Magnesite Market is Forecast to Reach $11.39 Billion by 2025
2020-09-09
Magnesite Market is forecast to reach $11.39 billion by 2025, after growing at a CAGR of 5.54% during 2020-2025. The key factors driving magnesite market growth include increased demand for magnesite, particularly in...
Magnesite Market is forecast to reach $11.39 billion by 2025, after growing at a CAGR of 5.54% during 2020-2025. The key factors driving magnesite market growth include increased demand for magnesite, particularly in chemical and construction industries and increased production of different grades worldwide. Furthermore, the increase in demand from refractory applications primarily in the iron & steel industries fuel the growth of the market.
Key Takeaways
Growing cement consumption across the globe, magnesite use as a cement additive in the cement industry is majorly driving the growth of the magnesite market
The chemical segment is expected to grow at a significant rate due to magensite absorbent property which makes it useful for spill cleanup of hazardous chemicals.
Magnesite is also used to treat industrial wastewater containing heavy metals and silica. Increasing use of magnesium oxide in growing demand for magnesite application in wastewater treatment, animal feed and magnesia-based wallboards are the key supporter for the positive impact on the growth of magnesite.
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