Pyroxenite Market is predicted to reach USD 156.34 million at a CAGR of 4.54% during the forecast period

Pune, India, Dec 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Pyroxenite Market.

Global Pyroxenite Market

Pyroxenite is a greenish-blackish ultramafic igneous rock which contain pyroxene group minerals such as hypersthene, diopside, augite, enstatite or bronzite. This is a coarse-grained rock and that contains at least 90% pyroxene minerals. Also pyroxenite contain oxide and olivine minerals, when it occurs in nepheline or layered intrusions. This heavy and hard rock’s principal minerals whicha are usually found are chromite, magnetite, garnet, spinels, and rutile. Single crystals of pyroxenite are around 3 inches or more in lenght. Pyroxenites are usually found with peridotites and gabbros. There are three type of pyroxenite rock which occurs naturally; websterites, orthopyroxenites, and areclinopyroxenites.

Market Synopsis

According to the MRFR analysis, the global pyroxenite market size is projected to reach USD 156.34 million by 2030 at a CAGR of 4.54%.

A rise in the demand for pyroxenite is a key factor in escalating market growth. The growing demand for olivine in iron & steel making as it offers considerable benefits over dolomite, including higher magnesium oxide content, lowered slag volume, and much lower carbon dioxide emission, which has been propelling the growth of pyroxenite in the market. Ongoing research & development activities, rapid industrialization, and an upsurge in the advancements in production technology and research are the primary aspects among others driving the pyroxenite market. Additionally, the peak in the demand from emerging economies and the rise in the modernization of manufacturing strategies will also create lucrative opportunities for the pyroxenite market in near future. However, the high cost associated with pyroxenite extraction, regulatory restraint, and availability of close substitutes may affect market growth.

Competitive Landscape

The global pyroxenite market is highly concentrated and consists of many organized and unorganized industry players. Manufacturers focuses mainly on expansion of production capacities, continuous product launch, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include Tata Steel Ltd., Bharat Mining Company, Foskor (Pty) Ltd., TVI Resource Development Philippines Inc., Aegis Group, and others players. 

Segmentation

By Application

• Iron & Steel Making: Iron & steel are the primary material in many end-use industries. Adoption of pyroxenite in in iron & steel making has gained traction as it used used as a fluxing dolomite as a source of magnesium oxide as well as sintering agent in blast furnace operations.


• Countertops/Kitchen: The segment holds a substantial market share in the global pyroxenite market. Pyroxenite is used in making countertops and decorative elements in the kitchen. This igneous rock has unique texture & properties which has captured the attention of modern interior designers.


• Building Stone/Dimension Stone: Increased preference of using building stone or dimension stone in buildings, monuments, paving, furniture, and decorative objects, as they can be cut and finished to specified sizes and shapes has highly impacted the pyroxenite market. The growing manufacturing industry is expected to create lucrative growth opportunities for the market.


• Others: The others segment covers construction aggregates, metal production and other applications. Pyroxenite is used to manufacture aggregates that are utilized as concrete admixtures. Growing infrastructure activities, coupled with increasing investments, is expected to drive the growth of the market.

By Region

• North America: The growth in the North America pyroxenite market is mainly attributed to the key players in the US and Canada, which has significantly contributed to the growth of pyroxenite market in the region.


• Europe: Implementing the growth in this region can be mostly attributed to technological advancements and growing building & construction industry.


• Asia-Pacific: Asia-Pacific is expected to emerge as the fastest-growing regional market due to various factors such as increasing government investment. China and India are anticipated to dominate the Asia-Pacific market over the forthcoming years.


• Latin America: The growing demand is due to the rise in industrialization and urbanization in major countries.


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  Middle East & Africa: Increase in government investments is fueling the demand for pyroxenite in the region. Access Full Report Details -  Pyroxenite Market Size