Your interpretation of data in the report is not correct.
Total concrete production outside of China is 1.84Bnm3, all the types and strengths of concrete together.
Author of the report made a very optimistic assumption that HRM can be marketed to 10% of the above total number.
Anyone can make a different assumption on addressable market, in my opinion 10% is a very high number in this case.
Cost of HRM to the concrete manufacturer In this report is calculated at $3,000 per ton. While ADN is planning to sell this ex gate for about $1,000 per ton in the form of dry filter cake (according to DFS), someone will still need to process it into format usable by concrete mixing plants, pack it, ship it and provide dosing equipment. Presumably IMCD, maybe 3rd party.
They would need to make some profit on the way as well, so starting with $1,000 per ton ex gate for ADN and ending at $3,000 per ton for concrete plants looks like a reasonable estimate.
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