Pyrite Market Size to Grow at a CAGR of 1.3% Between 2022-2027
SHERIDAN, WYOMING, UNITED STATES, September 23, 2022 /EINPresswire.com/ — The ‘Global Pyrite Market Price, Size, Share, Growth, Analysis, Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global pyrite market, assessing the market on the basis of its segments like types, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 1.3%
Pyrite is used extensively in the manufacturing of rubber which is witnessing a significant demand from various end use industries such as automotive and construction. It is also a crucial component in the acid production industry which is a key driving factor for the market for pyrite.
The increasing applications of pyrite for the production of sulphuric acid is bolstering the pyrite market growth. Over the forecast period, the anticipated increase in demand for sulphuric acid in the agriculture sector to produce fertilisers and various agricultural chemicals is likely to add to the market growth.
Meanwhile, pyrite is also utilised in the paper industry. In this regard, the increasing bulk orders of paper from the education sector, and rising demand for tissues and security papers, among others are likely to accelerate the applications of pyrite in paper sector.
Moreover, pyrite is widely being used to produce amber-coloured glasses These glasses are most commonly used in the manufacturing of beverage glasses. Hence, the thriving consumer and beverage industry is further boosting the global pyrite market.
Regionally, the Asia Pacific holds a sizable share of the market. The flourishing paper packaging industry across emerging economies such as India and China is generating a significant demand for pyrite. In addition, the traditional craze of jewelleries made of gemstones is another major market bolstering factor in the region.
Pyrite Industry Definition and Major Segments
Pyrite refers to a type of mineral containing iron sulphide, which appears as brass yellow in colour. This mineral has metallic lustre and a high specific gravity. Pyrite is extremely abundant on earth and is usually found in sedimentary rocks. Pyrite can be carved into attractive shapes which makes it a popular gemstone to make jewellery.
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Based on type, the pyrite market can be segmented into:
• Pyrite Cube
• Rainbow Pyrite
• Pyrite Sun
• Cathedral Pyrite
• Dollar Pyrite
The market can be broadly categorised based on end use into:
• Consumer Goods
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Pyrite Market Trends
The key trends in the global pyrite market include the growing research and development activities by scientists and researchers aimed towards finding eco-friendly ways to extract gold from mineral pyrite. The bio-leaching process, which includes the extraction of gold from pyrite, is considered to be an environment-friendly and extremely efficient process.
In addition to these developments, the technological advancements in mineral extraction equipment enabling efficient and quick detection of impurities can increase the efficiency of gold detection process. Moreover, the emergence of 3D mapping is another crucial advancement which is likely to accelerate the gold extraction process.
Pyrite is also a key component in the manufacturing process of brake pads which are used in the automotive and industrial equipment manufacturing industries. Therefore, the increasing sales of electric vehicles and rapid industrialisation across the emerging economies are anticipated to be the major trends bolstering the pyrite market.
Furthermore, the growing innovations in the jewellery market are some of the critical trends for the pyrite market which are gathering attention of the potential customers inclined towards high-quality gold jewelleries. Developments like these are likely to propel the demand for pyrite in the forecast period. Moreover, the jewellery market is further supported by the e-commerce industry which is further aiding the demand for jewelleries made up of gemstones.
Key Market Players
The major players in the pyrite market report are:
Veneta Mineraria S.p.a.
Hickman, Williams & Company
Justo Gems S.A.C.
Foshan Pyrite Mineral Materials Co.,Ltd.
Pakistan Minerals Company
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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