The global aragonite market size was worth around USD 1.26 billion in 2022 and is predicted to grow to around USD 1.81 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.86% between 2023 and 2030.
Demands are projected for the forecast period, and the study examines the factors that will drive and slow the worldwide aragonite market. The research also investigates recent developments in the market for aragonite.
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The Aragonite Industry and Market
Aragonite is a calcium carbonate mineral. Aragonite and calcite, two other carbonate materials, are chemically quite similar. Because it was first described in the Aragon area of Spain, the mineral known as aragonite was given that name. When Argonite crystallises, it does so in the orthorhombic crystal system, where it forms prismatic, needle-like crystals or aggregates. The mineral can be unearthed from a wide range of environments, including sedimentary rocks, hydrothermal veins, and even biological activities. It plays a crucial role in the skeletal structures of coral reefs, shells, and other marine animals. The aragonite released by coral polyps is used to construct the majority of the organic reefs around the world. The atomic arrangement of aragonite’s crystal structure is what gives it its unique physical qualities, setting it apart from calcite. The aragonite industry includes the mining, processing, and marketing of the mineral.
Fundamental Understandings:
• Our research analyst projects that, between 2023 and 2030, the worldwide demand for aragonite will increase at a compound annual growth rate (CAGR) of roughly 4.86%
• The worldwide demand for aragonite was estimated at $1.26 billion in 2022 and is expected to increase to $1.81 billion by 2030.
• As more and more end-user industries find uses for aragonite, the market is expected to expand at a rapid clip.
Demand in the market will be driven by expansion in application areas
As more and more industries find uses for aragonite, the demand for the mineral is expected to expand worldwide. The agricultural and building industries are two of the most important ones. Aragonite is widely utilised as a soil conditioner in the agricultural industry. It’s vital to the availability of nutrients and the health of the soil, as well as to the soil’s pH balance. Demand for aragonite is expected to rise as the global community works to develop more environmentally friendly farming techniques that increase crop yields while reducing environmental impact. Cement and concrete, two of the industry’s fundamental raw ingredients, are both made with aragonite. Applications of aragonite in the building & construction sector are being pushed by factors such as population growth, increased demand for housing units, increasing urbanisation, commercialization, and industrialization. Due to its superior strength and high calcium content, aragonite finds widespread application in this sector.
The expansion of the market could be stunted by the scarcity of aragonite
Aragonite can be found in small quantities in many locations across the world. When compared to more plentiful minerals like limestone or calcite, deposits for this mineral are quite scarce. As a result, the demand for the commodity increases, putting stress on the supply chain and driving up the price. In addition, there may be serious and irreversible consequences for the ecosystem if aragonite is extracted extensively from natural resources. It is common knowledge that mining operations have a negative impact on the environment. Agencies whose mission it is to preserve the ecosystem may oppose the aragonite market participants in light of the increased focus on environmental sustainability.
More money is being put into improving infrastructure, which should lead to more prosperous times
Increasing global investment in infrastructure development is one reason that could open up new revenue streams for the aragonite business. Construction efforts for both private and public buildings, both residential and commercial, are included. Due to its capacity to increase the finished product’s strength and longevity, aragonite is a highly sought-after material in the building industry. Large-scale infrastructure development projects in India, spearheaded by the National Infrastructure Pipeline (NIP), totaled INR 102 lakh crore in 2019.
Substitutes in the market and stiff rivalry are threatening to slow market expansion
There were two rival materials to aragonite. Companies are competing fiercely for ownership of a small number of mineral deposits because of the mineral’s scarcity. In addition, several substitutes for aragonite are meeting rising demand. The building industry, for instance, welcomes the use of credible additions like limestone, calcite, and fly ash. Players in the aragonite market face a significant challenge in overcoming this form of dual competition.
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The Global Aragonite Market is segmented based on product, application and region
Global Aragonite Market: Product Segment Analysis
● Stone
● Stand
Global Aragonite Market: Application Segment Analysis
● Construction
● Aquariums
● Agriculture
● Gemstone Cutting
Recent Changes:
• Eyewitness News reported in June 2020 that environmentalists and several locals in the area of Andros’s Morgan Bluff were strongly opposed to a multimillion-dollar project involving the mining and extraction of aragonite. Harvesting aragonite from the Joulter Cays Sand Bank area is necessary for the proposed project, which aims to build a large air-sea manufacturing/commercial park.
• The Indian government announced the debut of KhananPrahari in February 2023. Coal Mine Surveillance and Management System (CMSMS) is a mobile app that debuted alongside a single web app. The software allows citizens to report illegal coal mining to the government, which can then take appropriate action.
The global aragonite market is led by players like:
● CARMEUSE
● Omya AG
● Lhoist Group
● Minerals Technologies Inc
● Mississippi Lime Company
● Minerals Technologies Inc
● Carmeuse Group
● Graymont Limited
● Longcliffe Quarries Ltd
● Esseco Group
● Nordkalk Corporation
● Maruo Calcium Co Ltd
● Fimatec Ltd
● Marmiro Stones
● Specialty Minerals Inc
● Cales de Llierca S.A.
● Reade International Corp
● Aremco Products Inc
● Chalet Stone
● Eco-Block
● Chemical Lime Company
The biggest projected growth rate will be in Europe
Due to abundant deposits of aragonite in Spain and a few reserves in France, Europe is predicted to be the fastest-growing region of the global aragonite market. After the initial discovery of the mineral in Spain, much study has been conducted to better understand it and locate further caves with high concentrations of aragonite. Another possible explanation is the growing demand for the mineral from expanding industries like construction and building.
Due to Utah’s abundant aragonite resources, North America is expected to expand at a rapid rate. Aragonite, Utah, however, is now a deserted ghost town. Pressure from environmentalists who are against careless aragonite mining and harvesting around the world is predicted to slow development in the region.
Rising infrastructure construction projects, increased urbanisation, and a renewed interest in aquaculture are all seen as drivers of expansion in the Asia–Pacific region.
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