ID: MRFR/CnM/1451-CR | April 2018 | Region: Global | 135 pages
As per the MRFR analysis, Magnesium oxide's magnesium oxid to achieve a valuation of USD 5,376.5 Million by 2023. The global magnesium oxide market size is projected to develop at a CAGR of 5.34% in terms of value in the forecast period. Magnesium oxide, popularly known as magnesia (MgO), is a hygroscopic mixture made from magnesite ores by pyrolysis or retrieved from seawater through electrolysis. Magnesium oxide is extensively used in building, refractory, agriculture, and construction, among others. It is considerably used in the ceramic & glass and iron & steel industry as a refractory layer.
The surge in the COVID-19 pandemic is estimated to create a significant strain on the Magnesium Oxide Market as governments worldwide restrict non-essential movement and trade to constrict moment and, therefore, spread the disease. The reduction in demand from certain sectors is estimated to decelerate overall magnesium oxide market growth in the forthcoming period.
Surging Demand for Refractory Materials
The mounting need for refractory material in kilns, incinerators, furnaces, and reactors is encouragingly broadening the magnesium oxide market's growth. Therefore, the growing industrialization in emerging economies is considered to boost the global magnesium oxide industry's growth.
Escalated Demand from Steel and Iron Industries
The iron & steel industry is the foremost user of magnesium oxide and is predicted to transform the global magnesium oxide market's development in the near future.
Progress of the Ceramics Sector
The increased use of ceramics in industrial and non-industrial applications is estimated to impact the global market considerably.
Intensification in Demand From The Animal Feed Sector
The surge in animal stock due to massive global populations is assessed to transform the magnesium oxide market. The caustic calcined magnesia is very much required in the agricultural sector and is likely to increase with a 5% CAGR in the review period.
Elevated use in Magnesium Wallboard Application
The escalated demand for construction materials due to the surge in urbanization measures in several regions is predicted to transform the magnesium oxide market share in the near future.
Threat of Substitution
The mounting threat of substitution from graphite and silicon carbide due to comparable physical & chemical properties is anticipated to be a foremost disadvantage to the evolution of the global magnesium oxide market size.
The DBM segment is estimated to lead the magnesium oxide market due to its excellent heat resistivity range, thus leading to its widespread application in the market. The segment is estimated to grow at a CAGR of 5.06% in the forecast period.
The refractory application segment emerged as the leading segment due to extensive use in the refractory applications due to their excellent temperature resistivity
The iron & steel and glass industry segments are estimated to positively impact the development of the magnesium oxide market in the forthcoming years.
Asia Pacific Region to Hold Vanguard Position
The Asia Pacific is appraised to observe intensifying industrial financing, industrial automation, and industrial development have augmented this region's standing. The Asia Pacific had the principal region in terms of value in 2016 and is expected to develop with a CAGR of 5.64% throughout the evaluated period. China is the foremost national market holding a market value of USD 1691.2 million. The occurrence of chief agrarian economies in the regional market is driving the requirement for magnesium oxide suppliers. Furthermore, the increasing industrialization has further boosted the need for refractory materials, particularly in the iron & steel industry, thus increasing the magnesium oxide industry's growth in the region.
North American Region to Consolidate Global Market Standing
The North American regional market is estimated to be the subsequent prime market in the forecast years. The North American magnesium oxide purchase will lead to an acquisition of 15% of the global share, intensifying at a CAGR of 4.40%. The U.S. national market was the most encouraging in the region and has produced the top income of USD 618.2 million while mounting at 4.40% CAGR in the forecast period. The North American magnesium oxide market is projected to extend to a value of USD 813.2 million and a share of 1734.9 kilotons by 2023. Canada and U.S. are the key nations accrediting this development. The Canadian national market is estimated to grow at the peak CAGR of 4.80% in the coming period. The intensifying requirement for refractory material in the advanced steel, glass, and ceramic industry is chiefly backing the magnesium oxide market's development in this region.
The important companies in the magnesium oxide market are
The competitors in the market are experimenting with new product variants and expanding the production capacity to meet the demands of the global market in the duration of the forecast period.
Nov 2020 A blend product comprising potassium chloride, magnesium sulfate, and sodium sulfate has received FDA sanction. This osmotic laxative is specified for flushing the colon in an arrangement for a colonoscopy in grownups. A low-residue breakfast may be eaten when taking this therapy, but only clear liquids can be utilized until after the colonoscopy.
Apr 2020 Mag One Products Inc has declared that its Quebec-based holding, Mag One Operations, has clinched a Contribution Agreement with the GCanada'srnment of Cagh Natural Resources Canada under its Clean Growth Program (CGP). The contract appeals for the subsidiary to obtain from CGP up to C$1,666,500 in non-repayable backing for its Front-End Engineering Design report for a high purity magnesium oxide demo plant through serpentinite tailings from former Quebec mining operations.
June 2020 Academics at the University of Minnesota are reviewing whether magnesium can make a modification in high-risk patients. Primary data shows that COVID-19 creates ion channels, thus altering the working of the infected human cells. Magnesium has a deep influence as it blocks the viral ion channel in the body while defending against oxidation. Oxidation is another recognized reason for irregular cardiovascular function.
Frequently Asked Questions (FAQ) :
The magnesium oxide market is predicted to grow at a 5.34%CAGR between 2015-2023.
The global magnesium oxide market is predicted to touch USD 5,376.5 million by 2023.
Asia Pacific is predicted to have maximum share in the magnesium oxide market during the forecast period.
Notable players profiled in the magnesium oxide market include Baymag Inc (Canada), Tateho Chemicals Industries Co. (Japan), SMZ, a.s. Jelsava (Slovakia), ICL (Israel), Xinyang Mineral Group (India), Kumas Magnesite Industry Inc (Turkey), Ube Industries Ltd (Japan), PremierMagnesia LLC (U.S.), Grecian Magnesite S.A. (Greece), Martin Marietta (U.S.), and RHI Magnesita N.V.(Austria).
Rising use of substitutes may limit the magnesium oxide market growth during the forecast period.