Magnesium Oxide Market Research Report—Global Forecast till 2028

Magnesium Oxide Market Research Report Information By Type (Dead Burned Magnesia, Calcined Burned Magnesia, Fused Magnesia) Purity (2N, 3N, 4N, 5N) Application (Refractory, Agriculture, Chemical Intermediate, Construction, Others) Region (North America, Europe, Asia-Pacific, South America, Middle East, Africa) Forecast 2028

ID: MRFR/CnM/1451-CR | June 2022 | Region: Global | 135 pages         

Magnesium Oxide Market

Magnesium Oxide Market is projected to be worth USD 5,376.5 Million by 2028, registering a CAGR of 5.34% during the forecast period (2021 - 2028).

Segmentation

By Type Dead Burned Magnesia Caustic Calcined Magnesia Fused Magnesia
By Application Refractory Agriculture Chemical Intermediates Construction

Key Players

  • PremierMagnesia LLC
  • RHI Magnesita N.V.
  • Ube Industries Ltd
  • Xinyang Mineral Group
  • Martin Marietta
  • Kumas Magnesite Industry Inc
  • Grecian Magnesite

Drivers

  • The iron & steel industry is being recognized as one of the foremost users of magnesium oxide.
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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 2021-2028. 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.


Market Dynamics


Drivers


  • Increasing demand in the steel, glass, and ceramic industries as a refractory material: Magnesium oxide is gradually being used in the glass and ceramic industries as a refractory lining. Magnesium oxide is used in refractory products, including refractory bricks, castable, monolithic gunning mixes, and other refractory applications for iron making, steel making, and foundry applications with high temperature and corrosion resistance are essential. Hence, , increasing demand for high-value refractory materials in several industries is projected to boost global demand.


Restraints


  • Increasing preference for alternatives in various applications: Graphite and silica are some suitable alternatives and are consumed widely in steel, glass, ceramic, and non-ferrous metal industries. In addition, the initial high cost, maintenance, and lack of skilled professionals in the developing economies may slow the market for mass spectrometry during the forecast period. The magnesium oxide market exhibits potential for higher growth. However, the presence of various alternatives hampers the demand for magnesium oxide over the forecast period.


Opportunity


  • Increasing use of magnesium oxide wallboards in the construction industry: Magnesium oxide wallboard is used in construction as an alternative to gypsum boards. Such wallboards are fireproof materials used for the ceiling’s linings, walls, and other applications. The global market for wallboard is growing due to the increasing demand for eco-friendly products and aesthetics in the building and construction industry. The growing wallboard market is estimated to create a lucrative opportunity for magnesium oxide manufacturers across the globe.


Trends


  • Preference for fused magnesia over dead burned magnesia in refractory application: Fused magnesia is produced by calcining dead, burned magnesia in an EAF (Electric Arc Furnace). Fused magnesia is a high-performance material used in industrial furnaces as a refractory material. Although DBM is widely used in refractory applications, fused magnesia or EFM (Electro Fused Magnesia) is preferred in some high-performance (high temperature) applications. This is attributed to the high-temperature resistivity and low reactivity of fused magnesia over DBM. This is a prominent trend observed in the global magnesium oxide market across the end-use industries.


Segmentation


By Type



  • Dead Burned Magnesia

  • Calcined Burned Magnesia

  • Fused Magnesia


By Purity



  • 2N

  • 3N

  • 4N

  • 5N


By Application



  • Refractory

  • Agriculture

  • Chemical Intermediate

  • Construction

  • Others


By Region



  • North America

  • Europe

  • Asia-Pacific

  • South America

  • Middle East

  • Africa


Regional Analysis


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.


Competitive Landscape


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), KümaÅŸ 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:



  • In October 2021- BHP Group is allegedly considering the potential of collecting and storing carbon with the use of waste from its nickel mining operations in Australia. The company strategizes to use high magnesium oxide waste from its Nickel West operations in Western Australia (WA) for the planned project.This waste can extract carbon from the air to produce magnesium carbonate that is a stable compound in salt form, as per the statement by BHP chief technical officer Laura Tyler.

  • In November 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.

  • In 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.


Report Overview:


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



  • To get a comprehensive overview of the global Magnesium Oxide market

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, their product portfolio, strategies, and key developments

  • To gain insights about the key country/region in which the market is growing


Intended Audience



  • Industrial sector

  • Broadcast sector

  • Enterprise sector

  • Digital communication



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: 5,376.5 million
  CAGR   5.34% CAGR (2021-2028)
  Base Year    2020
  Forecast Period    2022-2028
  Historical Data   2019
  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), KümaÅŸ Magnesite Industry Inc (Turkey), Xinyang Mineral Group (China), ICL (Israel), SMZ, a.s. JelÅ¡ava (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


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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