According to Fortune Business Insights, the global dolomite powder market will reach US $ 33.44 billion by 2027, and will grow 3.8% annually over the forecast period.
The explosive growth in the steel industry will expand business opportunities in the market over the next six years, the company expects.
Dolomite is used as a slag flux in steelmaking to remove impurities. Dolomite powder is also used in the refractory lining of open-hearth steel-making furnaces.
The growing demand for dolomite in mini smelters for lining and refractory applications will have a decisive impact on the market.
Growth in steel production and consumption is expected to rapidly expand the dolomite powder market.
The growing focus on steel recycling is likely to open up new sales opportunities in the market. However, strict regulations regarding the export and import of raw materials during a pandemic will slow market growth. In addition, a downturn in the construction and cement industries will indirectly reduce demand for dolomite.
Lack of sales of products from major steel-producing countries will subsequently limit market expansion. For example, a reduction in production and exports from China, a major steel producer, will have an extremely negative impact on the market amid the coronavirus.