Press release
Pyrite Market To Reach Valuation Of US$ 15.9 Bn By 2030
The global pyrite market is broadly affected by several factors, including rise in usage of pyrite in the paper & pulp industry. The increase in usage of pyrite in sulfuric acid is also propelling the global pyrite market.
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Pyrite Market: Dynamics
Pyrite is considered a ubiquitous mineral due of its easy availability. It is mined as a source of sulfur and iron. Pyrite is readily oxidized to create sulfuric acid, both commercially and naturally. Iron pyrite is pure in nature and a useful ore of iron used in photovoltaic cells, brake pads, and glass colorants.
The demand for sulfuric acid is increasing in various industries. Sulfuric acid is generally used in cleaning of metals, removal of impurities from oil, and manufacture of chemicals such as nitric acid and hydrochloric acid.
Sulfuric acid is also used for wastewater processing, production of cleaning agents, and processing of minerals. It is also used in the manufacture of aluminum sulfate in the paper industry. Pyrite is used as a raw material in the production of sulfuric acid. This is driving the demand for pyrite across the globe.
Pyrite is a suitable material in rechargeable sodium-ion batteries. The sodium undergoes the same conversion reaction to form iron and sodium sulfide. The conversion reaction within sodium and lithium devices using pyrite leads to rapid degradation of active bulk storage materials.
Continuous developments in consumer electronics and automotive verticals have led to an increase in the application of lithium-ion batteries, as they offer various advantages such as high power capacity, increased safety, and reduced pollution. This is driving the demand for pyrite in the production of lithium-ion batteries.
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Pyrite Market: Prominent Regions
The global pyrite market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the global pyrite market in 2019. The region is expected to maintain its dominance during the forecast period. China is the leading producer of pyrite in Asia Pacific. Significant rise in rate of urbanization and industrialization in Asia Pacific is expected to propel the consumption of pyrite in the region.
The pyrite market in Europe is anticipated to expand at a significant pace during the forecast period. The growth of the pyrite market in Europe is driven by the expansion of the electronic vehicles industry in the region. The implementation of stringent regulations to lower the carbon footprint has boosted the purchase of electronic vehicles. Electronic vehicles use batteries to store energy. This eliminates the need of traditional gasoline fuel, thereby eliminating the emission of hydrocarbons. Nanocrystals made of pyrite serve as cathodes in sodium-ion batteries. These sodium ion batteries can be used as substitutes for lithium-ion batteries (batteries in e-vehicles). Sodium-ion batteries are much cheaper than lithium-ion batteries and can be used in stationary storage units to store electricity.
Pyrite Market: Key Players
The global pyrite market is fragmented with the presence of large numbers of players. Key players operating in the global pyrite market are Hickman, Williams & Company, Washington Mills, Avrupa Minerals Ltd., Foshan Pyrite Mineral Materials Co., Ltd, Pakistan Minerals Company, Calumite Company, LLC, Luoyang Perfect Trading Co. Ltd, Vulcan Corporation Limited, China Runlong Industry Co., Ltd., and Miller and Company LLC.
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Global Pyrite Market: Segmentation
Pyrite Market, by End-user
Foundry
Steel
Abrasive
Glass
Battery
Paper & Pulp Industry
Others (including Chemicals)
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