The global manganese market is estimated to witness a healthy growth, at an estimated CAGR of over 4%, over the forecast period. The major factor driving the growth of the market studied is increasing demand of lithium-ion batteries.
- Increasing demand of electric vehicles is also likely to augment the markets growth.
- Development of advanced technologies in mining sector are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from Construction Sector
- Construction sector is expected to have the largest share and is also estimated to have the fastest growth by end-user industry. Nearly 50% of world’s produced steel is used in the construction sector for applications in buildings, energy generation, and transportation.
- Additionally, rapid urbanization has augmented the need for new residential construction, roads, buildings, and railways. In the construction sector, steel is used in the form of sections, plates, and bars. It is easily available, affordable, and imparts various properties, such as strength, versatility, and durability.
- Manganese is highly preferred for steel application since it offers properties, such as hardenability and imparts tensile strength. It also acts as a mild oxidizing agent. Steels are also used in offshore oilrigs, bridges, civil engineering and construction machines, pressure vessels, power plants, and hydroelectric plants.
- Owing to all these factors, the market for manganese is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific construction sector is the largest in the world, and is growing at a healthy rate, owing to the rising population, increase in middle-class incomes, and urbanization.
- Increasing infrastructure construction activities and the entry of major players from the European Union into the lucrative market of China have further fueled the industry’s expansion.
- China’s 13th Five Year Plan started in 2016, as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country. The China’s construction industry developed rapidly in the recent past, due to the central government’s push for infrastructure investment, as a mean to sustain economic growth.
- Furthermore, restrictions on foreign investment on land development, high-end hotels, office buildings, international exhibition centers, and construction and operation of large theme parks have also been lifted. The growth in the infrastructure and transportation sectors is expected to boost the manganese market in the country, over the forecast period.
The manganese market is partially consolidated in nature. Some of the major players in the market include Anglo American, Assore Limited, Consolidated Minerals Limited, Mesa Minerals Limited, and Sibelco, among others.
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