Olivine Market Size, Share & Trends, 2033

Olivine Market Overview

The Olivine Market size was valued at USD 163.9 million in 2024 and is expected to reach USD 219.49 million by 2033, growing at a CAGR of 3.3% from 2025 to 2033.

The global olivine market is anchored by roughly 150–160 million USD in annual trade value and handles around 2.7–3.0 million tonnes of olivine powder and sand per year. In 2022 alone, the olivine powder and sand segment moved approximately 150.7 million USD with an estimated production output of +1500 kilotons. Europe accounted for nearly 100 million USD of this market in 2022, while China contributed about 17.45 million USD. Norway alone supplies around 50 percent of Europe’s industrial-grade olivine, with a daily mining capacity reaching up to 600 tonnes during peak operation in the mid-20th century.

In 2023, aggregate global production of olivine (crafting powder and sand combined) was estimated at around 1.9 Mt in key industrial regions. Asia‑Pacific led consumption with approximately 1.93 million tonnes of magnesium olivine sand powder in 2025, while Europe followed with 1.44 million tonnes, and North America at 0.68 million tonnes. Olivine’s principal grades range from 30–100 mesh to 270–325 mesh, serving high-temperature industrial applications. These figures illustrate a solid global throughput in mining, processing, and end-use industries tied to this silicate mineral.

Key Findings

Driver: Surging demand for olivine as a slag conditioner in steelmaking is the key growth driver, with over 65% of total industrial usage attributed to metallurgical processes globally.

Top Country/Region: Norway leads the olivine market, producing more than 50% of Europe’s total supply, with annual production volumes exceeding 1.5 million tonnes.

Top Segment: The foundry molding sand segment dominates olivine application, consuming nearly 40% of global output due to its excellent thermal resistance and low expansion properties.

Olivine Market Trends

The olivine market is witnessing increasing momentum across various industrial sectors due to its thermal stability, high melting point (~1,890°C), and ability to bind impurities. The global volume of olivine sand consumed in foundries, steelmaking, and refractory applications exceeded 4 million tonnes in 2024. A dominant trend is the substitution of chromite and silica sands with olivine in foundries due to health and environmental regulations. Silica exposure limits set by organizations such as OSHA have prompted U.S.-based manufacturers to adopt olivine sand, boosting demand by 12.3% between 2022 and 2024. The Asia-Pacific region remains a hotbed for market expansion. With consumption surpassing 1.93 million tonnes in 2025, countries like China and India are witnessing increased adoption of olivine in steel production and casting processes. China's steel production alone accounts for more than 55% of Asia-Pacific’s olivine demand, mainly in blast furnaces.

Another notable trend is the application of olivine in carbon dioxide sequestration. Owing to its magnesium silicate composition, olivine is now being studied and used for mineral carbonation, offering a potential sink for CO₂ emissions. Research initiatives in the Netherlands, U.S., and Australia are piloting large-scale experiments with 30,000+ tonnes of olivine spread annually for carbon capture. In the European Union, demand for olivine as a refractory base material has increased by 8.4% from 2021 to 2024, with countries like Germany and Italy expanding imports. Norway, the key supplier in the region, exports over 1.5 million tonnes annually, with most of it directed toward these markets. Technological developments are also reshaping olivine processing. Magnetic separation, flotation, and advanced dry milling have enhanced the purity of olivine products. More than 65% of producers now use magnetic flotation to achieve Fe₂O₃ content below 6%, ideal for high-performance applications.

Olivine Market Dynamics

DRIVER

Rising demand for steel and foundry applications

Olivine’s primary application as a slag conditioner and foundry sand continues to drive global demand. Steel manufacturing, which uses olivine to remove impurities like sulfur and phosphorus during smelting, consumes more than 65% of global olivine supply. Foundries, particularly in the automotive and construction sectors, heavily rely on olivine molding sand due to its high thermal resistance and low thermal expansion properties. In 2024, over 1.8 million tonnes of olivine were used in foundries worldwide, with demand increasing in Asia-Pacific due to expansion in industrial foundry infrastructure.

