The global pyrite market, valued at US$ 174.2 million in 2022, is projected to grow at a compound annual growth rate (CAGR) of 4.0% from 2023 to 2031. By the end of 2031, the market is expected to reach US$ 249.2 million, driven by increasing applications across various industries.

The growing demand for pyrite from grinding, paper & pulp, and consumer electronics industries is also fueling the growth of the pyrite market. The growth is influenced from its wide applications in photovoltaic devices, costume jewelry, marcasite jewelry, and semiconductor industry for lithium-ion batteries.

Sales in the pyrite market are expected to receive impetus from the growing demand for pyrite for cost-effective sodium-ion batteries for electric vehicles. Pyrite undergoes the same conversion reaction in sodium-ion batteries as lithium-ion batteries to form iron and sodium sulfide.

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Pyrite Market – Key Findings of Report

  • Copious applications of sulfur dioxide in the food & beverages industry for preservation, food additive, and refrigerant boost the pyrite market
  • Use of sulfuric acid in the chemical industry in the manufacture of fertilizers, dyes, drugs, pigments, explosives, detergents, and inorganic salts and acids presents lucrative growth opportunities in the pyrite market
  • Commonly called fool's gold, naturally occurring iron disulfide mineral pyrite resembles gold to create value grab opportunities in the pyrite market. Pyrite is used in jewelry making including beads and necklaces. Virtues of healing properties of pyrite accounts for its use in gemstones.
  • Advancements in geological and chemical industries are expanding the pyrite market
  • Increasing demand for pyrite-based devices for photovoltaic systems in residential applications is anticipated to create lucrative opportunities in the pyrite market. This is due to the abundance and non-toxic semiconductor virtues of pyrite for use as an absorber material for deployment of solar photovoltaic panels.
  • Cost advantages of sodium-ion batteries in comparison with lithium-ion batteries coupled with design feature for use as stationary units to store electrical energy to cement market growth
  • Novel applications of pyrite in the solar industry to open new opportunities in the pyrite market.

Pyrite Market – Growth Drivers

  • Extensive demand for pyrite in the production of sulfuric acid and sulfur dioxide that find applications in several end-use industries creates copious opportunities in the pyrite market
  • Increasing applications of lithium-ion batteries in the consumer electronics and automotive sectors due to their virtues of high power capacity, elevated safety, and reduced pollution drive demand for pyrite in the production of lithium-ion batteries

Pyrite Market – Key Players

Some of the key players operating in the pyrite market are:

  • Hickman
  • Washington Mills
  • Foshan Pyrite Minerals Materials Co. Ltd
  • Calumite Company LLC
  • Vulcan Corporation Limited
  • Miller and Company LLC

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The pyrite market is segmented as follows;

Pyrite Market, by End User

  • Foundry
  • Steel
  • Abrasive
  • Glass
  • Battery
  • Paper & Pulp Industry
  • Others (including Chemicals)

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

 

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