Olivine Powder And Olivine Sand Market Size, Share, Growth, and Industry Analysis, By Type (30-100 mesh, 100-270 mesh, 270-325 mesh, Others), By Application (Foundry Molding Sand, Metallurgical Auxiliary Material, High-temperature Refractory, Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

Olivine powder and olivine sand MARKET REPORT OVERVIEW

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The global olivine powder and olivine sand market size was USD 155.1 million in 2022 and the market is projected to touch USD 177.1 million by 2031, exhibiting a CAGR of 1.5% during the forecast period.

The Olivine market has seen a steady surge owing to its extensive applications across various industries. Olivine, a magnesium iron silicate, is primarily recognized for its use in metallurgical applications and foundry sand. Its abundance in the Earth's mantle and its environmentally friendly nature have positioned it as a promising material in industries focusing on carbon capture and storage due to its ability to sequester carbon dioxide. Olivine powder and sand have gained traction in soil treatment and agricultural applications as well. Its use as a soil amendment to balance pH levels, enhance fertility, and better manage water retention has contributed to its increased demand in the agriculture sector.

The Olivine market is witnessing significant growth due to its sustainable and eco-friendly characteristics. The increasing awareness and emphasis on environmentally conscious materials and processes have further boosted the demand for olivine powder and sand. With its widespread applications in industries such as metallurgy, agriculture, and construction, the market is forecasted to experience continued expansion.

COVID-19 Impact: Market Growth Restrained by Pandemic Due to Restrictions on Industrial Activities

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

The Olivine Powder and Olivine Sand Market, like many others, faced disruptions due to the COVID-19 pandemic. The initial phase saw a downturn in the market owing to lockdowns, restrictions on industrial activities, and disrupted supply chains. However, with increased awareness of the importance of high-temperature refractories and metallurgical auxiliary materials in various industries, the market showed resilience. As the global economy started recovering and industries adapted to new norms, the Olivine market gradually regained its momentum.

LATEST TRENDS

"Sustainability to Drive Market Growth"

One prominent trend shaping the Olivine Powder and Olivine Sand Market is the increasing emphasis on sustainability. The market is witnessing a shift towards eco-friendly and sustainable materials. Olivine, due to its abundance and environmentally friendly properties, is gaining traction as a preferred material in various applications. Industries are increasingly recognizing the benefits of using Olivine for its low carbon footprint and its potential to absorb CO2 from the atmosphere through weathering processes.

OLIVINE POWDER AND OLIVINE SAND MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into 30-100 mesh, 100-270 mesh, 270-325 mesh, others.

The Olivine Powder and Olivine Sand global market is segmented into specific mesh sizes—30-100 mesh favored for foundry molding sand, 100-270 mesh and 270-325 mesh utilized in high-temperature refractories and metallurgical applications, alongside an 'Others' category catering to specialized Olivine grades for diverse industry needs.

• By Application

Based on application the global market can be categorized into Foundry Molding Sand, Metallurgical Auxiliary Material, High-temperature Refractory, Others.

The Olivine market segments by application encompass foundry molding sand, which relies on its thermal conductivity and refractory properties, metallurgical auxiliary materials leveraging its chemical and thermal stability, high-temperature refractories due to its resistance to high temperatures and chemical corrosion, and an 'Others' category encapsulating emerging and niche uses of Olivine.

DRIVING FACTORS

"Industrial Adoption to Boost the Market"

The increasing adoption of Olivine in various industries, primarily in steel manufacturing, construction, and foundry applications, is significantly driving the olivine powder and olivine sand market growth. Its use in these sectors as a refractory material, molding sand, and as a metallurgical auxiliary material has been steadily rising due to its unique properties that enhance efficiency and sustainability.

"Environmental Awareness to Expand the Market"

The surge in environmental awareness and the need for sustainable materials is also propelling Olivine's market share. Its recognition as a material that can absorb carbon dioxide from the atmosphere through natural weathering processes is attracting attention. This distinctive feature aligns with global efforts to combat climate change, bolstering the market growth.

RESTRAINING FACTOR

"Limited Awareness and Cost Barriers to Potentially Impede Market Growth"

Despite the benefits and potential of Olivine in various applications, limited awareness among end-users about its properties and applications remains a hindrance. Additionally, the cost of extraction and processing of high-quality Olivine remains relatively high, creating a barrier to its widespread adoption.

OLIVINE POWDER AND OLIVINE SAND MARKET REGIONAL INSIGHTS

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"Europe’s Stringent Environmental Regulations To bolster the Market Growth "

Europe stands out as a significant market for Olivine Powder and Olivine Sand. The region's stringent environmental regulations and increasing emphasis on sustainability are driving the demand for eco-friendly materials like Olivine. With a growing focus on reducing carbon emissions and implementing green initiatives, industries in Europe are increasingly adopting Olivine in various applications, thus contributing to its escalating the olivine powder and olivine sand market share in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Key industry players profoundly influence the Olivine Powder and Olivine Sand market through pioneering innovations and strategic expansions, showcasing extensive proficiency in manufacturing, global reach, and a diverse range of solutions tailored for specific applications like foundry molding sand, high-temperature refractories, metallurgical auxiliary materials, and other specialized industrial needs.

List of Market Players Profiled

• Sibelco (Belgium)
• Steinsvik Olivin (Norway)
• Eryas (Turkey)
• Covia (U.S.)
• Olivine India Group (India)
• Yucheng Refractory Products (China)
• Thermolith SA (Vitruvit) (Switzerland)
• Ore-Met (Ukraine)
• Dakduklu Minerals (Turkey)
• Egamin (Turkey)
• Scangrit (United Kingdom)
• LTC Minerals (Australia)

INDUSTRIAL DEVELOPMENT

2023: A new olivine sand processing technique has been developed that can produce a higher quality product with less environmental impact. The new technique uses a combination of physical and chemical methods to remove impurities from olivine sand, such as iron and silica. This results in a cleaner product that is more suitable for use in a variety of applications, such as foundry molding sand and metallurgical auxiliary material.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.