Magnesite Market Size, Share, Growth Analysis, By Type (Magnesite Ore, Dead-Burned Magnesia), By Application (Construction, Industrial), By Region - Industry Forecast 2024-2031

Global Magnesite Market size was valued at USD 9.3 billion in 2022 and is poised to grow from USD 9.8 billion i  2023 to USD 14.6 billion by 2031, growing at a CAGR of 5.1% during the forecast period (2024-2031). 

The global magnesite market has been experiencing steady growth in recent years, driven by the increasing demand from various industries. Refractories made from magnesite are highly resistant to heat, corrosion, and mechanical stress, making them essential for lining furnaces, kilns, and other high-temperature industrial equipment. The booming construction industry, particularly in emerging economies, has also contributed to the demand for magnesite-based refractories. Magnesite is used as a soil conditioner and fertilizer, supplying essential magnesium nutrients to crops. The increasing awareness of the benefits of magnesium in enhancing plant growth and productivity has spurred the adoption of magnesite-based fertilizers, thereby driving market growth. In the chemical industry, magnesite is utilized in the production of magnesium-based compounds, such as magnesium oxide (MgO) and magnesium hydroxide (Mg(OH)2). These compounds find applications in various sectors, including water treatment, flame retardants, pharmaceuticals, and environmental protection. The growing demand for these chemicals in different industries is expected to positively impact the market.

US Magnesite Market is poised to grow at a sustainable CAGR for the next forecast year.