DOLOMITE MARKET ANALYSIS

Dolomite MarketSize and Trends

The Global Dolomite Market is projected to reach around US$ 4,337.1 Millions by the end of 2030, in terms of revenue, growing at a CAGR of 5.0% during the forecast period (2023-2030).

Market Trends

• Dolomite is very important in the oil & gas and biofuel industries to control density and refine biofuels. According to the press release, biofuel is facing a 3% rise in its demand worldwide. Dolomite consists of 50% of carbonate rocks and significantly holds volumes of oil and gas in the world. In a study on different chemical compositions of carbonate material conducted at the Department of Petroleum Engineering at Texas A&M University in June 2021, Variations in the chemical composition of dolomite and calcite minerals were used to demonstrate that a one-size-fits-all approach to well stimulation in carbonate reservoirs does not always work. These formations can be found all over the globe, the research has attracted the attention of several major oil and gas companies that want to collaborate and improve well-stimulation operations. This research will help the extraction process of oil and gas from the reservoirs and improve the productivity of the oil and gas reservoirs. Due to its various applications, the dolomite market is growing rapidly.
• Steel demand in numerous end use applications is predicted to increase during the forecast period, allowing it to maintain its dominance. Dolomite is used as a refractory material in steelmaking converter lining, opening hearth furnaces, and electric furnace walls. The growing demand for refractory materials pushed market players to increase their manufacturing capacity. China has become the second-largest producer of magnesium after the U.S. market. Magnesium has applications in aircraft, missiles, and components of laptops and televisions. Dolomite contains 13% of magnesium and 23% of magnesium oxide. The increasing demand for magnesium is profiting the dolomite market.