Caustic Calcined Magnesite Segmentation
Application (Agricultural, Chemicals, Pharmaceutical, Construction, Steel Production, Pulp & Paper)
The global caustic calcined magnesite market is segmented and analyzed for demand and supply by application into agricultural, chemicals, pharmaceutical, construction, steel production, and pulp & paper. Out of the three applications, the construction segment is estimated to gain the largest market share in the year 2037. The growth of the segment can be attributed to the rising demand for the product for the production of cement, and for the construction of refractory linings and furnaces. The construction sector is growing exponentially which is estimated to escalate the demand for cement which in turn triggers the higher requirement for caustic calcined magnesite over the forecast period. For instance, in 2022, the total production volume of cement was anticipated to be around 4 billion tons across the globe. Hence, such a higher demand for caustic calcined magnesite in cement production is expected to flourish the growth of the segment over the forecast period.
In addition to this, the agricultural segment is predicted to gather the second-largest share during the forecast period, which can be credited to the high requirement of caustic calcined magnesite for photosynthesis in plants, and its growing usage to manufacture agricultural fertilizers coupled with the higher demand for agricultural surfactants all around the world. Caustic calcined magnesite is burned to be processed as raw material for the making of fertilizers. The demand for fertilizers is projected to rise on the back of higher demand for food owing to rising hunger issues and a remarkable boom in the global population. For instance, the demand for fertilizers was estimated to reach 50 million tonnes in 2020 up from around 40 million tonnes in 2015. Therefore, all such factors are projected to influence the growth of the segment positively during the forecast period.
Our in-depth analysis of the global market includes the following segments:
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