Pyroxenite Market: Introduction
In terms of value, the global pyroxenite market is expected to reach ~US$ 150 Mn by 2030, expanding at a CAGR of 2% during the forecast period. The increase in demand for pyroxenite in iron and steel production is a major factor driving the global pyroxenite market. Additionally, lower cost of pyroxenite over its substitutes is estimated to fuel the global market during the forecast period.
Major Drivers of Pyroxenite Market
The global pyroxenite market is primarily driven by the increase in usage of pyroxenite in metal casting and steelmaking applications. Furthermore, the demand for pyroxenite has been rising across the globe, owing to its adoption in concrete aggregates. Pyroxenite is preferred as a source of MgO in the iron & steel industry. Major benefits of pyroxenite in slag conditioning are higher MgO content, no requirement of preheat treatment, reduced energy consumption, lower coke consumption, reduced slag volume, and lower CO2 emissions. Pyroxenite is used as flux alternative to dolomite. The usage of pyroxenite leads to decrease in resistance of the cohesive zone to gas flow in the blast furnace, thereby resulting in a drop in fuel rate and higher productivity.
Asia Pacific Holds Prominent Share of Pyroxenite Market
Asia Pacific is a highly lucrative region of the global pyroxenite market. China is likely to hold major share of the market in the region during the forecast period. Wide industrial manufacturing base, high availability of raw materials, and broad consumer base are some of the key factors driving the demand for pyroxenite in China. North America is another major consumer of pyroxenite, with the presence of a large number pyroxenite reserves as well as manufacturing facilities in the region. Rise in production of the steel and expansion of the construction sector are estimated to boost the demand for pyroxenite in the region in the near future. The pyroxenite market in Europe is anticipated to expand in the near future, owing to an increase in iron and steel production in Germany, Turkey, Russia, and France.
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Major Players in Global Market
The global pyroxenite market is consolidated. It is dominated by a few large sized manufacturers. Companies operating in the global pyroxenite market are investing in advanced mining equipment and increasing the production capacities for pyroxenite. Major players operating in the global pyroxenite market include Tata Steel Ltd., Bharat Mining Company, Foskor (Pty) Ltd., TVI Resource Development Philippines Inc., and Aegis Group.
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