RESTRAINT

Environmental impact of olivine mining

While olivine offers advantages in industrial applications and carbon capture, its mining process can lead to ecological degradation. Open-pit mining, which is predominantly used for olivine extraction, disturbs large land areas and generates overburden waste exceeding 10 million tonnes annually in high-production zones. In countries like Norway and Turkey, environmental regulations have tightened, slowing permitting and increasing compliance costs by up to 22% between 2022 and 2024. Additionally, concerns about habitat disruption and water use in olivine beneficiation have led some local authorities to restrict new project developments.

OPPORTUNITY

Growing adoption of olivine in CO₂ sequestration

Olivine's potential as a tool for carbon dioxide removal is opening up a new frontier in climate-focused applications. Through a process known as enhanced weathering, olivine reacts with atmospheric CO₂ to form stable carbonates. Pilot projects in the Netherlands and Australia have applied over 30,000 tonnes of finely ground olivine on coastlines and farmland since 2023. Laboratory data suggests that one tonne of olivine can sequester approximately 1.25 tonnes of CO₂ over time.

CHALLENGE

Rising transportation and logistics costs

Olivine is often mined in remote areas, requiring long-distance transportation to industrial users. For instance, Norwegian olivine is exported via maritime freight to Asia, the Americas, and other parts of Europe. Between 2022 and 2024, shipping costs rose by 18–25% due to fuel price volatility and port congestion. Additionally, the bulk density of olivine (~3.3 g/cm³) makes it expensive to transport in large quantities. These cost pressures are deterring smaller-scale consumers and limiting the material’s competitiveness against local alternatives such as silica sand.

Olivine Market Segmentation

The olivine market is segmented by type and application to cater to diverse industrial needs. By type, olivine is classified based on mesh sizes including 30–100 mesh, 100–270 mesh, 270–325 mesh, and others. These gradations impact its application based on grain size, reactivity, and thermal properties. By application, it serves foundry molding sand, metallurgical auxiliary materials, high-temperature refractory components, and other specialized industrial uses. In 2024, over 60% of demand came from the metallurgical and foundry sectors, while emerging uses in environmental and ceramic applications contributed approximately 10%.

By Type

30–100 mesh: Olivine in the 30–100 mesh range is extensively used in steel and casting industries, especially in the preparation of foundry sand. In 2024, this mesh type accounted for over 1.5 million tonnes of global consumption. The grain size allows for optimal compaction and permeability, improving mold quality in ferrous casting. Foundries in North America and Europe prefer this mesh size for heavy automotive components and rail casting.
100–270 mesh: Used largely in the refractory and high-temperature insulation industries, olivine of 100–270 mesh provides enhanced surface area and heat resistance. In 2024, this segment saw a consumption volume of over 950,000 tonnes, with major demand originating from furnace linings and insulation bricks. The particle distribution enables efficient binding with ceramic composites, reducing thermal conductivity by 15–20% compared to traditional materials.
270–325 mesh: This ultra-fine olivine type is applied in chemical processes and CO₂ sequestration research. In 2023–2024, more than 210,000 tonnes were used for mineral carbonation trials across Europe and Oceania. Its fine texture increases reaction surface area, making it ideal for environmental and lab-based applications. The U.S. Department of Energy reported increased interest in this mesh size for pilot-scale decarbonization experiments.
Others: olivine grades, such as lump and pebbled variants, are used in niche areas like ballast stabilization, water filtration, and landscaping. These types contributed approximately 5% of the total volume in 2024, equivalent to nearly 160,000 tonnes. Scandinavian countries like Norway and Finland are significant producers of non-mesh olivine for local infrastructure projects.

