Andalusite Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.24 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Andalusite Market Analysis
The Andalusite Market size is expected to grow from 372.28 kilo metric tons in 2023 to 503.86 kilo metric tons by 2028, at a CAGR of 6.24% during the forecast period (2023-2028).
Owing to the COVID-19 pandemic, nationwide lockdowns around the globe, disruptions in manufacturing activities and supply chains, and production halts negatively impacted the market. However, conditions started recovering in 2021, which is expected to restore the market's growth trajectory during the forecast period.
- The major factors driving the market's growth include the high consumption of andalusite in refractory product manufacturing.
- On the flip side, inconsistent supply and price of andalusite are likely to hinder the market.
- The refractories application is expected to dominate the market for andalusite during the forecast period.
Andalusite Market Trends
Demand from Refractories Segment to Boost the Andalusite Market
- Andalusite is an alumino-silicate raw material utilized widely in the production of refractory linings. Refractory materials ought to be truly and synthetically stable at high temperatures and impervious to thermal shocks. Andalusite has low porosity, stable volume, high virtue, and high thermal shock resistance, which makes it suitable for refractory applications.
- Thus, refractories made with andalusite can be utilized viably under rough conditions. For the most part, andalusite shapes under low-tension and high-temperature conditions and changes over to sillimanite or kyanite in the diverse temperature-pressure system.
- The increasing utilization of andalusite in refractories for end-use industries like metallurgy is driving the market growth. Developing applications of steel in the automotive industry also rely upon refractories.
- In the steel industry, internal linings are required in furnaces used in making iron and steel, vessels used for holding and transporting metal and slag; furnaces used for heating steel before further processing, and the stacks or flues through which hot gases are conducted.
- In April 2023, the World Steel Association (WSA) released its Short Range Outlook (SRO) steel demand forecast for 2023 and 2024, which stated that the steel demand would see a 2.3% rebound to reach 1,822.3 Mt in 2023, and it is forecasted to grow by 1.7% in 2024 to reach 1,854.0 Mt. In addition, the total world crude steel production was 1,878.5 Mt in 2022, a 4.2% decrease compared to 2021.
- China is the largest producer of crude steel globally. As per the National Bureau of Statistics (NBS), the 2022 crude steel output in China reached 1,013 million mt witnessing a second-consecutive annual decline with a 2.1% decrease from the 2021 output. However, the initial 2023 statistics indicate positive growth fundamentals in the crude steel sector. According to the WSA, China produced an estimated 80.1 million tons in February 2023, up 5.6% from February 2022.
- India is the second-largest producer of steel globally. ArcelorMittal and Nippon Steel Corp.'s joint venture steel firm in India announced to expand its operations in the country by investing INR 1 trillion (USD 13.34 billion) over a 10-year period starting in 2022. These developments are expected to increase the demand for andalusite during the forecast period.
- Furthermore, andalusite-based products are very popular in Europe and Asia-Pacific for producing fired and unfired refractories.
- All the aforementioned factors are expected to drive the andalusite market during the forecast period.
Asia-Pacific to be the Fastest-growing Market for Andalusite
- The Asia-Pacific region is expected to be the fastest-growing market due to the significant economic growth in the countries like China, India, and ASEAN Countries.
- Steel is a significant material utilized in shipbuilding and vehicle production as well as building and construction. Thus, the increasing demand for andalusite from the steel industry is expected to result from the development and framework improvements in these end-user industries.
- China is the largest producer of steel in the world, with continuous additions to its production capacities. Furthermore, the steel sector is likely to be on an upward trend in 2023, supported by a stable real estate market and a recovery in other steel-consuming industries such as automobiles, ships, and consumer electronics. This, in turn, is expected to positively impact the market.
- India is the second-largest producer of steel globally. Steel production in India reached a historic level of around 120 million tons per annum, making it the world's second-largest steel producer, as per the Indian government report in December 2022. The country accounts for around 4.8% of the global production of steel every year.
- The crude steel production in India rose by around 5.80% to 124.4 million tons (MT) in 2022, compared to 118.2 MT in 2021, according to the World Steel Association (WSA) data. In addition, India produced around 10.9 MT of steel between January-February 2023, down by around 0.2% compared to the same period in 2022, as per the World Steel Association data. However, as per the Indian Brand Equity Foundation (IBEF), finished steel consumption in the country is anticipated to increase to 230 MT by 2030-31 from 133.596 MT in FY 2022, which is expected to accelerate the production dynamics in the country.
- Moreover, India is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, during which it is likely to witness the construction of 60 million new homes. The rate of availability of affordable housing is expected to rise by around 70% in 2024.
- Thus, the abovementioned sectors are the major end-user industries of the product. Rising demand from various industries is expected to drive the market studied in the region during the forecast period.
Andalusite Industry Overview
The andalusite market is consolidated. Some of the key players in the market (not in any particular order) include Imerys Refractory Minerals, Andalucita SA, Andalusite Resources, LKAB Minerals, Andalusite Resources, and Xinrong Yilong Andalusite Co. Ltd.
Andalusite Market Leaders
Andalucita S.A.
LKAB Minerals
Andalusite Resources
Imerys Refractory Minerals
Xinrong Yilong Andalusite Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Andalusite Market News
The recent developments pertaining to the major players in the market will be covered in the full report.
Andalusite Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growth in the Crude Steel Industry
4.1.2 Technological Advantages of Andalusite Over Other Substitutes
4.2 Restraints
4.2.1 Inconsistent Supply and Price of Andalusite
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Application
5.1.1 Refractories
5.1.2 Foundry
5.1.3 Kiln Furniture
5.1.4 Other Applications (Ceramics and Jewelry)
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 France
5.2.3.4 Italy
5.2.3.5 Rest of Europe
5.2.4 Rest of the World
5.2.4.1 South America
5.2.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Andalucita SA
6.4.2 Andalusite Resources
6.4.3 Imerys Refractory Minerals
6.4.4 Keyhan Payesh Alvand
6.4.5 LKAB Minerals
6.4.6 Recursos Latinos SA
6.4.7 Resco Products
6.4.8 Xinjiang Xinrong Yilong Andalusite Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Application of Reactive Andalusite in Refractory Castables
Andalusite Industry Segmentation
Andalusite is an alumina-silicate-based raw material majorly used in the manufacturing of heat-resistant refractory products.
The andalusite market is segmented by application and geography. By application, the market is segmented into refractories, foundry, kiln furniture, and other applications. The report also covers the size and forecasts for the andalusite market in 11 countries across major regions.
For each segment, the market sizing and forecasts have been done on the basis of volume (Tons).
| Application | |
| Refractories | |
| Foundry | |
| Kiln Furniture | |
| Other Applications (Ceramics and Jewelry) |
| Geography | |||||||
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Andalusite Market Research FAQs
What is the current Andalusite Market size?
The Andalusite Market is projected to register a CAGR of 6.24% during the forecast period (2024-2029)
Who are the key players in Andalusite Market?
Andalucita S.A., LKAB Minerals, Andalusite Resources, Imerys Refractory Minerals and Xinrong Yilong Andalusite Co. Ltd are the major companies operating in the Andalusite Market.
Which is the fastest growing region in Andalusite Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Andalusite Market?
In 2024, the Europe accounts for the largest market share in Andalusite Market.
What years does this Andalusite Market cover?
The report covers the Andalusite Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Andalusite Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Andalusite Industry Report
Statistics for the 2024 Andalusite market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Andalusite analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
