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Mineral Global Market Report 2022
Major companies in the mineral market include China National Building Material Group Co. Ltd. , Compagnie de Saint-Gobain S. A. , LafargeHolcim Ltd. , HeidelbergCement AG, Anhui Conch Cement Company Limited, CRH plc, Votorantim S.
New York, May 31, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mineral Global Market Report 2022" - https://www.reportlinker.com/p06282153/?utm_source=GNW
A, Cemex SAB de CV, Guardian Industries LLC, and Asahi Glass Co. Ltd.
The global mineral market is expected to grow from $873.37 billion in 2021 to $959.33 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The market is expected to grow to $1,340.29 billion in 2026 at a CAGR of 8.7%.
The mineral market consists of sales of mineral products by entities (organizations, sole traders and partnerships) that offer products such as bricks, refractories, ceramic products, and glass and glass products.
The main types of minerals are cement and concrete products, glass and glass products, other non-metallic mineral products, clay products and refractories, and lime and gypsum products.Cement and concrete products refer to the products that are used in building houses.
The various applications involved chemicals manufacturing, metallurgy, electrical grid infrastructure, electronics, glass products, vehicles, and other applications. These are used in construction, manufacturing, and other end-users.
The Asia Pacific was the largest region in the mineral market in 2021.Western Europe was the second-largest region in the mineral market.
The regions covered in the mineral report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The imposition of high taxes on cement and concrete products limited the growth of the mineral products market.Mineral products such as cement, made from a different combination of minerals, are generally sold in high volumes at low prices, but heavy taxes imposed on cement and concrete products restrained the market’s growth.
In Jul 2021, according to Cleartax, Cement will attract 28% GST resulting in increased costs for the infrastructure sector, The tax of limestone is at 5%.India’s cement industry is the second-largest producer of cement after China.
High taxes on cement negatively affected the mineral products market.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the mineral products market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, the Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Manufacturers depend heavily on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.The outbreak has hurt businesses throughout 2020 and into 2021.
However, it is expected that the mineral products market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Advanced ceramics are cost-effective and are considered to be better alternatives to metals, plastics and glass because of their ability to offer better performance.Advanced Ceramics are identified by their high chemical purity and careful processing.
It is used as thermal barrier coating in the hot part of engines, ceramic composite, thermal protection systems, engine components and even in sensors and antennas. For instance, advanced ceramics reached$10.41 Billion in 2021, at a compound annual growth rate of 6.5%, thus indicating an increase in the usage of advanced ceramics. GE Aviation’s $4.3 billion five-year investments, in US operations, were used for producing a new generation of jet engines, aircraft systems and engine components advanced ceramics.
The countries covered in the mineral market include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, Vietnam.
Read the full report: https://www.reportlinker.com/p06282153/?utm_source=GNW
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