The Dolomite Market is estimated to be valued at US$ 3088.79 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dolomite is a carbonate mineral composed of calcium magnesium carbonate. It is an essential mineral having wide industrial applications such as construction industry, agriculture, glass and ceramics manufacturing, chemical processing etc. Dolomite is commonly used as a fluxing agent in steel production and glassmaking as well as in ceramic production. It is also used as an antacid in medicinal preparations.
Market Dynamics:
The rapidly expanding construction industry around the globe is a major factor driving the growth of the dolomite market. According to International Organization for Standardization, the global construction industry output is expected to grow by 85% to US$ 15.5 trillion by 2030. In addition, reviving agriculture sector owing to favorable government policies is fueling the demand for dolomite agriculture applications. Dolomite is used as soil conditioner to improve fertility and structure of soil. Moreover, rising steel production coupled with growing glass and ceramics industry is propelling the market growth. As per World Steel Association, global steel production reached 1,874 million tonnes in 2020 and is expected to grow further in coming years. These factors together are expected to fuel the dolomite market growth over the forecast period. However, availability of substitutes and stringent environmental regulations regarding mining activities may hamper the market growth.
Segment Analysis
The Global Dolomite Market Size is segmented into construction materials, agricultural, and others. The construction materials segment dominates the market and is expected to continue its dominance over the forecast period. Dolomite finds wide usage in construction materials as a fluxing agent in steel production and manufacturing bricks, tiles, and pipes. Its use enhances the property of concrete mixtures.
PEST Analysis
Political: Dolomite mining is regulated by different government bodies to ensure the safety of miners and environmental protection. Some policies can impact the supply of dolomite.
Economic: The growth of the construction industry due to urbanization and infrastructure development in developing countries provides a boost to dolomite demand.
Social: Properties of dolomite like non-toxic nature and durability increases its usage in the construction of buildings, roads, etc. Improving living standards fuel the demand.
Technological: Mining technology advancement allows efficient mining of dolomite even from difficult terrains. Use of dolomite in cement manufacturing helps produce concrete of high strength.
Key Takeaways
The global dolomite market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing construction activities worldwide. The construction materials segment dominates the market.
Regional analysis: Asia Pacific dominates the global dolomite market and is expected to continue its dominance over the forecast period. This can be attributed to vigorous growth in the construction sector in India and China.
Key players analysis: Key players operating in the dolomite market are Imerys S.A., Sibelco, RHI Magnesita, Omya Group, JFE minerals, Varbar dolomite, Lhoist Group, Arij Global Trading, Nordkalk Corporation, Beihei Group, Arihant Minchem, and Carmeuse. These players are focusing on geographical expansion and acquisition strategies to increase their market share.
Read More: https://www.ukwebwire.com/dolomite-market-growth/
