The global carbonate Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The global carbonate market consists of various products that are produced from carbon dioxide gas and include calcium carbonate, sodium carbonate, potassium carbonate, lithium carbonate, and others. Carbonates find wide applications in end-use industries such as construction, water treatment, agriculture, food and beverages, pharmaceuticals, and others. They are used as natural mineral fluxes, pigments, acid neutralizers, refractories, and filler materials. Calcium carbonate is widely used as a filler and coating pigment in paper production, paints, plastics, rubber, adhesives sealants, and others due to its high availability and brightness.
Market key trends:
One of the key trends gaining traction in the carbonate market is the use of carbonates in 3D printing applications. Carbonates such as calcium carbonate and sodium carbonate are used as raw materials in the production of 3D printing filaments. They are combined with polymers such as poly lactic acid (PLA) and acrylonitrile butadiene styrene (ABS) to produce filaments for fused deposition modeling (FDM) 3D printers. Carbonates enhance the mechanical properties and functionality of printed parts. They make the printed objects sturdier and UV resistant. The use of carbonate filaments opens up new opportunities for 3D printing across various industries such as automotive, aerospace, healthcare, and consumer goods.
Porter's Analysis
Threat of new entrants: The carbonate market requires high initial investments and production costs, deterring new companies to enter this competitive market easily.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the presence of several vendors offering carbonate products. However, differentiation among products increases buyer dependency on few key vendors.
Bargaining power of suppliers: Major suppliers in this market include natural resources from which carbonate is extracted. Dependence on few resource suppliers gives them higher bargaining power over pricing.
Threat of new substitutes: Substitutes like calcium oxide pose minimal threat as carbonate has distinct properties making it irreplaceable for various applications.
Competitive rivalry: Being a fragmented market with presence of numerous international and regional vendors, competition is high based on pricing, quality, and innovation.
Key Takeaways
The Global Carbonate Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from end-use industries like paper, plastic, paint, and adhesives. The market was valued at US$ 3.5 billion in 2020.
Regionally, Asia Pacific dominated the carbonate market share in 2020 attributed to growth of construction and automotive industries in China and India. North America is also experiencing significant demand driven by building & construction sector in the US. Europe is forecasted to grow at a steady pace during the forecast period.
Key players operating in the carbonate market are Omya Group, Huber Engineering Materials, Franklin Minerals, and Imerys S.Apresence among several others. Omya Group is a leading global producer of industrial minerals headquartered in Switzerland. Imerys S.A is a France-based supplier and manufacturer of mineral-based specialty solutions for industry.
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