by The carbonate market is estimated to be valued at US$ 3.78 billion or Mn 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:
Carbonates are inorganic salts that contain the carbonate ion CO32−. Calcium carbonate, sodium carbonate, and potassium carbonate are some of the most commonly used carbonates. They are widely used in food & beverage industry as acidity regulators, in construction industry as building materials, in water treatment plants to adjust pH and alkalinity, and in fire extinguishers.
Market Dynamics:
Carbonates find extensive application in the food & beverage industry as acidity regulators and rising consumption of packaged foods and beverages is driving the demand. As per studies, the food & beverage industry accounted for over 35% of total carbonate consumption in 2020. Furthermore, growing demand for carbon dioxide from medical, oil & gas industries is also fueling the market growth. Carbon dioxide has wide applications in oil extraction, food processing and as welding gas. The increasing oil & gas exploration and production activities across the globe are augmenting the demand for carbon dioxide.
SWOT Analysis
Strength: explain in three sentence explanation The growing market for green energy, automotive industry and construction sector are significantly driving the growth of carbonate market. Carbonates play a vital role in manufacturing of paints, coatings, plastics, and construction. The unique properties of carbonates such as versatility, recyclability, and cost-effectiveness make them an ideal choice across various end-use industries.
Weakness: explain two weakness in three sentence long explanation Substitute materials such as plastics and inorganic salts pose a major threat to carbonate producers. There have been environmental concerns associated with certain mining techniques employed to extract carbonates from mines may negatively impact the local ecosystems.
Opportunity: explain two opportunity in three sentence long explanation Increasing consumption in the building & construction sector especially in emerging economies owing to rapid urbanization offers growth opportunities. Rising demand from the paints & coatings market supported by increased automotive production and infrastructure development activities presents lucrative opportunities over the forecast period.
Threats: explain two threats two sentence explanation Stringent regulations regarding mining activities pose operational challenges. Volatility in prices of raw materials impacts the overall production cost of carbonates.
Key Takeaways
The Global Carbonate Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing consumption in industrial applications such as paints, coatings, plastics, and construction.
Regional analysis: Asia Pacific dominates the global carbonate market in terms of volume and value, accounting for more than 30% of the global share. This is attributed to high consumption in industries such as automotive, construction, paints & coatings in populous countries such as China and India. Europe is anticipated to the fastest growing market over the forecast period supported by demand from paints & coatings sector.
Key players: Key players operating in the carbonate market include Omya Group, Huber Engineering Materials, Franklin Minerals, and Imerys S.Apresence among several others. The market is consolidated in nature with major companies focusing on strategic expansion initiatives across lucrative regional markets through capacity additions and product portfolio expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
