South Korea Andalusite Market Outlook

south korea is a major global consumer and producer of andalusite. it is one of the most important mineral resources, found primarily in north and south america, south africa, india, and other parts of asia. andalusite has several end-use applications, including glass, ceramics, insulation, light elemental analysis and refractories. south korea’s andalusite market was valued at usd$120 million in 2017, and is expected to grow at a cagr of 8.2% between 2018 and 2032. over the past five years, the country’s andalusite industry has witnessed significant growth due to better access to raw materials from the overseas mining sector and increased industrial demand from downstream industries. the demand for andalusite in south korea is primarily driven by the refining sector, which is a key consumer of the mineral, and from rapidly expanding industrial production. as the economy grows, more manufacturers are interested in introducing andalusite into the production processes in order to improve their products’ quality, thereby driving up consumer demand. the government of south korea has been actively promoting the use of andalusite materials in order to reduce its reliance on imports and stimulate the domestic industry. the government has also undertaken several initiatives to reduce the costs associated with imports of andalusite, and has implemented different tariffs on imports in order to protect domestic producers. the development of new processing technologies has allowed south korean manufacturers to maximize their production. this increased production has helped to drive demand for andalusite, as the cost of the mineral has dropped significantly over the past few years. additionally, the country’s strong economic growth, combined with its vibrant manufacturing sector, has facilitated growth in end-use industries and, consequently, created more demand for andalusite. south korea’s andalusite market is expected to continue growing in the years to come, due to an increasing demand from both domestic and international markets. the government’s focus on promoting the use of andalusite and introducing new policies to reduce the costs associated with imports. will further spur growth in the industry. furthermore, an increasing number of manufacturers in downstream industries are expected to increase the demand for andalusite in the near future.