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Magnetite Market will significantly uplift increasing usage of the substance in the chemical industry

Author : Ronak Bora | Published Date : 2019-03-25 

Global Market Insights, Inc. adds new Magnetite Market report which provides in-depth information about Industry overview, top vendors, Key market highlights, product types, drivers, challenges, trends, industry landscape, size and forecast.

Chemical Industry is expected to register over 3% CAGR by 2024. The product is widely used in magnetic recording, it is to store data on a magnetized medium using different patterns in the form of non-volatile memory.  Additionally, it is often mixed with a liquid to produce thick, high density slurry that is used for specific gravity separations. Increasing usage of the substance in the chemical industry will significantly uplift magnetite market size.

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Extensive utilization of the substance in steel industry is another factor that drives magnetite market. Steel Industry is expected to grow with a rate of 2% by 2024. It is serving as magnetic décor for preventing trains moving off from the tracks, its industries importance lies in its usage in steel manufacturing. Compasses and navigation have magnetic properties that are inherited from the product. Its widespread properties is increasing its demand in diverse applications and industries.

Product has enormous health benefits that subsequently elevated it demand worldwide. In ancient time, it was highly used as healing agent and in mental health problems. Some of its major application includes its non-toxic characteristic that covers three major meridians of liver, kidney and lung. Its main function is to calm the liver, nerves, improve vision, hearing and relieving asthma. Health advantage of the product boosts the magnetite market.

Magnetite market is classified on the basis of its end use industries that includes steel, chemical industry and health sector. The product is used in several applications including steel processing, magnetic recording and home remedies to prevent various disease.

Asia Pacific, led by China, India and Japan are major producer of steel worldwide. China accounts for over 45% of world’s total steel production. Economy of China is highly driven by steel industry, emerging infrastructure, construction is influencing the demand of steel and boosting the magnetite market. Japan is amongst the highest exporter and of steel and the country hosts key companies of steel manufacturing including Nippon steel and JFE.

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Gindalbie Metal, Sgmining, African Minerals, Kompass, Malu, BX Steel, Salasar Minerals and Tisco are major contributors in the global magnetite market. Tisco is implementing an expansion project at the company’s Jamshedpur works to increase its capacity. The expansion aims increase in production capacity and global footprint of the company. The company acquired Natsteel, Millennium Steels and Corus in 2004, 2005 and 2006 respectively. Objective of acquisition was to increase its revenue, capacity and global reach.

 

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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