The carbonate market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
 

Market Overview:

Carbonates refer to a class of inorganic compounds that contain carbon, oxygen, and metals or metalloids. Carbonate minerals are widely used in construction materials such as cement,aggregates, fillers, and others. They are also used as pigments and fillers in the paper and plastic industries. Calcium carbonate is one of the most widely used carbonate minerals, which finds application as a cheap and effective filler for paints, plastics, rubber, paper, and other materials.

 

Market Dynamics:

The global carbonate market is primarily driven by the growing construction industry. Carbonate minerals such as marble, limestone, dolomite, and calcite are widely used in cement, concrete, and aggregate production. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. The rapid urbanization and infrastructure development in emerging economies will significantly drive the demand for construction materials and subsequently boost the carbonate market growth.
Another major factor fueling the carbonate market is the rising demand for paper globally. Carbonate minerals such as calcium carbonate, magnesium carbonate, and lithopone are extensively used as fillers and coatings in the paper industry. The increasing use of paper in packaging, printing, writing, tissues and several other applications is expected to propel the need for carbonate minerals over the forecast period.
 

Segment Analysis

The carbonate market is dominated by the calcium carbonate sub-segment. Calcium carbonate accounted for over 60% of the total carbonate market share in 2020 owing to its wide range of applications in paper, paints & coatings, plastics, adhesives & sealants and other industries. Calcium carbonate acts as a filler or pigment material to provide whiteness and opacity to end products.

 

PEST Analysis

Political: Any changes in environmental regulationsregarding carbon or GHG emissions across regions can impact the demand for carbonate minerals which are used in various industries.
Economic: A stable economic growth outlook of end-use industries such as paper, construction and packaging drives the demand for carbonate minerals over the forecast period.
Social: Rising population and disposable income has increased consumption of goods manufactured using carbonate minerals thereby positively impacting market growth.
Technological: Developments in mining and production technologies have allowed manufacturers to reduce production costs and improve efficiencies.

 

Key Takeaways

The Global Carbonate Market Growth is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing consumption in end-use industries. The market was valued at US$ 3.5 billion in 2020.

Regional analysis: Asia Pacific dominated the global market in 2020 and is expected to grow at the fastest pace during the forecast period owing to presence of developing economies such as China and India with high production and consumption.

Key players operating in the carbonate market are Omya Group, Huber Engineering Materials, Franklin Minerals, and Imerys S.Apresence among several others. Key players are focusing on mergers & acquisitions and capacity expansions to strengthen their supply chain and meet the increasing demand.

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