Pyrite Market to Record an Exponential CAGR by 2026
Pyrite
is a common mineral found in a variety of geological formations
ranging from sedimentary deposits to hydrothermal veins and as a
constituent of metamorphic rocks. Furthermore, pyrite is mined in
vein deposits and carbonate rock layers. It is also extracted from
large chalcopyrite and sphalerite deposits. Chemically, pyrite is
iron sulfide. It is one of the most common minerals. It is commonly
referred to as ‘Fool’s Gold,’ due to its close resemblance to
gold.
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Pyrite
Market: Drivers & Restraints
Commercially,
pyrite is used in the production of sulfur dioxide and sulfuric acid,
which are used in the paper industry as well as the chemical
industry. Additionally, owing to its high iron content and low cost,
pyrite is widely used in the photovalvic solar panels industry. Thus,
rising demand from end-use industries is likely to fuel the global
pyrite market during the forecast period. However, oxidation of
pyrite releases toxic metals and metalloids (such as arsenic), which
are poisonous for humans. It also poses severe health risks to
humans. This factor hampers the market for pyrite.
Pyrite
is yellow in color that resembles the color of gold. Hence, pyrite is
also used in ornamental pieces and jewelries. Pyrite is found in
mineral deposits in Italy, France, Spain, Peru, Bolivia, Mexico,
Romania, Sweden, Norway, Germany, Japan, and the U.S. states of
Arizona, Utah, Colorado, Pennsylvania, and Illinois. Pyrites are made
of iron and sulfur. The chemical formula of pyrite is FeS2.
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Pyrite
Market: Segmentation
In
terms of type, the pyrite market can be segmented into pyrite sun,
dollar, pyrite cube, cathedral pyrite, rainbow pyrite, and
pyritohedron. These types are commonly found along with chalcopyrite,
barite, sphalerite, hematite, hornblende, albite, hornblende,
biotite, quartz, and microcline. Based on end-use industry, the
pyrite market can be bifurcated into consumer goods, chemical, paper,
and others. Chemical is a leading end-use industry segment of the
pyrite market, owing to high demand for production of sulfuric acid.
Around 33% of sulfuric acid are produced from pyrites and the rest
from sulfur. Additionally, pyrite prices are low and hence, it is
widely consumed in the production of sulfuric acid. It is also widely
used in the manufacture of jewelry, as it is more stable and less
brittle than marcasite material.
Pyrite
Market: Regional Outlook
Based
on region, the global pyrite market can be divided into North
America, Latin America, Europe, Asia Pacific, and Middle East &
Africa. China is the leading consumer of unroasted iron pyrite across
the world, followed by Greece, Germany, and Canada. Increasing demand
for low-cost minerals in the sulfuric acid production and for making
jewelry is driving the market for pyrite in China. Furthermore, Asia
Pacific accounts for a major share of the global market, due to rise
in the demand from developing economies in the region such as China
and India. Sales of pyrites in Latin America and Middle East &
Africa are increasing, owing to growth of end-use industries in these
regions such as paper and chemical.
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Pyrite
Market: Key Players
Major
players operating in the global pyrite market are Hickman, Williams &
Company, Washington Mills, Avrupa Minerals, Turkish Minerals, Foshan
Pyrite Mineral Materials Co., Ltd., Marin Mineral, Pakistan Minerals
Company, and KRC Industry & Technology Group Co., Ltd.
Manufacturers have adopted strategies such as agreements and joint
ventures to maintain a strong foothold in the market and cater to the
rising demand for pyrite.
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