Magnetite Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1977
Magnetite Market size is expecting surge in demand over the forecasted period owing to its wide usage in steel making and various industries. It is a mineral and one of the main iron ore used as catalyst for industrial synthesis of ammonia. Product even occurs in sedimentary rocks, lake and marine sediments, due to its high iron content its usage in blast furnaces and steel conversion has significantly increased.
Chemical Industry is expected to register over 3% CAGR by 2024. The product is widely used in magnetic recording, it is to store data on a magnetized medium using different patterns in the form of non-volatile memory. Additionally, it is often mixed with a liquid to produce thick, high density slurry that is used for specific gravity separations. Increasing usage of the substance in the chemical industry will significantly uplift magnetite market size.
Extensive utilization of the substance in steel industry is another factor that drives magnetite market. Steel Industry is expected to grow with a rate of 2% by 2024. It is serving as magnetic décor for preventing trains moving off from the tracks, its industries importance lies in its usage in steel manufacturing. Compasses and navigation have magnetic properties that are inherited from the product. Its widespread properties is increasing its demand in diverse applications and industries.
Product has enormous health benefits that subsequently elevated it demand worldwide. In ancient time, it was highly used as healing agent and in mental health problems. Some of its major application includes its non-toxic characteristic that covers three major meridians of liver, kidney and lung. Its main function is to calm the liver, nerves, improve vision, hearing and relieving asthma. Health advantage of the product boosts the magnetite market.
Restraints in magnetite market includes its side effects on the body. Excessive dose of it can cause stomach discomfort, nausea, deafness, hearing loss, blurred vision, dizziness and stomachache. The product is non digestive in nature that causes spleen and stomach related problems. Health problems due to the substance and consumer awareness is hindering the magnetite market supply and consumption.
Magnetite market is classified on the basis of its end use industries that includes steel, chemical industry and health sector. The product is used in several applications including steel processing, magnetic recording and home remedies to prevent various disease.
Asia Pacific, led by China, India and Japan are major producer of steel worldwide. China accounts for over 45% of world’s total steel production. Economy of China is highly driven by steel industry, emerging infrastructure, construction is influencing the demand of steel and boosting the magnetite market. Japan is amongst the highest exporter and of steel and the country hosts key companies of steel manufacturing including Nippon steel and JFE.
The U.S. contributes majorly in chemical industries, development in science and technology, high degree of industrial expansion and raw material availability. Manufacturing hubs of chemical industry in the country are distributed among various cities comprising of Virginia, Ohio and Pennsylvania. Other factors that drives the demand for the magnetite market in North America includes excellent transport facility and capital through multinational companies.
Germany has major share in pharmaceuticals industry. The country has edge cutting research and technology, long production tradition and immediate excess to pharmaceuticals that is rising the demand for medicines. The substance is extensively used to fight disease related to lung, liver and kidney. Rising medicinal industry is influencing European growth in magnetite market.
Gindalbie Metal, Sgmining, African Minerals, Kompass, Malu, BX Steel, Salasar Minerals and Tisco are major contributors in the global magnetite market. Tisco is implementing an expansion project at the company’s Jamshedpur works to increase its capacity. The expansion aims increase in production capacity and global footprint of the company. The company acquired Natsteel, Millennium Steels and Corus in 2004, 2005 and 2006 respectively. Objective of acquisition was to increase its revenue, capacity and global reach.
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