The global dolomite powder market size is expected to reach USD 33.44 billion by 2027, exhibiting a CAGR of 3.8% during the forecast period. The growing use of dolomite in the steel industry is predicted to enable healthy growth of the market, states Fortune Business Insights, in a report, The market size stood at USD 25.41 billion in 2019.
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Inflated Demand from Steel Industry to Foster Growth
The surging steel and iron industry is expected to spur business opportunities for the market during the forecast period. Dolomite is used as a slag flux in the production of steel to remove impurities. Dolomite powder is also used in refractory linings of open-hearth steel furnaces. The increasing demand for dolomite in mini-steel plants for fettling and refractory applications will have an excellent effect on the market. The rising production and consumption of steel is expected to enable speedy expansion of the market. As per the World Steel Association, 98% of the raw materials used to make crude steel are converted to products and by-products. The steel industry’s goal is zero waste. The rising emphasis on steel recycling is likely to generate sales openings for the market. Nonetheless, the increasing construction projects will simultaneously increase the demand for steel, which, in turn, will bode well for the market.
Break on Construction Activities to Dampen Market During Coronavirus
The strict regulations concerning the export and import of raw material during the pandemic will dwindle the growth of the market. Moreover, the slowdown of the construction and cement industry will indirectly hamper the demand for dolomite. The lack of distribution from major steel manufacturing countries will subsequently restrict the expansion of the market. For instance, decreased production and export from the major producer of steel, china will have a horrendous effect on the market amid coronavirus.
Thriving Metal Production to Improve Market in Asia Pacific
The market for dolomite powder in Asia Pacific stood at US$ 6.20 Billion in 2019. The growth in the region is attributed to the growing metal and building & construction industry in India and China. The growing application of cement and steel is expected to create demand for the market. The market in Europe is predicted to witness a significant growth rate owing to the increasing demand from the steel & iron and cement industry. The growing utilization of dolomite in glass and ceramics owing to its high rigidity and tensile strength will bolster the healthy growth of the market in the region.
February 2018: Imerys announced that it has acquired the calcium carbonates and dolomite business of Vimal Microns Ltd., a key supplier of calcium carbonates in India. This new development will consolidate the presence of Imerys in India.
List of the Leading Companies Profiled in the Global Dolomite Powder Market are:
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