By Application

Foundry Molding Sand: This is the dominant application, consuming over 1.8 million tonnes globally in 2024. Automotive, rail, and industrial component manufacturers prefer olivine over silica for its lower expansion coefficient and health-safe profile. The U.S. and Germany have shifted approximately 70% of ferrous casting operations to olivine-based sand since 2022 due to tighter occupational exposure standards.
Metallurgical Auxiliary Material: Used as a slag conditioner and fluxing agent, olivine supports impurity removal in steelmaking. In 2024, it accounted for over 2.1 million tonnes of usage, with China, India, and Turkey leading demand. Its high MgO content (up to 49%) makes it suitable for absorbing sulfur and phosphorous from molten iron.
High-temperature Refractory: Over 850,000 tonnes of olivine were used in refractory bricks, crucibles, and kiln linings in 2023. Its melting point above 1,800°C and low thermal conductivity support its usage in cement and glass furnaces. Demand has risen in Southeast Asia by 9.6% over the last year due to construction sector expansion.
Others: applications include environmental uses (like carbon capture and sand replenishment), ceramic tile backing, and abrasive materials. These uses made up approximately 9% of total demand, amounting to nearly 320,000 tonnes in 2024. Coastal regions in the Netherlands and the UK have spread olivine to enhance shoreline resilience, applying over 10,000 tonnes for pilot programs.

Olivine Market Regional Outlook

The global olivine market exhibits varying performance across key regions based on industrial demand, resource availability, and infrastructure. Asia-Pacific leads global consumption with over 1.93 million tonnes used in 2025, primarily driven by steel production in China and India. Europe remains a critical producer, especially through Norway, which supplies over 1.5 million tonnes annually to internal and export markets. North America shows steady growth, particularly in foundry applications, while the Middle East & Africa market is expanding due to increased infrastructure and metallurgical activities.

North America

olivine market has experienced consistent growth, driven by the shift from silica to olivine in foundries and rising demand for environmentally safer materials. In 2024, the U.S. accounted for approximately 520,000 tonnes of olivine consumption, with the automotive foundry sector representing the largest share. Mexico and Canada contributed an additional 160,000 tonnes, largely used in metal casting and refractories. Regulatory policies from OSHA and EPA regarding silica exposure have prompted increased substitution with olivine sand, leading to a 14% rise in imports since 2022.

Europe

is both a major consumer and exporter of olivine. Norway dominates production with over 1.5 million tonnes annually, mainly from the Åheim mine. Countries like Germany, Italy, and the Netherlands are leading importers, consuming over 950,000 tonnes in 2024. Demand is concentrated in high-temperature refractories and foundry sectors. Stringent environmental standards and a push for green industrial materials have fueled olivine adoption, especially in steel recycling processes. The region also pioneers environmental olivine uses, including carbon sequestration in the Netherlands.

Asia-Pacific

is the largest consumer of olivine, surpassing 1.93 million tonnes in 2025. China leads this regional demand, with its steel industry accounting for more than 1.1 million tonnes of consumption. India and South Korea follow, using olivine for casting, refractories, and desulfurization in metal processing. The region has seen an annual increase in olivine imports of 12–15% between 2022 and 2024, supported by infrastructure growth and industrialization. Local supply is limited, so the bulk of olivine is imported from Norway, Turkey, and Iran.

Middle East & Africa

Though smaller in volume, the Middle East & Africa region has shown promising growth. In 2024, total olivine consumption exceeded 420,000 tonnes, with Turkey, Egypt, and South Africa as key contributors. Turkey has robust mining operations and exported over 200,000 tonnes of olivine in 2023, mostly to Asia and Eastern Europe. The UAE and Saudi Arabia are investing in metallurgical capacity, prompting higher olivine imports for furnace applications. Demand from the construction sector also drives use in refractory applications and abrasives.

