Carbonate Minerals Market Estimated to Exhibit 5.6% CAGR through 2027
Demand for Carbonate Minerals from Glass Industry Expected to Witness a Surge
Wide adoption of carbonate minerals in paper manufacturing, as a filler for coating purpose, is driving the market growth. Paper & pulp end-use industry will remain dominant in the global carbonate minerals market, followed by building & construction and paint industries. Demand for carbonate minerals by paper & pulp industry is expected to account for nearly 80,000 thousand tons by 2027. In contrast, glass industry is projected to register the fastest growth in terms of volume during the forecast period, followed by food and agriculture industries.
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Natural Source will Remain Preferred for Production of Carbonate Minerals
By source type, although natural source will remain preferred in the market, synthetic source is estimated to exhibit a comparatively faster growth through 2027. Over 250,000 thousand tons of carbonate minerals are estimated to be produced from natural source by 2027-end. Based on mineral type, calcite is expected to be the most lucrative segment, whereas smithsonite is expected to witness the fastest growth in terms of volume. Excessive utilisation of calcite across various end-use verticals including building & construction, paper & pulp, food and paint is fuelling its demand in the market. In addition, magnesite and aragonite are expected to be second-largest growing mineral type segments during the forecast period.
In terms of volume, FMI’s report projects Asia Pacific Excluding Japan (APEJ) to be the largest market for carbonate minerals, followed by Western Europe and North America. Demand for carbonate minerals in APEJ is anticipated to exceed 80,000 thousand tons by 2027-end. In contrast, Japan is estimated to be the fastest growing region in the market, followed by Eastern Europe and Latin America. Japan carbonate minerals market is projected to register an impressive 6.7% volume CAGR during the forecast period.
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Wide Adoption of Carbonate Minerals by Healthcare Sector to Drive Growth of the Market
Growing utilisation of alkaline-based process technology has enhanced the demand for carbonate minerals. Continuous developments have been witnessed in neutral/alkaline-based technology over the past few years. Using alkaline-based technology in paper industry offers various benefits including reduced energy consumption for water heating, refining and drying, resulting into increased productivity and improved mechanical as well as chemical flexibility. Carbonate minerals are imperative in construction industry in terms of both building material as well as an ingredient of cement. It also improves concrete density, pre-stability and durability.
In addition, carbonates are widely adopted in healthcare sector as effective dietary supplements, antacids, base materials, and phosphate binders for medicinal tablets. These factors are expected to fuel the demand for carbonate minerals globally. In contrast, lack of standard regulations for mining activities in both developed as well as developing economies, and fluctuation in target prices of minerals after mining activities in the market are factors expected to impede the market growth.
Key market players identified in the report of Future Market Insights (FMI) include Mineral Technologies Inc., IMERYS Carbonates Llc, Magnesita Refractories SA, Maruo Calcium Co. Ltd., Carmeuse, Calcinor SA, Huber Engineered Materials, Lhoist North America Inc., Mississippi Lime Company, Great Lakes Calcium Corporation(GLC Minerals), Provençale SA, Univar Inc., Omya AG, SCR-SIBELCO, COLUMBIA RIVER CARBONATES, Steinbock Minerals Ltd, Calcit d.o.o., Uniko Calcium Carbonate Industry, Fimatec Ltd, CISME Italy s.n.c.
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