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Magnesite Global Market 2024 - Latest Research, Industry Insights, Emerging Opportunities And Future Outlook By 2033
Magnesite Global Market
According to The Business Research Company's, The magnesite market size has grown steadily in recent years. It will grow from $12.37 billion in 2023 to $12.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to industrialization and urbanization, steel production, global economic trends, environmental regulations, infrastructure development.
The magnesite market size is expected to see steadily grown in the next few years. It will grow to $14.9 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to carbon capture and storage, electric vehicle production, infrastructure resilience, circular economy practices, global population trends. Major trends in the forecast period include advancements in refractory technologies, renewable energy technologies, technological advancements, digitalization in mining and extraction, integration of industry 4.0 technologies .
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Market Drivers and Trends:
The government policies to support supply of critical mineral resources is expected to propel the growth of the magnesite market going forward. Governments are providing subsidies and encouraging foreign direct investments (FDI) in the mineral sector. The amount of government support includes the support through governments' public finance institutions such as bilateral development banks and export credit agencies investing in mineral projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned companies. For instance, in July 2022, the China government established the China Mineral Resources Group. The launch of the mineral resource's giant is crucial for improving China's ability to ensure the supply of critical mineral resources including magnesite, secure supply chains, and promote high-quality development. As a wholly state-owned company directly managed by the central government and a state-authorized investment institution, the company will operate on the principles of openness, win-win cooperation, and market-oriented and law-based operation. It aims to become a world-class comprehensive mineral resources service enterprise with global competitiveness and influence. Therefore, the growing government policies will drive the magnesite market during forecast period.
The use of renewable energy is helping Magnesite companies to reduce energy consumption and control emissions in the mines. As the solar or wind projects are built close to the mine sites, the cost of connecting to the power grid is also reduced. Site-appropriate renewable energy sources are reliable, consistent, and also economical, which is the major trend in the Magnesite market.
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Major Key Players of the Market:
Calix Inc.; Houying Group; Queensland Magnesia Ltd.; Magnezit Group; Grecian Magnesite S.A; Baymag; Haicheng Xiyang Magnesium Ltd; Liaoning BeiHai Industries Group Co. Ltd.; Sibelco Australia Limited; Almora Magnesite Ltd.; Compagnie Financiere et de Participations Roullier; Galaxy Enterprise; RHI Magnesita GmbH; Magnesita Refratários S.A.; Kumas Magnesite Industry Inc.; Premier Magnesia LLC; SMZ Jelsava; Magnesite Ore Industries Pvt. Ltd.; Premier Periclase Ltd.; Bisley International LLC; Aldon Corporation; Chemalloy Co. Inc.; Prince Minerals LLC; Magnesia GmbH; Magnesita do Brasil S.A.; Korab Resources; Volatus Capital; Magnesitas Navarras S A; QMag Limited
Magnesite Market 2024 Key Insights:
• The magnesite market size will grow to $14.9 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%.
• Favorable Government Policies Drive The Market
• Integration Of Renewable Energy In Magnesite Mining Process
• Asia-Pacific was the largest market in the Magnesite market in 2023
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