May 24, 2024
global Carbonate Market

The Global Carbonate Market Is Driven by Rising Demand from Construction Industry


Carbonate minerals such as calcite and magnesite have many applications across industries like construction, agriculture, pharmaceuticals, food and beverages, and more. Carbonate compounds produce concrete, mortar, plaster, and cement when mixed with calcium oxide and water. They provide strength and help concrete and cement sets. In the construction industry, carbonate minerals are key components in making bricks, flooring tiles, roofing tiles, among other building materials. The growing construction activities globally due to rapid urbanization, infrastructure growth projects, and increasing demand for housing have been driving the massive consumption of carbonate minerals.

 

The global carbonate market is estimated to be valued at US$ 183.76 Bn in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the carbonate market is increasing preference for magnesite over calcite. Magnesite offers better insulation and fire resistance properties compared to calcite. It has higher application in the steel and cement industries where fire resistance is an important requirement. Another trend is the shift towards recycled carbonates. Many players have started initiatives for collection and processing of construction and demolition waste to recover carbonate materials for reuse. This is helping reduce dependency on virgin carbonate resources. Governments across nations are also promoting initiatives for greater usage of recycled aggregates in the construction sector. Advancements in carbonate extraction and purification technologies have also expanded applications in niche industries. For example, high purity calcite and magnesite are gaining demand in the pharmaceuticals industry for use as excipients in tablets and capsules manufacturing.

Porter’s Analysis
Threat of new entrants: The carbonate market requires large capital investments and strict environmental compliance which poses high entry barriers for new players.

Bargaining power of buyers: Large buyers in key end-use industries like food & beverage have significant bargaining power due to bulk purchasing. However, the presence of numerous producers maintains competitive pricing in the market.

Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to the availability of substitute materials for carbonate production. However, industry leaders have long-term contracts with reliable suppliers to ensure consistent supply.

Threat of new substitutes: Alternatives like bicarbonates offer competitive substitutes but lack the performance and versatility of carbonates in various industries like construction and painting.

Competitive rivalry: The global carbonate market is a highly fragmented space dominated by large multi-nationals. Players differentiate based on production capacities, quality, technical expertise, and geographic expansion.

Key Takeaways
The Global Carbonate Market Size is expected to witness high growth over the forecast period supported by rising applications in various end-use industries.

Regional analysis:

North America dominates currently facilitated by strong growth in end-use sectors in the US and Canada. Asia Pacific is anticipated to expand rapidly led by China, India, and other developing nations on account of industrialization and urbanization.

Key players:

Key players operating in the carbonate market are bioMérieux, Inc., INOVIQ, Bio-Rad Laboratories, Inc., Abbott, Becton, Dickinson and Company, Merck KgaA, QIAGEN, Thermo Fisher Scientific Inc., CENTOGENE N.V., PerkinElmer Inc., and Siemens Healthcare Private Limited. Players are focused on capacity expansion, R&D investments, and new product launches to strengthen their positions. 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it