The magnesium oxide market share is likely to attain a global CAGR of 5.34% during the ongoing forecast period of 2021-2028. 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 2028, the market is likely to attain a global market value that accounts for USD 5,376.5 million.
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 that will be ending in 2028.
The rising magnesium oxide market is because of the role of the following market players:
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.
The iron & steel industry is being recognized as one of the foremost users of magnesium oxide and is hence, is predicted to transform the development of the global magnesium oxide market shortly. The progress of the Ceramics Sector also has great market attributes in store for the market during the forecast period that will be ending in 2028. The has been an increased use of ceramics in market sectors like the industrial and non-industrial applications that are estimated to have a positive impact on the global market considerably.
However, one of the major issues that the magnesium oxide market is witnessing is the rising thread brought in by substitution and market differentiation that is the maximum during the forecast period ending in 2028. The substitution from market products like graphite and silicon carbide is rising due to comparable both chemical and physical properties is anticipated to act as the foremost disadvantage and hence, help in the evolution of the global magnesium oxide industry.
There has been an intensification in Demand From The Animal Feed Sector which is presenting good growth for the market during the forecast period ending in 2028.
The dependable surge in animal stock because of massive global populations is likely to transform the global magnesium oxide market size. The caustic calcined magnesia is witnessing a huge requirement in the agricultural sector that is likely to increase and attain a 5% CAGR in the forecast period. Also, the elevated use in Magnesium wallboard application will prove to be beneficial for the market. The escalated demand for construction materials in the developing regions is being witnessed due to the surge in urbanization in these regions is expected to enhance the magnesium oxide market share shortly.
The magnesium oxide market growth is because of the propelling market segments that are functional in various global locations that are as follows:
The DBM segment of the market is estimated to dominate the magnesium oxide market due in the forecast period due to its excellent heat resistivity range. This will result in leading to its widespread application in the global market premises. This segment is estimated to attain a global CAGR of 5.06%.
The refractory application segment, as a part of the market, is expected to emerge as the leading segment as there is extensive use of the same in the refractory applications because of their excellent temperature resistivity
The iron & steel and glass industry segments as a part of the market are estimated to have a positive impact on the development of the magnesium oxide market in the upcoming years, as a part of the forecast period.
The APAC region is likely to attain the maximum market growth and is witnessing the emergence of factors like industrial financing, industrial automation, and industrial development that have augmented this region during the forecast period. The Asian Pacific region is emerging as the principal region that is growing in terms of value in the forecast period that had ended in 2019. It is expected to develop and attain a global CAGR of 5.64% by the end of the period in 2028.
The global magnesium oxide market report discusses the market factors that might impact the global market operations and hence, help the market growth based on the predictions that have been laid down for the forecast period of 2021-2028. The market report highlights and analyzes the role of market players and segments in meeting the rising needs of the target audience. The report also helps in understanding the rising competitive degree of the market during the forecast period of 2021-2028.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||RHI Magnesita N.V.(Austria), Martin Marietta (U.S.), Grecian Magnesite S.A. (Greece), PremierMagnesia LLC (U.S.), Ube Industries Ltd (Japan), Kumas Magnesite Industry Inc (Turkey), Xinyang Mineral Group (India), ICL (Israel), SMZ, a.s. Jelsava (Slovakia), Tateho Chemicals Industries Co. (Japan), Baymag Inc (Canada)|
|Key Market Opportunities||Elevated use in Magnesium Wallboard Application|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market is predicted to attain a CAGR of 5.34%.
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.