Dallas, TX / CRWE PRESS RELEASE / Aug. 16, 2021 - According to the recent study the magnetite market is projected to reach an estimated $130.8 billion by 2026 from $98.2 billion in 2020, at a CAGR of 5% from 2020 to 2026. Growth in this market is primarily driven by growing demand for high grade iron ore, increasing production of steel in China, growth in building and infrastructure development, and rapid industrialization.
Browse 106 figures / charts and 86 tables in this 169 -page report to understand trends, opportunities and forecast in magnetite market by end use industry (iron and steel, medication, and others), product type (natural and synthetic), by region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Natural magnetite market is expected to remain the largest segment during the forecast period.”
Based on product, the magnetite market is segmented into natural and synthetic. Lucintel forecasts that the natural market is expected to remain the largest segment and expected to experience the largest segment due to increasing production of iron and steel. Synthetic magnetite market is expected to witness the highest growth over the forecast period due to increasing demand for iron oxide pigment in ink and coating application.
“Within the magnetite market, the iron and steel segment is expected to remain the largest clinical end use industry”
Based on end use industry, the iron and steel segment is expected to witness the largest end use industry during the forecast period due to growth in building and construction, automotive production, and rapid industrialization in emerging economies.
“Asia pacific will dominate the magnetite market in near future”
Asia Pacific is expected to be the largest region with the highest growth over the forecast period over the forecast period, as China, India, and Japan are the major producers of steel. Increasing investment in building and infrastructure market by the Chinese government and growth in automotive, shipbuilding, machinery, engineering, and consumer good will drive the demand for iron and steel in the APAC region.
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Major players of magnetite market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Rio Tinto, BHP Billiton, Vale S.A., Atlas Iron Limited, Fortescue Metals Group, Cap-Ex Ventures, Labrador Iron Mines, Champion Minerals, Cliffs Natural Resources, and Cathay industries are among the major magnetite providers.
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