Magnesium Oxide Market Research Report- Forecast to 2030

Magnesium Oxide Market: By Type (Dead Burned Magnesia, Caustic Calcined Magnesia, Fused Magnesia) and By Application (Refractory, Agriculture, Chemical Intermediates, Construction) - Forecast till 2030

ID: MRFR/CnM/1451-CR | February 2021 | Region: Global | 135 pages

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. 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.


COVID 19 Analysis


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.


Competitive Landscape


The rising magnesium oxide market is because of the role of the following market players:



  • PremierMagnesia LLC (U.S.)

  • RHI Magnesita N.V.(Austria)

  • Ube Industries Ltd (Japan)

  • Xinyang Mineral Group (India)

  • Martin Marietta (U.S.)

  • Kumas Magnesite Industry Inc (Turkey)

  • Grecian Magnesite S.A. (Greece)


Market Dynamics


Drivers


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.


Restraints


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.


Technology Analysis


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.


Study Objectives



  • The magnesium oxide market report means to help the potential market financial investors and experts comprehend the variables that will give rise to the different reasons that will assist them with foreseeing the market pace of CAGR growth followed by the factors that will promote a gigantic income and revenue market scale by the market endeavors and players during the forecast period that will end in 2028.

  • The worldwide market report covers the factors and market elements like the drivers, limitations, opportunities, and difficulties that will affect the development of the market during the period. Further, the market report talks about the premise of the worldwide market portions that will assist with creating market scenarios according to the arising needs of the global target audience. Subsequently, the report examines the factors that assist with the expanding chances of incurring a better revenue degree for the market period that will be ending in 2028.

  • The market report likewise lays the attention on the rising competition between the market players that will build the odds of better development and extension followed by covering the recent market developments undertaken by the market players during the forecast period of 2021-2028.


Segment Overview


The magnesium oxide market growth is because of the propelling market segments that are functional in various global locations that are as follows:


By Type


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%.


By Application


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


By End-User


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.


Regional Analysis


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.


Recent Developments


November 2021- LIG Assets, a real estate investment company, announced a significant investment in Foreverboard, Inc. for the joint development of extension plants of Foreverboard. Foreverboard was developed to build and manufacture a high-grade Magnesium Oxide wallboard that is healthier, lighter, and stronger than conventional gypsum wallboard with higher mold and fire resistance capabilities.
LIG Assets targets to develop its primary expansion facility in Northern Indiana. As the main focus for Foreverboard sales will be in the sustainable home market, opportunities to distribute the product in the RV and industrial home markets are well within range. This location is close to the RV capital of the world. Further details of this deal will be revealed in the future years.

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.

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.

Report Overview


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.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2023: USD 5,376.5 Million
  • 2030: Significant Value
  •   CAGR   5.34% (2016-2023)
      Base Year   2021
      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

  • Surging Demand for Refractory Materials
  • Escalated Demand from Steel and Iron Industries
  • Progress of the Ceramics Sector
  • Intensification in Demand From The Animal Feed Sector\r\n\r\n


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    Frequently Asked Questions (FAQ) :


    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.