The global carbonate market size is expected to witness a substantial rise in the coming future, and register a significant CAGR over the forecast period (2019 - 2027).
Carbonates are diester derivatives of carbonic acid or carbon dioxide, formed through condensation with hydroxyl compounds. The inorganic carbonates are salts of carbonic acid containing carbonate ions, as well as ions of metals such as calcium or sodium. Inorganic carbonates are key constituents in dolomites and limestone, and also consist of hard parts of marine invertebrates. The most common types of carbonates that have industrial applications are potassium carbonate (K2CO3), iron carbonate (Fe2CO3), calcium carbonate (CaCO3), and sodium carbonate (Na2CO3). These carbonates are widely used in end use industries such as dyes and pigments, paints and coatings, food manufacturing, paper and pulp, detergents and cleaners, adhesives and sealants, and glass and ceramics among others.
The demand for carbonates is driven by industrial applications such as ceramics, detergents, smelting, and cement among several others. Moreover, increasing demand for calcium carbonates from the paper and pulp industry are propelling growth of the market. Rapidly expanding sectors such as building and construction and automotive are also expected to facilitate demand for carbonates over the forecast period. Demand for sodium carbonates from the chemical industry has increased in the past few years, specifically in processes such as water treatment, desulfurization of flue gas, coal treatment, and brine treatment. Strict regulations centered which require dechlorination of wastewater have increased demand for sodium carbonates. Utilization of calcium carbonate as a source of calcium in agricultural lime and animal feed is expected to benefit demand for the carbonates market in general. Furthermore, calcium carbonate is in huge demand in the construction industry as fixing material for arrange of products such as ceramics, concrete, paving, renders and so on.
However, the market growth may be restrained by health concerns associated with handling carbonates. Moreover, stringent regulations regarding effective wastewater treatment can affect the demand for sodium carbonates, which in turn, is expected to hamper growth of the global carbonates market.
Asia Pacific has exhibited highest growth in the past few years, and the trend is projected to continue over the forecast period owing to a rise in demand for carbonates from several end use sectors. Additionally, the region is witnessing rapid industrialization due to presence of several key players, and growth in consumer demand from emerging economies such as India and China. Among other countries, Japan and South Korea are projected to record significant market growth. North America is expected to account for the second largest market share owing to huge demand from the U.S., and presence of several end use industries such as chemicals, glass, and ceramics among others. In other parts of the world, countries such as Brazil and South Africa are expected to generate high demand for carbonates.
Key players operating in the carbonates market on a global scale are Omya Group, Huber Engineering Materials, Franklin Minerals, and Imerys S.Apresence among several others.