The global manganese carbonate market size is expected to witness healthy growth owing to increasing industrialization activities. Fortune Business Insights, in its latest report, titled “Manganese Carbonate Market Size, Share & Industry Analysis, By Application (Fertilizers, Glaze Colorant, Chemical Intermediates, Others) Others and Regional Forecast, 2022-2029.”, reports substantial growth of the market during the forecast period. This is ascribable to factors such as growing demand for porcelain products and increasing demand for crop fertilizers from agricultural sector across the globe between 2022 and 2029.
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Magnesium carbonate is a chemical compound having a pale-pink color that occurs naturally as a mineral rhodochrosite. However, it is mostly produced for industrial purposes. In addition to this, it is water insoluble and possess an octahedral coordination geometry. Furthermore, it is extensively used as an additive in crop fertilizers to improve magnesium deficiency. Moreover, the ceramic industry widely adopts the use of magnesium carbonate as a glaze colorant, and is used in manufacturing health foods. With its extensive utility in several sectors, it is beneficial in medicinal field as it is used as a hematinic, a vital nutrient essential for the formation of blood cells during hematopoiesis.
What does the Report Offer?
The market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Drivers & Restraints:
Rising Demand for Ceramics to Boost Demand
With plethora of applications, ceramics have been special materials since the ceramic industry started progressing during the 1970s. As per United States Advanced Ceramic Association (USACA), the ceramic industry is among the fast growing sectors in the USA and is estimated to be worth $13 billion. Ceramic products are used for manufacturing several materials such as tiles, glass, cement, pottery, bricks, and others. In addition to this, bio-ceramics are used as synthetic bones as well as dental implants across the globe. Increasing demand for ceramics in several sectors and growing popularity of them to decorate home surfaces is anticipated to drive the growth of the market during the forecast period.
Increasing Demand for Fertilizers in Asia-Pacific to Augur Growth
Among the regions, Asia-Pacific is likely to remain a dominant force for the market during the forecast period. This is ascribable to factors such as growing demand for fertilizers from countries such as India, and China. Furthermore, countries such as China having presence of maximum number of manganese carbonate mines in the world will bode well for the growth of the market in Asia-Pacific during the projected horizon. Moreover, growing demand for ceramics as a decoration product in households will propel the growth of the market in Asia-Pacific in the forthcoming years. Europe, on the other hand, is likely to be the second-most leading region during the projected horizon. This is attributable to factors such as increasing demand for crop fertilizers from agricultural sector in this region during the forecast period.
American Elements Offering Product Discount to Stoke Demand
The world is reeling from the threat posed by the global pandemic, COVID-19. The companies operating in the market are coming with up innovative strategies to outclass the rivals during the hard times. For instance, American Elements, a Los Angeles-based chemical materials provider, in April 2020, announced that it will offer considerable discounts on its products that comprises of chemicals and advanced materials for the pharmaceutical firms, medical facilities, and government agencies at the frontline combating the novel coronavirus. Adoption of strategies such as expansion of product offerings, partnerships, and collaborations by the companies to main market presence and gain major manganese carbonate market revenue will positively affect the growth of the market during the forecast period.
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