Pyroxenite Market (Application: Iron & Steel Making, Countertops/Kitchen, Building Stone/Dimension Stone, Aggregate, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Advantages over Dolomite Coupled with High Demand for Sintering to Aid Market Growth
The study on minerals and developments in the geological and geoscience sector coupled with increasing adoption of pyroxenite in a host of applications, including production of iron & steel, building stone, metal, and countertops, among others, are a leading factor expected to provide an impetus for the overall growth of the pyroxenite market in the forthcoming years. With considerable studies being carried out by researchers and scientists related to overall properties of pyroxenite, its source, and potential scope in the future, the overall prospects of the global pyroxenite market offer a positive outlook.
Studies have revealed that different types of pyroxentites have different origins, including re-fertilization of peridotite, crystal liquid accumulation, recycling of lower crystal restites, and cumulate and metasomatic process. In addition, as pyroxenites constitute of ferromagnesian minerals apart from olivine, interest levels for the mineral among stakeholders continues to witness a remarkable growth. As per current observations, the growing adoption of pyroxenite and dunite as a fluxing agent in blast furnace instead of dolomite, along with high demand for sintering, is a trend that is expected to further provide a considerable boost to the growth of the global pyroxenite market, which is expected to reach ~US$ 150 Mn by the end of 2030.
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Growing Adoption of Olivine to Shape Market Growth
The demand for pyroxenite and dunite is projected to witness substantial growth during the assessment period, as these two minerals are increasingly being used over dolomite as a source of magnesium oxide across the iron & steel industry worldwide. In addition, olivine offers several advantages over dolomite in slag conditions, including higher magnesium oxide content, low coke and energy consumption, decreased slag volume, and considerably lower carbon dioxide emission. The growing demand for olivine is one of the leading factors that is expected to provide a notable boost to the overall growth of the pyroxenite market.
The iron & steel sector is likely to remain the primary consumer of pyroxenite and dunite during the assessment period. Over the past few years, the consumption of both, dunite and pyroxenite in the organized sector, particularly in nations, including India and China has witnessed a noteworthy growth and the trend is expected to continue during the forecast period. The Ferro Alloy industries are also expected to provide an array of opportunities for participants operating in the pyroxenite market landscape.
Apart from augmenting demand from the iron & steel sector, research & development activities are expected to influence the growth trajectory of the pyroxenite market during the assessment period. As promising results from research and development activities are gradually opening up new potential avenues for the application of pyroxenite, investments are projected to grow at a commendable pace.
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Demand from North and Latin America to Remain High
North America and Latin America are expected to be at the forefront in terms of market share and value due to a host of factors, including rapid industrialization in nations such as Brazil, Argentina, Mexico, etc. The booming iron & steel sector in the region is another factor that is expected to provide abundant opportunities for participants operating in the current pyroxenite market landscape.
While the iron & steel sector is projected to dominate the global pyroxenite market, the construction industry has gradually emerged as promising sector wherein the adoption of pyroxenite is witnessing consistent growth. In addition, due to advancements in production technology and research, the demand from the automotive sector has increased over the past few years– a trend that is likely to shape the growth of the pyroxenite market during the forecast period.
Decline in Demand for Iron & Steel amid COVID-19 Pandemic to Hinder Market Growth
The novel COVID-19 pandemic is expected to have a short-term impact on the overall growth of the global pyroxenite market. Although the production of steel continues to remain unaffected by the novel coronavirus, the decline in demand is evident and the supply-demand gap continues to widen in 2020. The declining demand for iron & steel can be primarily attributed to lockdowns imposed by governments around the world as a measure to contain transmission of COVID-19 infection due to which, several small- to medium-sized industries have remained shut. In addition, as steel production and allied activities, including mining, are covered under the Essential Commodities Act in various nations around the world, the declining demand is expected to hinder the overall growth of the global pyroxenite market, particularly in 2020.
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The global pyroxenite market is expected to grow at a sluggish CAGR of ~2% during the forecast period. The market growth will be primarily linked to the growing adoption from the iron & steel industry, optimal functional and physical properties compared with dolomite, widening applications in other industrial sectors, including construction and automotive, research and development, and advancements in technology. The booming iron & steel industry in developing regions of Latin America and Asia Pacific will provide abundant opportunities for players operating in the market for pyroxenite during the forecast period. The COVID-19 pandemic is projected to affect operations across the market in the second and third quarter of 2020, due to dwindling demand for iron & steel coupled with stringent lockdown norms.
Pyroxenite Market: Overview
- Pyroxenite is an ultramafic plutonic igneous rock, wherein the dominant mafic mineral is pyroxene
- Pyroxenite is used as a fluxing as well as sintering agent in blast furnace operations, particularly in the steel & iron industry. Pyroxenite offers several benefits over dolomite, which is also used as a fluxing agent in the steel manufacturing process.
