Olivine Serpentine Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (30-100 mesh, 100-270 mesh, and 270-325 mesh) Application (Foundry Molding Sand, Metallurgical Auxiliary Material, High-temperature Refractory and Others) and Region Forecast 2019-2030

Olivine Serpentine Market size was valued at US$ XX million in 2023 and is poised to grow at significant CAGR of XX% from 2024-2030. Moreover, the U.S. olivine serpentine market is projected to grow significantly, reaching an estimated value of US$ XX billion by 2032. Olivine and serpentine are naturally occurring minerals that possess unique properties for application in industrial and environmental areas. Olivine is a magnesium-iron silicate, which features an exceptionally high melting point and low thermal expansion combined with chemical inertness; this mineral is used to develop foundry sand and refractory materials and is being applied as a carbon capture agent. Serpentine is a group of hydrous magnesium silicates that has the advantage of thermal stability and is used in insulations and construction.

The market is growing steadily as they are increasingly used in sustainable practices such as carbon sequestration and green construction materials, besides the traditional applications in metallurgy and casting. Rising demand for greener industrial materials and improvement in technology are factors driving growth, while the burden of high mining costs, combined with the inaccessibility of resources, represents some challenges.

Key players

The Olivine Serpentine market share is inclusive of several companies such as EK-COMPANY AG, Sibelco, Steinsvik Olivin, LTC Minerals, ERYAS OLIVINE MINING AND GREEN SAND, Scangrit, ORE-MET OLIVINE SANDS, Egamin, Dakduklu Mining and LKAB Minerals AB

EK-Company AG is one of the leading companies in the market and is recognized for its expertise in the extraction and supply of high-quality olivine products. The company focuses on providing olivine for various applications, including foundry molding sands, refractory materials, and as an environmentally sustainable option for carbon capture technologies. EK-Company AG has developed a strong market position through the supply of high-quality olivine grades, which meet the stringent requirements of metallurgical and construction industries. Its commitment to sustainability and ongoing research into new applications of olivine, as well as efficient processing methods, makes EK-Company AG a significant player in the market's growth and development.

Facts & Figures

• By September 2024, researches indicated that the applications of olivine in CO2 sequestration had decreased about 1.5 million metric tons of carbon emissions globally.
• By August 2024, it was reported that about 60% of the global production of olivine was going into the steel and foundry industries, which were the main consumer markets.
• In July 2024, Norway increased olivine mining output by 12% year over year, which was driven by demand from European industrial markets.
• In August 2024, Asia-Pacific contributed 30% of global demand for olivine, led by the growing construction activities and environmental projects in India and China.
• By October 2023, serpentine minerals had reached about 15% of advanced construction composites applied globally, as they possessed thermal resistance and lightweight properties.
• As of June 2024, one of the main market participants, Sibelco, held a share of 25% in the global market of olivine. Steinsvik Olivin held a 20% share.
• Investment in Research: In the years between 2020 and 2023, total investments in the world in the field of olivine research exceeded $500 million and focused on green cement production and ocean alkalinity enhancement.
• Adoption of serpentine in industrial coatings increased by 18% in the year through June 2024, driven by demand for durable and eco-friendly surface solutions.

Key Takeaways

• The fastest-growing region is Europe.
• Based on Product Type, 100-270 mess segment holds the XX% market share
• Based on Applications, Foundry Molding Sand segment holds the XX% market share

Olivine Serpentine Market Segmentation

By Product Type: The market is dominated by the 100-270 mesh segment due to the versatile applications in the key industries of steel manufacturing, foundries, and construction. This particle size range presents an optimal balance between the reactivity and ease of handling for use in refractory linings and sandblasting. Its superior performance in metallurgical processes such as slag conditioning and thermal insulation drives its demand further. Additionally, its moderate granularity ensures efficient utilization in carbon capture and soil remediation, enhancing its market appeal. The widespread industrial adoption of this segment positions it as the leading choice in the market.

By Application: The market is dominated by the Foundry Molding Sand segment due to its wide application in the casting industry, where olivine's high melting point, low thermal expansion, and superior resistance to metal penetration make it a prime material. Its ability to produce defect-free castings for automotive, aerospace, and heavy machinery industries drives its demand. Additionally, olivine's chemical inertness ensures minimal reactions during the casting process, enhancing product quality. The increase in the demand for environmentally sound and cheaper alternatives to silica sand, prompted by increasing workplace safety regulations regarding silica dust, also gives it a thrust towards greater dominance.