Albany, NY -- (SBWIRE) -- 07/18/2018 -- Global Manganese Carbonate Market – Key Trends
The global manganese carbonate market currently witnesses the most lucrative prospects in emerging regions such as Asia Pacific, Latin America, and Africa. The high concentration of manganese reserves has catapulted these regions at the fore of the manganese carbonate market. As per Transparency Market Research (TMR), the increasing use of manganese carbonate as a micronutrient in the agricultural sector will considerably fuel its demand. The market is also expected to gain from its rising application in porcelain and ceramics used in the homeware market.
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Despite the overall prospects for the market being quite promising, the region-specific concentration of manganese reserves limits the scope for the market in developed regions. Nevertheless, TMR expects manganese carbonate manufacturers to significantly gain from the chemical's potential applications in concrete staining, which is the latest trend in the interior designing industry.
As per TMR's forecast, the global manganese carbonate market, which stood at US$322.2 mn in 2014, is expected to reach US$464.1 mn by the end of 2023. The market will exhibit a CAGR of 4.2% between 2015 and 2023.
Booming Agriculture Sector in Asia Pacific to Fuel Application of Manganese Carbonate
Regionally, Asia Pacific accounted for the highest demand for manganese carbonate in 2014. As per TMR, the region held over 75.5% of the global manganese carbonate market in 2014, based on volume. Demand for manganese carbonate stood at 264,677.6 tons in 2014. China and India were among the highest contributors to the Asia Pacific manganese carbonate market. The rapid growth in the region's agricultural sector is expected to seal Asia Pacific's dominance in the global manganese carbonate market.
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Besides this, Latin America also offers rising opportunities for manganese carbonate producers. In this region as well, the expansion of the agricultural industry boosts demand for manganese carbonate. In the Middle East rising demand for glaze colorant in agrochemical applications will bolster opportunities for the manganese carbonate market. However, in developed regions such as North America and Europe the market is expected to witness only meager growth.