According to SPER Market Research, the Pyroxenite Market is estimated to reach USD 0.174 billion by 2032 with a CAGR of 4.78%. Pyroxenite is a type of ultramafic rock composed primarily of pyroxene minerals such as clinopyroxene and orthopyroxene, as well as other minerals such as olivine, chromite, and spinel. Pyroxenite is an important source of chromium, nickel, and platinum group metals (PGMs), and it is used in the production of stainless steel, high-temperature refractory materials, and other industrial applications.
The global pyroxenite market is driven by the demand for stainless steel, which accounts for a significant portion of the world’s nickel and chromium consumption. The increasing use of stainless steel in various applications such as construction, automotive, and aerospace is expected to drive the demand for pyroxenite in the coming years. The growing demand for PGMs, especially platinum and palladium, for use in catalytic converters for automotive emissions control, is also expected to contribute to the growth of the pyroxenite market.
Pyroxenite Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 4.78%
- Forecast Market Size (2032): 0.174 billion
One of the key challenges facing the pyroxenite market is the environmental impact of mining and processing of pyroxenite. The extraction and processing of pyroxenite can result in the release of pollutants and greenhouse gas emissions. As a result, there is increasing pressure on the pyroxenite industry to adopt more sustainable and environmentally responsible practices.
Impact of COVID-19 on the Pyroxenite Market
The fast spread of the COVID-19 has caused substantial damage in a number of major industries. The outbreak had a particularly negative effect on the major end-users of pyroxenite, including those in the building and construction, automotive, and energy & power industries. The COVID-19 outbreak has already done significant harm to the world’s mining operations, supply chains for raw materials, and industrial systems. The lockdown in every region has caused significant problems for the manufacturing sector. Market participants have to shut down production facilities or operate them at capacities below their maximum output levels in order to stop the spread of COVID-19. The pandemic has had both short- and long-term effects on the labour force and industry. Pyroxenite market was severely hit after COVID-19 due to significant production expansions and slow demand growth. Many ongoing building projects were left unfinished as a result of the abrupt lockdown scenario during COVID-19, which resulted in significant losses.
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Pyroxenite Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
- Building Stone/Dimension Stone
- Iron & Steel Making
- Grade I
- Grade II
- Middle East & Africa
- North America
- Latin America
The market for pyroxenite is highly concentrated, with a few major players dominating the market. The largest producers of pyroxenite are located in South Africa, Russia, and Canada. Other countries with significant pyroxenite reserves include Norway, Finland, and the United States.
Pyroxenite Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Aegis Group, Bharat Mining, Company, Foskar(Pty) Ltd, Tata Steel Ltd, TVI Resource Development Philippines Inc, Vale SA.
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