The magnesium oxide market share is likely to attain a global CAGR of 5.34% during the ongoing forecast period of 2021-2028. By the end of the forecast period in 2028, the market is likely to attain a global market value that accounts for USD 5,376.5 million.
Magnesium oxide, also known as magnesia, is a white alkaline substance naturally present in the earth's crust with the chemical formula MgO. It is highly pure, devoid of taste and color, and is obtained from the calcination of natural minerals. It has a high melting point, high strength, temperature resistance, and corrosion resistance. It can either be obtained from magnesite ore through a pyrolysis process or recovered from seawater through an electrolysis process. It is also used as a mineral supplement to prevent hypomagnesemia.
Magnesium oxide is widely used in the steel industry. Hence, the remarkable development of the industry in recent years means that the global magnesium oxide market will experience a huge demand pipeline in the coming years. Apart from this, the magnesium oxide market is expected to be lucrative with the development of non-ferrous metals, ceramics, and chemical industries. Growing glass production and increasing demand for magnesium oxide in animal feed and fertilizers are some of the key drivers for the global magnesium oxide market.
COVID-19 Impact on the Magnesium Oxide Market:
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. The market tasks are further, being hampered because of the severe working hours and burden of standards on the skilled labor.
The spread of the Covid-19 pandemic has been given from people to the corporate world and working of the worldwide market players and contenders. Like, the MNC's are moving to the technique for telecommuting and changing to virtual working. The rising dependence on the web is transforming into a cruel reality. The magnesium oxide market size is headed to improvement due to the rising ventures and various product portfolios at the international market scale. The rising investments in the research and development departments are fueling the chances for the expansion of the market operations during the forecast period.
North America accounted for the largest market share and is projected to witness the fastest growth in the market. The US is in the spotlight for stakeholders in the magnesium oxide business due to advanced industrial sectors and manufacturing infrastructure. Agriculture is the second-largest segment of the market. North America accounts for a large share of this market due to the increasing demand for magnesium oxide from end-use industries and environmental concerns regarding greenhouse gas emissions.
Germany has led the European magnesium oxide market, and it is expected to continue to do so throughout the projected period. Germany's economy is fueled by rapidly growing manufacturing centers and increased demand from the agricultural, refractory, and other industrial sectors.
The Asia-Pacific region is expected to be the fastest-growing market due to increasing demand from end-use industries, such as construction and refractories. China is the epicenter of Asia-Pacific's fastest-growing magnesium oxide industry, Due to its well-developed industries and advanced production facilities, India has been in the spotlight for magnesium oxide manufacturers for the past decade.
Latin America is expected to be the second-largest market for calcined magnesium oxide. It is anticipated that new projects will drive growth in this region during the forecast period. Europe accounted for a smaller share than North America and Latin America, but it is projected to register significant gains. Refractory is the largest market in Mexico. Brazil dominated the market.
The Middle East & Africa includes increased demand in steel, ceramic, and glass industries as a refractory material (70%). Growing demand for magnesium wallboard in the construction industry (10%), water treatment applications (5%), animal feed and fertilizer applications (15%). Turkey dominates the market, and Israel is the second-largest market.
The global market for magnesium oxide is projected to witness healthy growth during the forecast period, owing to the increasing demand from steel, glass, & ceramic industries as a refractory material. Furthermore, the growing chemical industry is expected to drive the growth of the magnesium oxide market during the forecast period. Manufacturers are struggling to increase production capacities by using cost-effective manufacturing techniques. The global market represents strong numbers in terms of consumption. RHI Magnesita N.V (Europe), Martin Marietta (US), Grecian Magnesite S.A (Europe), PremierMagnesia LLC (US), Ube Industries Ltd (Japan), Kümaş Magnesite Industry Inc (Turkey), Xinyang Mineral Group (China), ICL (Israel), SMZ, a.s. Jelšava (Europe), Tateho Chemical Industries Co. (Japan), and Baymag Inc (North America) are the key players operating in the global magnesium oxide market. The global market remains highly fragmented with the majority of tier-1 players, with leaders including RHI Magnesita N.V (Europe), Martin Marietta (US), Grecian Magnesite S.A (Europe), PremierMagnesia LLC (US), Ube Industries Ltd (Japan) hold the largest share of the global magnesium oxide market.
Some of the key developments include:
The Magnesium Oxide market is segmented by type, purity, application and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Magnesium Oxide emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2028: 5,376.5 million|
|CAGR||5.34% CAGR (2021-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Purity, and Application|
|Geographies Covered||North America ,Europe, Asia-Pacific,South America, Middle East ,Africa|
|Key Vendors||RHI Magnesita N.V (Europe), Martin Marietta (US), Grecian Magnesite S.A (Europe), PremierMagnesia LLC (US), Ube Industries Ltd (Japan), Kümaş Magnesite Industry Inc (Turkey), Xinyang Mineral Group (China), ICL (Israel), SMZ, a.s. Jelšava (Europe), Tateho Chemical Industries Co. (Japan), and Baymag Inc (North America)|
|Key Market Opportunities||Increasing use of magnesium oxide wallboards in the construction industry|
|Key Market Drivers||Increasing demand in the steel, glass, and ceramic industries as a refractory material|
Frequently Asked Questions (FAQ) :
The global Magnesium Oxide market would register a growth of 5.34%.
Increasing preference for alternatives in various applications
Yes, North America country would set the trend in the Magnesium Oxide market