- The global pyroxenite market is expected to expand at a significant pace during the forecast period due to increase in demand for pyroxenite in steel production
- Asia Pacific held a major share of the global pyroxenite market in 2019. The market in the region is anticipated to expand at a rapid pace during the forecast period. North America and Latin America are other key regions of the global pyroxenite market.
Growth Drivers of Pyroxenite Market
- Increase in demand for pyroxenite in steel & iron making applications offers significant opportunities to the global pyroxenite market
- Pyroxenite plays an important role in the iron & steel industry. Focus on reduction of manufacturing costs and increase in production capacity for steel are key factors driving the pyroxenite market.
- Pyroxenite is employed as flux alternative to dolomite. Usage of pyroxenite lowers the resistance of cohesive zone to gas flow in the blast furnace, leading to a drop in fuel rate and increase in productivity.
Major Challenges for Pyroxenite Market
- Magnesium rich rocks such as dunite, peridotite, saxonite lherzolite, websterite, enstatitite, and serpentinite constitute ultramafic rocks, which are major substitutes for pyroxenite. However, dunite and peridotite represent more than 90% share of the total ultramafic rocks.
- Other rocks rich in magnesium and flux for dolomite, limestone, and quartz offer good prospects as substitutes for pyroxenite in the iron & steel industry. Higher availability of materials such as limestone and dolomite provide lucrative opportunities for pyroxenite manufacturers.
Lucrative Opportunities for Pyroxenite Market
- Advancements in mining and production and processing techniques of pyroxenite are expected to create lucrative opportunities for pyroxenite manufacturers
- Increase in production capacities of pyroxenite is also anticipated to boost the market share of manufacturers in the global market
Asia Pacific to Dominate Pyroxenite Market
- Asia Pacific dominated the global pyroxenite market in 2019. Increase in government initiatives to boost the production of iron and steel across countries such as India and China is fueling the pyroxenite market in Asia Pacific. Rise in R&D activities and decrease in production cost of iron and steel are key factors driving the pyroxenite market in the region.
- North America has large-scale deposits of pyroxenite minerals. Increase in production of iron and steel in the U.S. is expected to augment the demand for pyroxenite in the region.
- Several countries in Europe, especially Germany, Russia, Turkey, and France are major producers of steel. Demand for pyroxenite is projected to increase in these countries in the near future.
Iron & Steel Making Segment Holds Key Share of Pyroxenite Market
- In terms of volume, the iron & steel making segment dominated the pyroxenite market in 2019. This trend is anticipated to continue during the forecast period. Pyroxenite is used as a substitute for various minerals such as quartz, limestone, flux of dolomite, and magnesian rocks in steel and iron making.
- Aggregate is another lucrative segment of the market. Pyroxenite is used to manufacture aggregates that are utilized as concrete admixtures in various constriction activities.
- Unique mechanical and thermal properties of pyroxenite and high concentration of magnesium oxide make it an ideal component for usage in steel making and aggregates. Pyroxenite is an important mineral with applications in various industries such as construction, steel, and iron.
Market Players Engage in R&D Activities and Expansion of Production Capacities
- Key players operating in the global pyroxenite market include
- Tata Steel Ltd.
- Bharat Mining Company
- Foskor (Pty) Ltd.
- TVI Resource Development Philippines Inc.
- Aegis Group.
- These companies are investing significantly in the expansion of production capacities for pyroxenite.
Pyroxenite Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global pyroxenite market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global pyroxenite market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global pyroxenite market would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global pyroxenite market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global pyroxenite market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global pyroxenite market and estimates statistics related to growth of the market in terms of value (US$ Thousand) and volume (Kilo Tons).
This study covers a detailed segmentation of the global pyroxenite market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global pyroxenite market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Pyroxenite Market
The report provides detailed information about the global pyroxenite market on the basis of a comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global pyroxenite market, so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the global pyroxenite market would emerge as major revenue generator during the forecast period?
- How are key market players successfully earning revenues out of advantages of pyroxenite?
- What would be the Y-o-Y growth trend of the global pyroxenite market between 2020 and 2030?
- What are the winning imperatives of leading players operating in the global pyroxenite market?
- Which application segment is expected to create lucrative opportunities for the global pyroxenite market during the forecast period?
- Which are leading companies operating in the global pyroxenite market?
Research Methodology – Pyroxenite Market
The research methodology adopted by analysts for compiling the global pyroxenite market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global pyroxenite market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global pyroxenite market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global pyroxenite market.
Pyroxenite Market – Segmentation
TMR’s research study assesses the global pyroxenite market in terms of application and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects for the global pyroxenite market.