The global Dolomite Market is estimated to be valued at US$ 3088.79 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Dolomite is a carbonate mineral composed of calcium magnesium carbonate. It is used as a source of magnesium for farming and is an important mineral in industrial and agricultural applications. Dolomite is used as a fluxes in steel production, refractory, glass, cement making, and lime industries. It has high thermal and chemical stability which makes it suitable for high temperature resistant applications. The mineral shows excellent fireproofing properties and offers various advantages over limestone like less shrinkage and higher refractoriness.
Market key trends:
One of the key trends in the dolomite market is rising demand from construction industry. Dolomite is primarily used as aggregate in construction of roads and buildings due to good load bearing capacity. The rising residential and commercial construction activities across the globe especially in developing countries is expected to drive the demand for dolomite over the forecast period. According to United Nations, the world's urban population is projected to grow by 1.5 billion between 2023 and 2030, with urban areas housing 68% of the global population by 2030. This rapid urbanization and infrastructural development will require large amount of concrete where dolomite acts as aggregate material, thereby propelling the market growth.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the dolomite market is moderate. Significant capital investment and technical expertise is required to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the commodity nature of dolomite and availability of substitutes. However, differentiated properties of dolomite grades provide some bargaining power to suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous suppliers globally. However, the buying power depends on the deposit locations and product quality offered by individual suppliers.
Threat of new substitutes: The threat of substitutes is moderate. Other mineral products such as marble can replace dolomite as a filler or extender material. However, dolomite has unique properties that limit full substitution.
Competitive rivalry: Intense competition exists among the key players to maintain or gain market share.
Key Takeaways
The Global Dolomite Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing application in steel making, glass, ceramics, and cement industries. The abundant availability of raw materials and growth of end-use industries are supporting the market growth.
Regional analysis
Asia Pacific dominates the global dolomite market, accounting for around 40% of overall consumption in 2023, followed by Europe and North America. China, India, and Japan are the major consumers in the region due to abundant availability of resources and presence of well-established end-use industries.
Key players
Key players operating in the dolomite market are Imerys S.A., Sibelco, RHI Magnesita, Omya Group, JFE minerals, Varbar dolomite, Lhoist Group, Arij Global Trading, Nordkalk Corporation, Beihei Group, Arihant Minchem, and Carmeuse. Imerys S.A., Sibelco, and Lhoist Group are among the prominent suppliers with a global presence.
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