Manganese Carbonate Market to Observe Strong Development by 2023
The
global manganese carbonate market bears a highly fragmented vendor
landscape, says Transparency Market Research (TMR) in a recently
published report. This can be attributed to the presence of a large
number of small- and large-scale companies in the manganese carbonate
market. Zncus Chemical Co., American Elements, GFS Chemicals, and
Alfa Aesar are the dominant players operating in the global manganese
carbonate market.
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A
key strategy adopted by players in the global manganese carbonate
market to outshine their rivals is constant product development along
with expanding manufacturing capacity for satisfying consumer
preferences. The competition among players are getting intensified
due to the existence of several large players who are concentrating
on expanding their production capacities through capitalizing on
untapped opportunities in developing economies. They are focusing
hard on research and development for developing new products to steal
a march over competitors. Regulating costs along with delivering
quality manganese carbonate is a key strategy of most businesses
present in the global manganese carbonate market.
According
to experts from TMR, the global manganese carbonate market is
expected to gain revenue worth US$464.1mn by the end of 2023. Experts
project this growth to occur at a promising CAGR of 4.2% during the
forecast period from 2015 to 2023.
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Among
the various applications, agrochemicals account for largest share and
is also expected to boost the global manganese carbonate market
during the forecast period. This is because of rising need for plant
fertilizers and increasing demand for crops treatment which are
suffering from manganese-deficiency. Region wise, Asia Pacific is
expected to account for a leading share in the global manganese
carbonate market in the coming years. This is attributed to rising
use of manganese carbonate coupled with flourishing farming sectors
in the region.
Manganese
carbonate is a chemical compound which is highly water-insoluble. It
is basically a compound of manganese which can be changed into other
manganese mixes such as manganese oxide trough calcination. Such
chemical compound can be found in various colors such as yellow,
pink, red, brown, and gray. Manganese carbonate is extensively used
in various industries such as agriculture, and homeware. Manganese
carbonate has various applications such as glaze colorants. However,
growing use of manganese carbonate as agriculture micronutrient,
rising demand for micronutrient fertilizers for crops, and increasing
need for manganese carbonate in porcelain and ceramics products are
the major factors driving the global manganese carbonate market.
Furthermore,
rising homeware industry, growing disposable income, and increasing
demand for concrete staining for keeping home surfaces decorate,
durable, and simple are also fueling demand in the global manganese
carbonate market.
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Rising
Mining Companies Hinder Growth in Manganese Carbonate Market
A
few challenges hindering the growth of the global manganese carbonate
market are high manufacturing costs, low availability of
manufacturers and their signed agreements with mining companies.
Nonetheless, a persistent demand for easily maintaining home
surfaces, and growing adoption of manganese carbonate in various
industries are believed to help overcome these challenges in the near
future.
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