New York, USA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Magnesium Oxide Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Magnesium Oxide Market Information by Type, Purity Application, And Region - Forecast till 2028”, the market is estimated to grow at a 5.34% CAGR to reach USD 5,376.5 Million by 2028.
Market Synopsis
Magnesium oxide, sometimes referred to as magnesia, is a white, alkaline compound with the chemical formula MgO found naturally in the earth's crust. It is made from the calcination of naturally occurring materials and is extremely pure, tasteless, and colorless. It is strong, temperature resistant, corrosion resistant, and has a high melting point. It can either be extracted from magnesite ore using a pyrolysis method or recovered using an electrolysis method from saltwater. As a mineral supplement, it is also used to ward off hypomagnesemia.
Over the past few years, the need for magnesium oxide has steadily increased. The growing use of dead burned magnesia, or DBM magnesia, has also increased demand. Despite some challenges at the beginning of the COVID-19 epidemic, the magnesium oxide market had a promising future. The industrial, refractories, and agricultural sectors are undergoing rapid technological change, presenting new prospects for magnesium oxide suppliers in the coming years. While magnesium oxide suppliers will benefit from the increased emphasis on creating more high-quality products, macroeconomic variables, including increased governmental expenditure in industrial sectors, rising urbanization, and others, will enable them to seize the chance.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 5,376.5 Million |
| CAGR | 5.34% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Purity Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand in the steel, glass, and ceramic industries as a refractory material |
| Increasing use of magnesium oxide wallboards in the construction industry |
Market Competitive Landscape:
The formidable players in the magnesium oxide market are:
- RHI Magnesita N.V (Europe)
- Martin Marietta (US)
- Xinyang Mineral Group (China)
- ICL (Israel)
- SMZ, a.s. Jelšava (Europe)
- Tateho Chemical Industries Co. (Japan)
- Baymag Inc (North America)
- Grecian Magnesite S.A (Europe)
- PremierMagnesia LLC (US)
- Ube Industries Ltd (Japan)
- Kümaş Magnesite Industry Inc (Turkey)
Market U.S.P. Covered:
Market Drivers:
In the iron and steel industry, magnesium oxide is frequently used. As a result, the industry's impressive growth over the past several years suggests that the need for magnesium oxide will soar in the coming years. Aside from that, the growth of the nonferrous metal, ceramics, and chemical industries is anticipated to open up attractive new markets for magnesium oxide. Some important factors driving the global magnesium oxide market include rising glass production and demand for magnesium oxide in fertilizers and animal feed. Magnesium oxide wallboards are being used more frequently in the construction sector: In place of gypsum boards, magnesium oxide wallboard is utilized in buildings. Such wallboards are made of fire-resistant materials and are applied to walls, ceilings, and other surfaces. The need for eco-friendly products and aesthetic appeal in the building and construction industry is driving growth in the worldwide wallboard market. According to estimates, the expanding wallboard market will offer magnesium oxide producers a lucrative business opportunity.
Market Restraints:
The market expansion is anticipated to be constrained by the availability of alternatives for magnesium oxide as a refractory use across end-use industries. In the refractory industry, magnesia is being replaced with alumina, chromite, and silica. Therefore, the growing use of magnesium oxide replacements is anticipated to restrain market expansion during the projection period. The market growth of magnesium oxide is anticipated to be hampered by adverse effects, including cramping and diarrhea related to its ingestion. Magnesium oxide exposure can occasionally also result in hives, a rash, weakness, lightheadedness, unusual weariness, nausea, and vomiting. This element is anticipated to limit the expansion of the magnesium oxide market.
Browse In-depth Market Research Report (135 Pages) on Magnesium Oxide https://www.marketresearchfuture.com/reports/magnesium-oxide-market-1983
COVID 19 Analysis
The long working hours and standards load on skilled personnel further impeding market tasks. People have blamed the corporate world and the operations of global market participants and rivals for the Covid-19 pandemic's spread. For instance, MNCs are switching to virtual working arrangements and telecommuting techniques. The growing reliance on the internet is becoming a harsh reality. The growing endeavors and diverse product portfolios at the global market scale are causing the size of the magnesium oxide market to increase. The likelihood of market operations likelihood to expand during the projection period is fueled by the rising investments in research and development departments.
Market Segmentation
By purity, the market includes 2N, 3N, 4N, and 5N. By application, the market includes chemical intermediate, refractory, agriculture, and construction. By type, the market includes dead burned magnesia, fused magnesia, and calcined burned magnesia.
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Regional Insights
North America is the world's largest market for magnesium oxide, and the United States now holds the top spot. Hegemony is anticipated during the projected period. For the last ten years, Germany has dominated the European magnesium oxide market and is expected to continue to do so throughout the projected period. Germany's growth is being fueled by manufacturing hubs that are rapidly changing as well as an increase in demand from the agricultural, refractory, and other industrial sectors. Due to rising demand from end-use sectors, including construction and refractories, the Asia-Pacific region is anticipated to have the quickest market growth. The magnesium oxide market in Asia-Pacific is expanding quickly in China. Due to its highly developed industries and cutting-edge production facilities, India has been the center of attention for magnesium oxide producers for the past ten years.
Asia-Pacific is the fastest-growing magnesium oxide market globally, and China is likely to lead over the forecast period. Due to its highly developed industries and cutting-edge production facilities, India has been in the limelight for magnesium oxide producers for the past ten years. The second-largest demand for calcined magnesium oxide is anticipated to be in Latin America. It is anticipated that new projects would fuel growth in this region during the projected period.
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