Global Magnesite Market 2018-2022 | Growing Demand for Refractories From the Steel Industry to Drive Growth | Technavio
LONDON--(BUSINESS WIRE)--Sep 24, 2018--The global magnesite market is expected to post a CAGR of nearly 6% during the period 2018-2022, according to the latest market research report by .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005576/en/
Technavio has published a new market research report on the global magnesite market for the period 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the progress in the automotive industry. Magnesium has been extensively used in the automotive industry since the 1920s. Its lightweight features enable its application in the production of cars and other commercial vehicles, offering high fuel efficiency, increased performance, and sustainability. Several automotive companies have replaced the use of steel and aluminum with magnesium. This is because magnesium offers several advantages in automotive applications such as decrease in the overall weight of the vehicle, improvement in handling and turning capabilities as the center of gravity is shifted toward the rear of the car, tuning of magnesium parts that helps in achieving frequencies that reduce vibration and overall noise, higher strength in comparison to steel, and cost-effectiveness.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the growing demand for refractories from the steel industry as another crucial driver for growth in the global magnesite market:
Global magnesite market: Growing demand for refractories from the steel industry
Magnesite, an effective refractory material, can withstand extreme heat and thus is of major significance in a multitude of industrial processes. The steel industry is the main end-user of refractory magnesia for refractory brick linings. The iron and steel industry accounts for two-thirds of all usage of refractory materials at the global level. From coke ovens to blast furnaces, refractories are important in manufacturing processes.
“The rapid industrialization and urbanization in the developed and developing nations present major growth opportunities for iron and steel manufacturers. Steel has wide applicability across the building and construction, automotive, aviation, and oil and gas industries across the globe. Steel casting is a method where liquified steel is poured into the mold, made of sand or ceramic plater, to create the desired shape. Thus, the rapid increase in steel casting market is expected to increase the demand for refractories during the forecast period, thus driving the growth of the magnesite market,” says a senior analyst at Technavio for research on specialty chemicals.
Global magnesite market: Segmentation analysis
This market research report segments the global magnesite market by application (refractory and others) and geographical regions (APAC, EMEA, and the Americas).
The refractory segment held the largest market share in 2017, accounting for nearly 70% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 65%. This region is expected to dominate the market through 2022.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20180924005576/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
KEYWORD: EUROPE ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA MIDDLE EAST
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 09/24/2018 09:47 AM/DISC: 09/24/2018 09:47 AM