Dolomite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Dolomite Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The global market for dolomite is projected to register a CAGR of more than 3% during the forecast period.

• COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
• The growing construction activities and expanding steel production across the globe are expected to fuel the market's growth during the forecast period. The market's expansion, on the other hand, is expected to be impeded by the substitution of raw dolomites with igneous rock containing olivine minerals.
• Furthermore, the use of dolomite as a calcium and magnesium supplement is predicted to generate a market opportunity in the pharmaceutical industry. The Asia-Pacific region dominates the global market, with the largest consumption from countries such as China, India, and Japan.

• Dolomite is used as aggregate in Portland cement concrete which is used for roads, buildings, and other structures. Dolomite is also used in combination with bituminous materials for roads and similar construction. Dolomite ground finds a huge application in the iron and steel industry due to its strength and compatibility in the process of purifying iron and steel.
• In the production of cement, dolomite is calcined, and then it is cut into blocks of a specific size. The construction industry is one of the largest consumers of cement. The growing commercial and industrial construction activities are experiencing a boom globally.
• China's growth is fueled mainly by rapid residential and commercial building expansion. China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030. Also, China's construction output peaked in 2021 at a value of USD 4.26 trillion. As a result, these factors tend to increase the demand for dolomite in the region.
• Furthermore, according to Statistics Korea, construction orders collected by local builders at home and overseas totaled USD 245.9 billion in 2021, supporting the market growth.
• Also, India is expanding its commercial sector. Several projects have been going on in the country. For instance, the CommerzIII Commercial Office Complex construction worth USD 900 million started in Q1 2022. The project involves the construction of a 43-story commercial office complex with a permissible floor area of 2,60,128 square meter in Goregaon, Mumbai. The project is expected to be completed in Q4 2027, thus, benefitting the market growth during the forecast period.
• Owing to the above-mentioned factors, the consumption of dolomite is expected to rise at a healthy rate from the construction industry over the forecast period.

• The Asia-Pacific region is expected to account for the largest market for dolomite during the forecast period owing to expanding construction, the healthcare sector, etc., in major countries such as China, India, Japan, etc.
• China hosts a vast construction sector, and the developments in the infrastructure and residential sectors in the past two years have supported the growth of the construction sector at large, both in terms of volume and value.
• China is the largest cement producer globally, and the demand for cement is constantly increasing, supported by the rapidly growing construction industry. For instance, according to the National Bureau of Statistics (NBS) of China, the production volume of cement in the country amounted to nearly 2.38 billion metric tons in 2021, fuelling the market growth in the region.
• With the demand from technology, e-commerce, and banking-financial service companies, office space requirements are significantly rising, resulting in the construction of new offices in the region. For example, China is one of the leading countries with respect to the construction of shopping centers. China has almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025, increasing the demand for dolomite from the construction sector.
• Also, the expanding healthcare sector in the region is expected to fuel the market's growth. For instance, in India, expenditure on the health sector surged by about 73 % in 2021–22 compared to the previous year, increasing the market demand during the forecast period.
• Thus, owing to the aforementioned trends, the Asia-Pacific region is expected to dominate the dolomite market during the forecast period.

The global dolomite market is partially fragmented in nature. Some of the major players in the market include Sibelco, Calcinor, RHI Magnesita GmbH, JFE Mineral & Alloy Company, Ltd., and Dillon, among others.

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