Inc., Linwood Mining & Minerals Corporation, Mississippi Lime Company, North American Coal Corporation, Dalian Lianhe Chemical Industry Co. Ltd., Guangdong Qunli New Materials Co. Ltd., Hubei Yixianglong Chemicals Co. Ltd., and Hunan Changde Mineral Powder Industry Co. Ltd.
Sources
World - Dolomite - Market Analysis, Forecast, Size, Trends and Insights
EU - Dolomite - Market Analysis, Forecast, Size, Trends and Insights
Asia - Dolomite - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Dolomite - Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor media@indexbox.io
