Market Summary:

The Pyroxenite Market reached USD 104.54 Million in 2022 and is projected to attain USD 170.37 Million by 2032, demonstrating a steady Compound Annual Growth Rate (CAGR) of 4.54% during the forecast period. Pyroxenite, an ultramafic rock, predominantly comprises minerals such as pyroxene, olivine, and chromite. The escalating demand for pyroxenite can be attributed to its versatile applications, particularly in premium steel production, and the increasing requirements of infrastructure development projects.

Pyroxenite plays a pivotal role in the production of stainless steel, which finds extensive use in various industries including automotive, construction, and aerospace. Stainless steel is highly sought after due to its exceptional corrosion resistance and ability to maintain strength under high temperatures. Consequently, pyroxenite has witnessed a surge in international demand, driven by the rapid growth in stainless steel requirements.

Furthermore, the need for pyroxenite is bolstered by the growing demand for infrastructure development projects such as bridges, roads, and buildings. Pyroxenite, known for its robust strength and durability, serves as a crucial aggregate in the construction sector. The expanding construction industry in emerging economies like China, India, and Brazil is expected to propel the demand for pyroxenite during the forecast period.

In addition to construction and steel production, pyroxenite plays a vital role in renewable energy endeavors. Pyroxenite is utilized in the manufacturing of essential components like electrical conductors and insulators used in renewable energy systems like wind turbines and solar panels. As the reliance on renewable energy sources continues to grow, the demand for pyroxenite is anticipated to increase accordingly.

Moreover, the market is poised for growth due to the expanding utilization of pyroxenite in the production of high-quality refractory materials. Refractory bricks, integral for high-temperature applications such as furnaces and kilns, are manufactured using pyroxenite as a primary raw material. The rising demand for refractory materials in sectors including steel, cement, and glass is expected to drive the consumption of pyroxenite in the coming years.

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Strategic Developments:

·         In 2021, Tharisa made public its acquisition of Salene Chrome, a mining company based in Zimbabwe, for a sum of $3.2 million. This acquisition was undertaken with the goal of expanding Tharisa's chrome production and enhancing its access to high-quality pyroxenite ores.

·         During 2020, Norilsk Nickel announced the commencement of construction on a new processing plant in Russia. This facility, set to become operational by 2023, is expected to significantly boost Norilsk Nickel's pyroxenite ore production, increasing it by 5 million tonnes per year.

·         In the same year, 2020, Anglo American disclosed its agreement to divest its pyroxenite and chromite assets in South Africa to Tharisa for a total of $301 million. The primary aim of this transaction was to optimize Anglo American's asset portfolio and bolster its financial position.

·         Also in 2020, Eurasian Resources Group unveiled a strategic partnership with China's Ningxia Tianyuan Manganese Industry Co., Ltd. This partnership was formed to supply pyroxenite ore for the production of high-grade ferromanganese alloys, with the overarching objective of enhancing Eurasian Resources Group's position in the global pyroxenite market.

Pyroxenite Market Report Scope

Key Players:

Some major companies included in the global pyroxenite market report are:

·         Anglo American

·         Eurasian Resources Group

·         Glencore

·         Norilsk Nickel

·         OM Holdings Ltd

·         Samancor Chrome

·         Tata Steel

·         Tharisa

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