Pyroxenite - Global Market Outlook (2019 -2027)
According to Stratistics MRC, the Global Pyroxenite Market is accounted for $0.68 billion in 2019 and is expected to reach $0.90 billion by 2027 growing at a CAGR of 3.5% during the forecast period. Increase in demand for pyroxenite in steel & iron making applications is driving the growth of the market. However, magnesium rich rocks are acting as a substitute and thereby hindering the market growth.
Pyroxenite, dark-coloured, intrusive igneous rock that consists of minerals that belong to pyroxenes group- predominantly, ferromagnesian minerals other than olivine. Ferromagnesian minerals are a commercial source of magnesia coupled with silica, particularly used in metallurgy applications. Pyroxenite is used as a fluxing as well as sintering agent in blast furnace operations, particularly in the steel & iron industry. Pyroxenite offers several benefits over dolomite, which also used as a fluxing agent in the steel manufacturing process.
Based on the application, the iron & steel making segment is going to have a lucrative growth during the forecast period. Pyroxenite is used as a substitute for various minerals such as quartz, limestone, flux of dolomite, and magnesian rocks in steel and iron making.
By geography, South America is going to have a lucrative growth during the forecast period due to a host of factors, including rapid industrialization in nations such as Brazil and Argentina. The booming iron & steel sector in the region is another factor that is expected to provide abundant opportunities for participants operating in the current pyroxenite market landscape.
Some of the key players profiled in the Pyroxenite Market include Aegis Group, Bharat Mining Company, Foskor (Pty) Ltd, Tata Steel Ltd, TVI Resource Development Philippines Inc, and Vale SA.
• Building Stone/Dimension Stone
• Iron & Steel Making
• Metal Production
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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