The carbonate mineral market is anticipated to experience a CAGR of 5.90% from 2024 to 2034, reaching a total value of USD 106.56 billion by 2034, according to Future Market Insights. The market size is estimated to be USD 60.07 billion in 2024.
The construction industry is experiencing significant growth in the carbonate mineral market. These minerals, which contain the carbonate ion CO32-, are found naturally in the earth's crust and are used in various industrial applications such as light bulbs, ceramic tiles, paints, wooden flooring, plastic goods, salt, sugar, detergents, and heating elements. Limestone, a common carbonate mineral, is widely used in construction.
Calcium carbonate, produced from limestone, is also used for medicinal purposes in medicine, such as neutralizing stomach acid in chewable tablets. The demand for these minerals is conducted by the paint and coating industry and the construction industry, which presents opportunities in developed and developing countries. However, stringent global regulations on CO2 emissions pose a major restraint for the market.
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Carbonate minerals, such as limestone and marble, have been used since ancient times for construction purposes, including the construction of pyramids in Egypt. They are also used in cement and concrete production, construction, roads, and bridges. Calcite is also used as an acid neutralizer, as it can be easily mixed and formed into a slurry for toughened construction materials.
In the construction industry, carbonate minerals like limestone and marble are used as limestone and marble, producing concrete and cement in various construction projects. Concretes are widely used in buildings, highways, walls, and bridges.
The demand for packaging paper in the FMCG sector is significant, and common carbonate minerals used for paper fillings include kaolin clay, talc, calcium carbonate, and titanium dioxide. Precipitated and ground calcium carbonate and kaolin clay are the most commonly used, with precipitated calcium carbonate being the most economical option for producing high-quality paper and paperboard. The demand for PCC as a filler in uncoated paper is anticipated to grow in the forecasting period.
“The carbonate mineral market is growing due to their transparency, improved solubility, and high average specific gravity. These minerals are found in various environments and are used in multiple industries, such as mineral fillers, bleaching, and alkalinizing agents. The demand for carbonate minerals is increasing due to their transparency, improved solubility, and high average specific gravity. They are also used in the paper industry for their high brightness and light-scattering characteristics. The market is anticipated to grow significantly in the coming years due to its widespread use in various industries.” says an analyst of Future Market Insights.
Key Takeaways from the Carbonate Mineral Market Report
· The carbonates industry in Japan is projected to experience a CAGR of 2.5% through 2034.
· Germany’s carbonate mineral market is estimated to demonstrate a CAGR of 2.7% by 2034.
· The carbonate mineral industry in the United States is anticipated to see a CAGR of 3.3% from 2024 to 2034.
· China’s carbonate mineral sector is projected to showcase a CAGR of 6.6% through 2034.
· The carbonate mineral market in India is anticipated to display a CAGR of 8.7% by 2034.
Competitive Landscape
The carbonate mineral market is experiencing a surge in demand due to its increasing use in construction, agriculture, pharmaceuticals, and energy. Leading players are investing heavily in mining technology to extract high-quality carbonate minerals. They also adopt strategic mergers and acquisitions to develop their reach and serve a larger domestic market. By leveraging their expertise, these players aim to enhance production capabilities and offer diverse carbonate minerals to meet evolving end-user needs.
Mining sector startups are entering the carbonate mineral market, recognizing its potential. They use innovative technologies to extract and process carbonate minerals more efficiently, increasing production capacities and improving output quality. The dynamic landscape of the carbonate mineral market encourages innovation and the development of advanced mining technologies, which are envisioned to transform the industry in the coming years.
Recent Developments
· The United States DOE Loan Programs Office extended an offer to Ioneer Rhyolite Ridge LLC in January 2023 to borrow US$ 700 million to manufacture lithium carbonate for use in electric vehicle batteries, which might decrease carbon dioxide emissions and gasoline use.
· Cimbar Resources purchased the Sahuarita, Arizona-based calcium carbonate production assets of Imerys Carbonates United States to expand its offering and guarantee product security and business continuity in August 2022.
Key Companies
Mineral Technologies, Inc.
IMERYS Carbonates Llc
Magnesita Refractories SA
Maruo Calcium Co., Ltd.
Carmeuse
Calcinor Sa
Huber Engineered Mineral
Lhoist North America Inc.
Mississippi Lime Company
Great Lakes Calcium Corporation
Provençale SA
Univar Inc.
Key Segments
By Mineral Type:
Calcite
Magnesite
Aragonite
Smithsonite
Dolomite
By Source Type:
Natural
Synthetic
By End-user:
Food
Paint
Plastic and rubber
Paper and pulp
Building and Construction
Agriculture
Glass
By Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East and Africa