List of Top Olivine Companies

Steinsvik Olivin
Sibelco
Dakduklu Minerals
Thermolith SA
Eryas
Egamin
Ore-Met
LTC Minerals
Scangrit

Steinsvik Olivin: is the largest producer of industrial olivine in Europe, operating the world-renowned Åheim deposit in Norway. The company supplies over 1.5 million tonnes of olivine annually, exporting to more than 30 countries worldwide. Its production accounts for nearly 50% of Europe's total olivine output. The company specializes in high-purity olivine with Fe₂O₃ levels as low as 6%, meeting demanding standards for steelmaking and refractory applications.

Sibelco: is another major player, with diversified mineral operations and a significant footprint in the olivine segment. In 2024, Sibelco managed distribution of over 600,000 tonnes of olivine across Europe and Asia-Pacific. The company operates advanced processing facilities with capacity for producing 30–325 mesh olivine products, which serve casting, refractory, and chemical sectors. Sibelco’s focus on sustainability and expansion into carbon capture applications makes it a leader in emerging olivine use cases.

Investment Analysis and Opportunities

Investments in the olivine market have accelerated in response to rising industrial applications and environmental initiatives. As of 2024, global mining and processing capacity has expanded by over 22% compared to 2020, fueled by growing steel production and increased use of olivine in foundries and refractories. Companies such as Steinsvik Olivin and Sibelco have invested in new processing lines capable of handling more than 500,000 tonnes per year to meet surging demand in Europe and Asia-Pacific. The enhanced weathering market presents an emerging investment hotspot. In the Netherlands and Australia, venture capital-backed environmental technology firms have allocated more than $50 million USD-equivalent into olivine-based CO₂ sequestration trials. Pilot sites in coastal regions are using finely ground olivine (under 100 μm particle size) in quantities of up to 25,000 tonnes annually for large-scale trials. Such projects are gaining attention from carbon credit markets and environmental regulatory bodies, offering a long-term investment potential for firms willing to pioneer mineral carbonation.

In Asia, particularly China and India, steel plant modernization programs have triggered a surge in olivine demand. Over 10 steel mills in China upgraded their desulfurization units between 2022 and 2024 to accept olivine as a flux material, replacing costlier and more polluting agents like dolomite and limestone. Government-backed industrial parks in Jiangsu and Gujarat have seen olivine import volumes rise by 14–17% annually since 2021. Europe continues to provide a strong foundation for investment in high-temperature materials. Over €60 million has been allocated by refractory manufacturers in Germany and Italy toward expanding their olivine supply chains and warehousing infrastructure. These efforts aim to secure consistent quality and supply, especially during geopolitical disruptions that affected magnesium and chromite sourcing. Meanwhile, new investment opportunities are emerging in Africa and the Middle East. Turkey is expanding its olivine mining and export infrastructure, targeting an additional 300,000 tonnes in annual capacity by 2026. Egyptian and Moroccan private companies are investing in beneficiation plants to meet quality thresholds for European steel producers.

New Product Development

Innovation in the olivine market has accelerated between 2023 and 2024, with companies focusing on high-purity product lines, environmentally sustainable processing, and advanced mesh customization to serve emerging applications. Leading manufacturers have developed new ultrafine olivine powders in the 270–325 mesh range, particularly for use in carbon capture projects and specialty ceramics. These new product lines offer higher reactivity, enabling faster mineral carbonation, and are now commercially distributed in the Netherlands and the UK for enhanced weathering pilots. Over 15,000 tonnes of these high-reactivity olivine grades have been deployed globally in 2023–2024. Steinsvik Olivin launched a new product in Q2 2024 branded under its “GreenSilicate” line, featuring olivine sand with Fe₂O₃ content below 5% and elevated MgO content above 48%, specifically targeting the premium foundry and steel refining segments. The product was adopted by two major European steel plants in Germany and Slovakia, leading to bulk shipments of over 80,000 tonnes in the second half of 2024. Its performance advantages include a 10% reduction in slag formation and a 15% increase in impurity removal efficiency.

