Olivine Market Size, Share, Growth, and Industry Analysis by Size (30-100 Mesh, 100-270 Mesh, 270-325 Mesh, and Others) By Application (Foundry Molding Sand, Metallurgical Auxiliary Material, High-Temperature Refractory, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Olivine Market Report Overview

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The global olivine market size was USD 144.9 million in 2021 and is expected to reach USD 202.75 million in 2031, exhibiting a CAGR of 3.4% during the forecast period.

Olivine is a mixed crystal of Mg2SiO4 and Fe2SiO4, a kind of crystal in which the magnesium atom typically takes the lead. It is the primary crystal in the Earth's crust. Massive masses of olivine-rich rocks from the layer have been lifted by plate-tectonic processes to the Earth's surface, where they may be exploited in open pit mining. Olivine sometimes referred to as peridot, is a magnesium iron silicate mineral. It comes in two different forms; one is transparent and the other has inclusions. Because it crystallizes at relatively low temperatures, olivine can be found on or near the Earth's surface.

The most prevalent mineral on Earth, olivine, is hydrated and carbonated, producing a lot of heat in the process. Sadly, the reaction is too slow for most technological uses, but when thermal isolation is good, the majority of this heat can be recovered, allowing for the creation of high-pressure steam and space heating.

The demand for high-temperature refractory and foundry molding sand is rising across a number of industries, including construction, the steel industry, glass manufacturing, and more, which is what is driving this market's expansion.

COVID-19 Impact: Halt of Operations to Impede Market Growth

The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with olivine experiencing lower-than-anticipated/higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The short-term global olivine market growth is anticipated to be impacted by the novel COVID-19 pandemic. Despite the new coronavirus's continued inability to disrupt steel output, a reduction in demand is obvious, and the supply-demand imbalance will continue to expand in 2020. Lockdowns implemented by governments throughout the world as a precaution to stop the spread of COVID-19 infection are mostly to blame for the decline in demand for iron and steel, due to which, several small- to medium-sized enterprises have stayed closed. Additionally, because mining and other related activities are covered by the Essential Commodities Act in many countries throughout the world, the lowering demand is anticipated to impede the expansion of the global olivine market.

LATEST TRENDS

"Growing Importance of Olivine Properties to Push Market Demand"

Fayalite and forsterite are the final members of a solid solution series of minerals collectively referred to as the "Olivine." It is a mineral with a green or brownish green color that is present in mafic and ultramafic rocks all over the world but has different compositions. The importance of this material as a slag conditioner, refractory material, foundry sand, and for a variety of other applications like blasting sand, ballast, and covering material for underwater pipes and cables is due to its excellent physical, mechanical, and thermal properties.

Olivine Market Segmentation

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• By Type Analysis

By type, the market is segmented into 30-100 Mesh, 100-270 Mesh, 270-325 Mesh, and Others.

• By Application Analysis

Based on applications, the market is classified into Foundry Molding Sand, Metallurgical Auxiliary Material, High-Temperature Refractory, and Others.

DRIVING FACTORS

"Increasing Demand for Product to Stimulate Demand"

Pyroxenite and dunite are expected to experience a significant rise in demand over the assessment period as the iron and steel industry around the world increasingly prefer these two minerals to dolomite as a source of magnesium oxide. In slag circumstances, olivine also has a number of advantages over dolomite, including a higher magnesium oxide content, low coke, and energy consumption, a smaller amount of slag, and significantly fewer carbon dioxide emissions. One of the main elements anticipated to significantly increase the overall growth of the market is the rising demand for olivine.

"Increasing Adoption from Various Sectors to Stimulate Growth "

The increasing demand from end-use industries, technical developments, and innovation in olivine manufacturing techniques are the primary drivers of the global olivine market. Government programs for green growth are also having a favorable effect on the global olivine market.

RESTRAINING FACTORS

"Raw material Cost to Hamper Market Growth"

The expansion of the global olivine market, however, may be constrained in the coming years by the volatility of raw material costs.

Olivine Market Regional Insights

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"Asia Pacific to Dominate Market Owing to R&D Activities "

Asia Pacific holds the largest part of the global olivine market share. Pyroxenite demand is being driven by increased government attempts to increase the production of iron and steel across nations like China and India. The market is being driven by an increase in R&D activities and a decline in the cost of producing iron and steel, respectively.

North America is anticipated to have a sizable market share. This is due to a number of variables, including the rising industrialization of countries like Brazil, Argentina, Mexico, and others. North America and Latin America are anticipated to lead in terms of market share and value. Another element that is anticipated to offer plenty of opportunities for players in the current market scenario is the region's developing iron and steel industry.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The market is a highly competitive sector with a number of prominent companies. Few big firms currently dominate the market in terms of market share. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Sibelco (Belgium)
• Steinsvik Olivin (Germany)
• Eryas (Turkey)
• Covia (Unimin) (U.S.)
• Olivine India Group (India)
• Yucheng Refractory Products (China)
• Termolith SA (Vitruvit)
• Ore-Met (India)
• Dakduklu Minerals (Turkey)
• Egamin (Germany)
• Scangrit (U.K.)
• LTC Minerals (U.S.)

REPORT COVERAGE

The report examines elements affecting the market from both the demand and supply sides and further estimates market dynamic forces during the forecast period. The report provides drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis for regions after evaluating governmental, financial, shared, and technical factors affecting the market in these regions.