Pyrite, also known as iron pyrite or fool’s gold, is an iron sulfide mineral. Pyrite is a copper metal that is yellow in color and has a beautiful metallic appearance thus having the appearance of gold. Pyrite and other oxides and sulfides are found in rocks and bedrock. Some countries like Peru, USA, Russia, Spain and South Africa have large amount of pyrite in the market.
Flat radial disks of pyrite are also known as dollars or suns. Pyrite is used in various applications such as the production of sulfur compounds such as sulfur dioxide and sulfuric acid, cathode materials, semiconductor materials, and marcasite jewelry. Also, pyrite is used as a filler in wheels and brakes. Also, pyrite is used as an ore for gold, as they both form under similar conditions and are in the same rock. Pyrite is also used as a gemstone and is considered a heat and energy stone.
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Pyrite is also used in friction markets to increase the thermal conductivity. Pyrite also helps in adjusting the friction coefficient in brake pads. In electronics industry, pyrite is used as a semiconductor material and as an electrode in lithium ion batteries. In paper and pulp industry, pyrite is used in manufacturing of paper.
The market for pyrite was mainly driven by jewellery and sulphur compounds market. Huge demand of pyrite for manufacturing of sulphuric acid and sulphur dioxide has been driving the market in past few years. Pyrite is used in jewellery items such as necklace with beads and cabochons. In grinding industry, pyrite is used as filler in grinding wheels and brake linings.
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Pyrite as an iron ore is one of the biggest opportunity for the market if the current iron ore becomes scarce. Moreover, pyrite is also considered as probable substitute in photovoltaic solar panels as it is inexpensive and abundant in nature. However, health and environmental hazards associated with pyrite are anticipated to hider the growth of the market in next few years to come.
Some of the key manufacturers in the pyrite market are
- Hickman
- Williams & Company
- Iron Duke Pyrites
- Turkish Minerals and Washington Mills among others.
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