Meanwhile, Sibelco has developed a new thermal-resistant olivine composite for high-temperature refractory applications in the glass and cement industries. Tested to withstand temperatures exceeding 1,950°C, the product is designed for kiln linings and crucibles with extended service life. Trials conducted at two cement facilities in Italy showed that the new refractory mix reduced material failure rates by 22% and energy loss by 13% compared to older formulations. Full-scale production commenced in Q3 2024, with an initial output of 120,000 tonnes annually. Another noteworthy innovation comes from Thermolith SA, which introduced a coated olivine product for water filtration and environmental remediation. The olivine particles are surface-treated to enhance adsorption capabilities, and pilot studies conducted in Portugal's industrial zones showed 85% efficiency in filtering out heavy metals like lead and arsenic.

Five Recent Developments

Steinsvik Olivin Increased Production Capacity: expanded its mining and processing operations in Åheim, Norway, adding a new milling unit that increased its total annual capacity by 300,000 tonnes. This upgrade was aimed at fulfilling growing demand from European steel and refractory industries.
Sibelco Launched Ultrafine Olivine for Carbon Sequestration: unveiled a new product line of ultrafine 325-mesh olivine, specifically engineered for CO₂ sequestration projects. The company shipped over 18,000 tonnes of this product to the Netherlands and Australia for enhanced weathering field trials by Q2 2024.
Thermolith SA Developed Olivine-Based Water Filtration Media: introduced a coated olivine product used for industrial water filtration. Testing in northern Portugal showed a heavy metal removal rate exceeding 85%, with over 7,500 tonnes deployed by mid-2024.
Turkey’s Egamin Began AI-Driven Mineral Processing: implemented an AI-based optical sorting system in 2023 to optimize grain-size classification in olivine production. The system improved product consistency and increased processing efficiency by 19%, enabling monthly output growth of 14,000 tonnes.
India Expanded Olivine Imports for Steel Plants: Between 2023 and 2024, India’s Ministry of Steel approved olivine integration into five major blast furnaces across Gujarat and Odisha. The country imported over 320,000 tonnes of olivine from Norway and Turkey during this period, marking a 20% year-over-year increase in consumption for metallurgical purposes.

Report Coverage of Olivine Market

The comprehensive report on the olivine market provides a detailed assessment of key industrial metrics, end-use segmentation, product types, and regional dynamics, offering a complete view of global olivine utilization. Covering more than 20 countries across 5 regions, the study incorporates quantitative evaluations of olivine production, consumption, mesh specifications, and application-specific demand. With global volume surpassing 4 million tonnes annually as of 2024, the report delves deep into consumption patterns across sectors like foundry sand (40%), metallurgical flux (35%), high-temperature refractories (20%), and other emerging areas (5%) including CO₂ capture and filtration. The report categorizes the market by olivine grain size—30–100 mesh, 100–270 mesh, 270–325 mesh, and others—offering technical insights into suitability for steelmaking, casting, and insulation. The 30–100 mesh segment remains the most widely used, accounting for over 1.5 million tonnes globally, while finer meshes are rapidly growing due to climate applications.

Regional analysis identifies Asia-Pacific as the largest consumer, with 1.93 million tonnes used in 2025, followed by Europe at 1.44 million tonnes, and North America with 680,000 tonnes. Major producing countries—Norway, Turkey, and Egypt—are also profiled in terms of reserves, output capacity, and export destinations. The report outlines industrial dynamics such as drivers (e.g., rising steel output and silica replacement), restraints (e.g., mining impacts), opportunities (e.g., CO₂ capture), and challenges (e.g., freight costs). It presents segment-wise insights across foundry molding sand, metallurgical aids, and refractories, highlighting specific industry demand. For instance, the foundry sector’s olivine usage surged by 12% from 2022 to 2024 in the U.S. alone. Corporate strategies of top players like Steinsvik Olivin and Sibelco are evaluated through their capacity expansions, product innovations, and geographic outreach. Developments in olivine beneficiation, automation, and coating technologies are also detailed.