New York, Feb 03, 2021 (GLOBE NEWSWIRE via COMTEX) --
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mineral Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018837/?utm_source=GNW
71 billion in 2020 to $971.58 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1262.48 billion in 2025 at a CAGR of 7%.
The mineral market consists of sales of mineral products by entities (organizations, sole traders and partnerships) that offer products such as bricks, refractories, ceramic products, and glass and glass products. This market also includes cement and concrete products, lime, gypsum and other nonmetallic mineral products including abrasive products, ceramic plumbing fixtures, statuary, cut stone products, and mineral wool. The mineral market is segmented into cement and concrete products; glass and glass products; other non-metallic mineral products; clay products and refractories; and lime and gypsum products.
Asia Pacific was the largest region in the global mineral market, accounting for 39% of the market in 2020. Western Europe was the second largest region accounting for 24% of the global mineral market. Africa was the smallest region in the global mineral market.
Advanced ceramics are cost effective and are considered to be better alternatives to metals, plastics and glass because of their ability to offer better performance. Advanced Ceramics are identified by their high chemical purity and careful processing. It is used as thermal barrier coating in hot part of engines, ceramic composite, thermal protection system, and engine components and even in sensors and antennas. For instance, the advanced ceramics market is expected to grow from $7.15 Billion in 2015 to $10.41 Billion in 2021, at a compound annual growth rate of 6.5%, thus indicating an increase in the usage of advanced ceramics. GE Aviation's $4.3 billion five-year investments till 2017, in the US operations were used for producing new generation of jet engines, aircraft systems and engine components advanced ceramics.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the mineral products market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Manufacturers depend heavily on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the mineral products market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
The imposition of high taxes on cement and concrete products limited the growth of the mineral products market. Mineral products such as cement, made from a different combination of minerals, is generally sold in high volumes at low prices, but heavy taxes imposed on cement and concrete products restrained the market's growth. In 2018, China placed tariffs of up to 25% on imports of cement from the USA, whereas the USA enforced 10% tariff on imports of cement from China, increasing the operational costs for end-use industries in both the countries. In India, cement is taxed at the highest Goods and Services Tax (GST) rate of 28%. High taxes on cement negatively affected the mineral products market.
Read the full report: https://www.reportlinker.com/p06018837/?utm_source=GNW
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