Magnesium oxide
Overview:
The global market for magnesium oxide is expected to record a growth that would surpass USD 5376.5 million during the forecast period (2017-2023). Market Research Future (MRFR) revealed several details regarding the market in the report and included major market influencers that can change the course of the market.
These factors are majorly dependent on changes made in industries like agriculture, refractory, and construction. The demand for the product is on the rise in the refractory segment as sectors like kilns, furnaces, incinerators, and reactors. This is getting backed by the surge in the industrial sector in various developing countries. In the production of fertilizers and animal feed, the need for magnesium oxide is rising, which may promote the market. But the growing use of graphite and silicon carbide may hold back the market growth.
Competitive Landscape:
The global market in the magnesium oxide would witness substantial growth opportunities with several top-ranked companies like Martin Marietta (U.S.), RHI Magnesita N.V.(Austria), PremierMagnesia LLC (U.S.), Grecian Magnesite S.A. (Greece), Kumas Magnesite Industry Inc (Turkey), Ube Industries Ltd (Japan), ICL (Israel), Tateho Chemicals Industries Co. (Japan), SMZ, a.s. Jelsava (Slovakia), Xinyang Mineral Group (India), and Baymag Inc (Canada). These companies would introduce various strategic moves with a proper focus on mergers, acquisitions, grants, investments for research and developments, and others to make sure that growth of the market gets good momentum.
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Segmentation:
The global market on magnesium oxide can be segmented and studied on the basis of product type and application. This report is expected to reveal insights that can be used later for the better growth of the market.
By product type, the global report on the magnesium oxide market includes CCM, DMB, and FM. The DMB segment would lead the global market, and its CAGR would be the highest according to predictions. This segment would record 5.06% during the forecast period.
By application, the global report on the magnesium oxide market has been segmented into agriculture, construction, chemical intermediates, refractory, and others. The refractory segment includes ceramics, glass, steel, and others. The agriculture segment includes fertilizers and animal feed.
Regional Analysis:
The Asia Pacific would ensure its dominance over the global market, and it would record growth with 5.64% CAGR during the forecast period. The regional market would bank on the production in China. Its present market valuation is USD 1691.2 million. The regional market would also benefit from the presence of several agrarian economies, and it is also getting bolstered by various industrial opportunities. The major inclusion of it in the iron and steel industry would bolster market growth.
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In North America, the market for magnesium oxide would find traction from the construction industry. The market is showing chances of surpassing USD 813.2 million by 2023, where the production would cross 1734.9 kilotons. Canada and the U.S. would provide a cushioning effect to the regional market growth. The U.S. had the largest hold and generated a revenue of USD 618.2 million, growing at 4.40% of CAGR during the forecast period. Steel, glass, and ceramics industry are expected to bolster the demand. In Europe, the growth would be backed by the rising demand for construction and other industries.
Industry News:
In February 2020, MgO Systems, a Calgary-based company, announced that it received a USD 1 million grant to boost its project with an aim to reduce plastic pollution. The company is known for its technologies regarding magnesium oxide and its performance in the construction industry, which is getting substantial traction from several quarters.
