Magnesium Oxide Market Overview —
The magnesium oxide market share is likely to attain a global CAGR of 5.34% during the ongoing forecast period of 2021-2030. Magnesium is also known as magnesia and is a hygroscopic mixture that is made through magnetite ores. By the end of the forecast period in 2030, the market is likely to attain a global market value that accounts for USD 5,376.5 million.
The global demand for magnesium oxide market is expected to increase considerably over the forecast timeframe, according to the MRFR report. The rising demand for refractory magnesium oxide is one of the key drivers that is expected to drive market growth over the forecast period. Increasing demand for refractory materials in furnaces, kilns, incinerators and reactors, among other things, is making a positive contribution to business growth. Rising industrialization in emerging countries is thus seen as pushing the rise of global demand. The magnesium oxide nanoparticles market is projected to increase over the forecast timeframe by rising the need for fuel additives in the transport industry to maintain fuel efficiency. Furthermore the increasing acceptance of the substance as a fire retardant in flammable chemicals to prevent excessive fire-related losses is expected to fuel growth in the industry. Efforts by researchers to recognise cost-effective manufacturing practises are expected to help manufacturers cope with rising production costs and thus boost demand growth. The availability of magnesium oxide substitutes as a refractory application across end-use industries is one of the main factors expected to hamper market growth during the forecast period.
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COVID 19 Analysis
The spread of the global Covid pandemic has fundamentally affected the magnesium oxide market and has additionally affected the creation, manufacturing, and advertising levels of the market products to an impressive degree. Since the arrival of the coronavirus pandemic worldwide in March 2020, by far most of the assembling and manufacturing units have either shut down because of the lockdown and limitations forced, or some have given up in rising competition and further, constrained the stoppage of the market undertakings as there has been a decrease in the accessibility of market assets and raw materials for ideal production.
Magnesium Oxide Market Competitive Analysis:
Some of the eminent players operating in the global magnesium oxide market are
Martin Marietta (U.S.),
Kumas Magnesite Industry Inc (Turkey),
PremierMagnesia LLC (U.S.),
RHI Magnesita N.V.(Austria),
Tateho Chemicals Industries Co. (Japan),
Baymag Inc ( Canada),
Xinyang Mineral Group (India),
Grecian Magnesite S.A. (Greece),
Ube Industries Ltd (Japan),
SMZ, a.s. Jelsava (Slovakia),
There has been a growing need for refractory material in various market products like kilns, incinerators, furnaces, along with reactors that are encouragingly broadening the global magnesium oxide market growth and size. Therefore, the growing degree of industrialization is more in the emerging economies that are being considered as a major factor helpful to boost the global magnesium oxide industry expansion and growth. Also, the escalated Demand from Steel and Iron Industries has great opportunities in store.
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Magnesium Oxide Market Segmentation:
The market for magnesium oxide is analysed according to application, product type, and region.
DMB, CCM, and FM comprise the type-based segmentation of the market.
Based on the application, the market is segmented into refractories, agriculture, chemical intermediates, manufacturing, and others.
Steel, ceramics, glass, and others are further segmented into the refractory-based industry.
The industry is further segmented into agricultural-dependent fertilisers and feedstuffs. The farm section is further divided into fertiliser and animal feed.
Five main regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa, have increased global demand for magnesium oxide.
In terms of volume, Asia Pacific was the largest area (2016) and is expected to increase with a CAGR of 5.64 percent during the measured period. China, accounting for USD 1691.2 million in market value, is the leading region. As per the MRFR report, the existence of large agricultural economies in the area is driving the magnesium oxide market. In addition, growing industrialization, particularly in the iron & steel industry, has driven further demand for refractory materials, which in turn has boosted the market growth of the region. The Indian government's favourable FDI policies encourage investors to contribute to the chemical and metal processing industries that are driving the industry's overall growth. The demand for furnaces is expected to be fueled by robust steel and other metal manufacturing industries in China, which in turn will likely increase demand for magnesium nanoparticles over the projected timeframe.
North America is expected to be the second largest sector during the forecast years. The North American market is expected to acquire a market value of USD 813.2 million and a market size of 1734.9 kilotons by 2023. As a consequence of this development, Canada and the United States are the key countries. The Canadian economy is poised to expand by more than 4.80% at the fastest CAGR, and the U.S. market is slated to have a CAGR of 4.05 percent. The growing demand for refractory materials generated in the steel, glass and ceramic industries is mainly contributing to market growth in this area. Nevertheless the increasing use of magnesium oxide substitutes in refractory applications is a major disadvantage to demand growth.
November 2021- LIG Assets, a real estate investment company, announced a significant investment in Foreverboard, Inc. for the joint development of extension plants of Foreverboard. Foreverboard was developed to build and manufacture a high-grade Magnesium Oxide wallboard that is healthier, lighter, and stronger than conventional gypsum wallboard with higher mold and fire resistance capabilities.
Table of Content
1 Report Prologue
2 Scope Of The Report
2.1 Market Definition 20
2.1 Scope Of The Study 20
2.2 List Of Assumptions 20
2.3 Market Structure 21
2.4 Key Takeaways 21
2.5 Key Buying Criteria 22
3 Market Insights
4 Research Methodology
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