February 25, 2024

The Global Dolomite Market Propelled By Rising Usage In Steel And Glass Manufacturing

Dolomite is a carbonate mineral which finds extensive usages in steel, glass, agriculture, and construction industries owing to its properties which include being a fluxing agent and refractory material. It is used as a flux in steelmaking to accelerate the removal of slag at high temperatures. In glassmaking, it acts as a flux to lower the melting temperature of silica and aids in improving glass properties. Dolomite also augments soil properties and supports crop nutrition as a magnesium and calcium supplement. It is added to concrete to improve workability, durability, and compressive strength of structures.

The global Dolomite Market is estimated to be valued at Us$ 3558.29 Mn in 2024 and is expected to exhibit a CAGR Of 8.4% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising steel production across developing economies due to infrastructure development and industrialization has augmented the demand for dolomite as a fluxing agent. According to the World Steel Association, crude steel production in China, India, and other Asian countries grew by 5.8% in 2021 as compared to 2020. Additionally, the growth of the construction industry globally is propelling the consumption of dolomite in construction materials like concrete and cement. The increasing disposable incomes and growth of the housing sector have been the major drivers for the construction industry worldwide. Expanding construction activities are anticipated to boost dolomite utilization over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate. Establishing manufacturing facilities and distribution networks require significant capital investments.

Bargaining power of buyers: The bargaining power of buyers is high. The dolomite market has numerous global buyers and the product is a generic commodity product.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are numerous suppliers in the market with no single supplier accounting for a major share of the global production.

Threat of new substitutes: The threat of substitutes is low. No close substitutes exist for dolomite due to its unique chemical and physical properties.

Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players. Industry players focus on expanding their production capacities and distribution networks to gain market share.

Key Takeaways

The Global Dolomite Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Dolomite Market is estimated to be valued at US$ 3558.29 Mn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.

Asia Pacific currently dominates the global dolomite market due to vast steel production capacities and growth in infrastructure development activities in countries such as China and India. Countries in Asia pacific account for over 60% of the global steel production. The dolomite market in Europe is expected to witness significant growth over the forecast period supported by high steel production and growth of the construction industry in Western European nations such as Germany and UK. Countries such as France and Italy are also major consumers of dolomite for industrial applications.

Key players operating in the dolomite market are STMicroelectronics NV, Bosch Sensortec GmbH, ABB Group, Siemens AG, OMRON Corporation, Texas Instrumental Incorporated, Dr├Ągerwerk AG & Co. KGaA, Samsung Electronics Co Ltd, International Sensor Technology, DENSO Corporation, NXF Semiconductors, Honeywell International Inc. Industry players are focusing on strategic partnerships and collaborations to enhance production capabilities and expand geographic footprints.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it