Global Manganese Carbonate Market to Exhibit 4.2% CAGR 2015-2023, Demand from Asia Pacific to Drive Growth : TMR
According to a recent market research report published by Transparency Market Research, the global manganese carbonate market is estimated to expand at a CAGR of 4.2% during the period from 2015 to 2023. The report, titled “Manganese Carbonate Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” projects the global manganese carbonate market to reach a valuation of US$464.1 mn by 2023. The overall market was worth US$322.2 mn in 2014.
Manganese carbonate refers to the water-insoluble form of manganese that can be converted to other manganese compounds such as manganese oxide by the process of calcination. Manganese carbonate naturally occurs in the form of the mineral rhodochrosite. The chemical compound is available in a variety of colors including brown, red, pink, yellow, and grey. It is used across various value-added applications and can be employed as a chemical intermediate to synthesize other chemical compounds.
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The report states that the rapid expansion of the agricultural micronutrients industry will fuel the growth of the global manganese carbonate market. The growing demand for manganese from the ceramics and porcelain home ware industry will also augment the market’s growth during the forecast period. However, unfavorable supply scenario due to region-specific concentration of manganese carbonate reserves might restrain the overall market in the coming years. The global manganese carbonate market has a huge scope to grow due to increasing applications of manganese carbonate in concrete staining.
In terms of application, the report segments the global manganese carbonate market into chemical intermediates, glaze colorant, agrochemicals, and others. Volume-wise, the agrochemicals application segment is expected to the fastest growing application segment during the forecast period. In 2014, agrochemicals held over 65% of the overall market. Glaze colorant was the second largest application segment in the market and is estimated to register moderate growth during the period between 2015 and 2023. Manganese carbonate is also used across medical and food supplement applications.
The report studies the global manganese carbonate market across five key regions: Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. In 2014, Asia Pacific emerged as the largest market for manganese carbonate and is anticipated to be the fastest growing market in the region during the forecast horizon. The rapid growth of the manganese carbonate market in the region can be attributed to the surging demand for agrochemicals for animal feed and fertilizer applications. Europe and North America are expected to witness moderate demand for manganese carbonate in the near future.
The global manganese carbonate market is highly fragmented with a number of small and medium regional companies operating in the market. Describing the competitive landscape, the report profiles some of the key players in the market such as Airedale Chemical Company Limited, All-Chemie Ltd, American Elements, Mil-Spec Industries Corporation, Akshar Chemicals, Alfa Aesar, Sunrise Enterprise, GFS Chemicals Inc., Chemalloy, and Zncus Chemical Co., Ltd. The report further provides insightful information about the key players including their product portfolio, business overview, revenue, and recent developments.
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