Magnesium carbonate refers to an inorganic salt and comes with the formula of MgCO3. It is also known as barringtonite or hydromagnesite or magnesite. It plays the role of an antacid and fertilizer as well. Magnesium carbonate is extensively utilized in the making of materials capable of tolerating extremely high temperature. This chemical is soluble in any inorganic solvent or water and has a high melting point of around 2825°C. Magnesium carbonate is utilized across many industries, such as plastic, rubber, and pharmaceutical industries. In addition to that, there has been a growing use of the chemical in the cosmetic sector. Such multiple uses of the chemical is expected encourage growth of the global magnesium carbonate minerals market over the timeframe of analysis, from 2020 to 2030.
Type, end user, and region are the three important parameters based on which the global magnesium carbonate minerals market has been classified.
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global magnesium carbonate minerals market is mentioned as below:
Some of the prominent organizations in the global magnesium carbonate minerals market comprise the below-mentioned:
The global magnesium carbonate minerals market is characterized by the presence of the following restraints, drivers, and opportunities.
The development of the global magnesium carbonate minerals market is estimated to be influenced by its increased utilization in several industries, such as aerospace and automotive industry, cosmetic industry, rubber and plastic industry, and pharmaceutical and healthcare industry. In the pharmaceutical sector, this chemical finds utilization as fillers in the making of tablets. Besides, there is high demand for magnesium chloride for the purpose of invention of new products and is expected to augur well for the market in the years to come. It is utilized as the basic element for the making of magnesium oxide, which finds use in a wide variety of industries like cement, refractory material, and cement. Wide scope of use for multiple applications is expected to support growth of the global magnesium carbonate minerals market in the forthcoming years.
With the outbreak of SARS-CoV-2 induced Covid-19, production activities of several manufacturing units have come to a halt. Coronavirus has adversely impacted the chemical industry in every possible way. Supply chain is disrupted in almost all parts of the world and the demand is likely to plummet further owing to the imposition of lockdowns. As such, it is expected that the global magnesium carbonate minerals market will witness a setback and challenges during the prevalence of the global pandemic.
In the global magnesium carbonate minerals market, Asia Pacific is likely to emerge as a formidable regional force accounting for a large chunk of the market. India is one of the leading nations in the region. Flourishing businesses of paper, cement, glass and ceramic are expected to open up plethora of opportunities for the magnesium carbonate minerals market in the region.
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