Press release
Pyrite Market Analysis and Forecast 2023: Growing Demand and Stable CAGR 3.2%
Pyrite Market
Pyrite, also known as iron sulfide, is a mineral commonly found in sedimentary rocks, coal, and various ore deposits. Pyrite is often referred to as "fool's gold" due to its shiny, metallic appearance, which can resemble that of gold. Pyrite has a variety of uses, including as a source of sulfur in the production of sulfuric acid, as a gemstone, and as a catalyst in chemical reactions. The pyrite market is influenced by a variety of factors, including supply and demand, global economic conditions, and government regulations.
Market Size and Growth:
The global pyrite market was valued at USD 235.8 million in 2015 and is projected to reach USD 301.7 million by 2023, growing at a CAGR of 3.2% during the forecast period. The growth of the pyrite market can be attributed to the increasing demand for sulfuric acid, which is used in a wide range of industries, including fertilizer production, metal processing, and wastewater treatment.
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The market for pyrite was mainly driven by jewelry and sulfur compounds market. Huge demand of pyrite for manufacturing of sulfuric acid and sulfur dioxide has been driving the market in past few years. Pyrite is used in jewelry items such as necklace with beads and cabochons. In grinding industry, pyrite is used as filler in grinding wheels and brake linings.
Pyrite is also used in friction markets to increase the thermal conductivity. Pyrite also helps in adjusting the friction coefficient in brake pads. In electronics industry, pyrite is used as a semiconductor material and as an electrode in lithium ion batteries. In paper and pulp industry, pyrite is used in manufacturing of paper.
Pyrite as an iron ore is one of the biggest opportunity for the market if the current iron ore becomes scarce. Moreover, pyrite is also considered as probable substitute in photovoltaic solar panels as it is inexpensive and abundant in nature. However, health and environmental hazards associated with pyrite are anticipated to hider the growth of the market in next few years to come.
In terms of demand, North America was the leading region for pyrite market in 2013. Increasing demand from sulfur compounds, electronics and jewelry has been major drivers for the market in past few years. The U.S. had the largest demand for pyrite owing to huge demand from sulfur compounds and grinding industry. However, Mexico is considered to be the fastest growing country in this region owing to increasing demand for pyrite in jewelry.
Europe had the second-largest demand for pyrite market in 2013. Increasing demand for pyrite from sulfur compounds and in paper industry has been driving the market for pyrite in Europe. Germany is one of the largest consumers of pyrite in this region owing to the huge demand from grinding and electronics industry. Other countries such as Spain, Italy, and the U.K. are likely to show stable demand in next few years to come.
Asia Pacific was the fastest growing region in pyrite market in 2013. The demand is huge owing to rise in markets such as gemstones, fabricated jewelry and grinding industry. India, China and Japan are anticipated to be the fastest growing markets for pyrite in this region. Rest of the World market is anticipated to be potential market for the pyrite in near future.
Some of the key manufacturers in the pyrite market are Hickman, Williams & Company, Iron Duke Pyrites, Turkish Minerals and Washington Mills among others.
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This report covers a thorough analysis of:
• Market segment
• Market dynamics
• Market size
• Supply demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Technology
• Value chain
Regional analysis includes:
• North America (USA, Canada)
• Latin America (Mexico, Brazil)
• Western Europe (Germany, Italy, France, UK, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia and New Zealand)
• Japan
• Middle East and Africa (GCC countries, South Africa, North Africa)
Report highlights:
• Detailed overview of the top markets
• Changing market dynamics of the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, areas showing promising growth
• A neutral view of market performance
• Essential information for market participants to maintain and strengthen their market footprint
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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.
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