NEWARK, Del, April 07, 2023 (GLOBE NEWSWIRE) -- The global magnesium oxide market is anticipated to expand progressively at a CAGR of 5% throughout the forecast period from 2021 to 2031. The global market is estimated to grow owing to its surging application in agriculture, refractories, and several other industrial sectors is catering rapidly to the growth of suppliers.
Magnesium oxide manufacturers are likely to witness a steady growth in demand over the next couple of years. The growth of the market is attributed to the surging adoption of dead-burned magnesia or DBM magnesia further assisting in the surge of demand. In addition to that, a flurry of inventions is taking place in different types of magnesium oxide such as dead burned magnesia, and fused magnesia by key manufacturers is set to bode well for the market in the near future.
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Significant advancements are taking place in the refractories, industrial and agricultural sectors. Prominent magnesium oxide providers are anticipated to come across new opportunities over the forecast period. A prominent increase in developing more quality products is predicted to favor the overall growth of the market. Moreover, increased focus on governmental investments in industrial sectors, rapid urbanization, and others will help them in capturing the low-hanging opportunities through 2031.
Compelling Market Trends
Magnesium oxide is excessively utilized in the agricultural sector attributing to its wide application in providing agricultural and fertilizer grade supplements, soil nutrition, and management along with water management.
According to a recent report titled “Agribusiness Industry Spotlight” published by the Select USA, the United States agribusiness gives tough competition in the global domain.
As per the report, it was estimated that the agribusiness industry contributed over US$ 159 Billion in export sales to the U.S. economy in 2018, while the Foreign Direct Investment (FDI) in the U.S. agribusiness industry totaled more than US$ 14 Billion. These data give an idea regarding the ample opportunities awaiting magnesium oxide suppliers around the globe.
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Growth Drivers
India has been in the limelight for generating lucrative growth for magnesium oxide for the past decade. The growth of the market in India is attributed to its well-developed industries and advanced manufacturing units. Owing to a surge in application in refractories along with other industrial sectors, India is predicted to prevail in its position over the next decade.
China is known as the epicenter of the world’s fastest-growing magnesium oxide industry in the Asia Pacific region. China is expected to dominate the global market over the assessment period. Furthermore, the increase in demand for dead burned magnesia, caustic calcined magnesia, and others in industrial sectors is fuelling sales in China.
Restraints
There are a few disadvantages of the magnesium oxide market which are likely to hamper its growth of the market. These constraints include low water resistance, and an expensive and complex process cycle. In addition to that, there is an additional cost incurred due to laboratory setup and expert handling. Magnesium oxide fumes are harmful to inhale and are often restricted due to adverse environmental rules and regulations.
Competitive Landscape
The majority of key players operating in the global magnesium oxide market include Martin Marietta Inc., Grecian Magnesite S.A., Premier Magnesia LLC, Ube Industries Ltd., Robert Half International AG, Magnezit Group Europe GmbH, MagnesitaRefratarios S.A., Kuma, Manyezit Sanayi A., Xinyang Mineral Group, Israel Chemical Ltd. Among others.
The global magnesium oxide market is considered fragmented and it is flourishing among the key industry players. In order to get a competitive edge over the global market, key industry players are focusing on launching a huge variety of products at a consistent pace.
Recent Developments
Grecian Magnesite S.A. launched its new range of Caustic Calcined Magnesia, Magnesium Carbonate, Dunite, and others a couple of years back. Ube Industries Ltd. recently launched its new range of Magnesium Oxysulphate Whisker, MOS-HIGE.
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Magnesium Oxide Market Segmentation by Category
Product Type
- Dead Burned Magnesia
- Caustic Calcined Magnesia
- Fused Magnesia
Application
- Industrial
- Refractories
- Agricultural
- Others
Region
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
Valuable Insights into the Magnesium Oxide Market
The North American region is likely to dominate the global magnesium oxide market over the forecast period. The United States is leading the world’s largest magnesium oxide market and is expected to exhibit hegemony throughout the evaluation period. Backed by the highly advanced industrial sectors and manufacturing infrastructure, the U.S. is in the limelight for the stakeholders in the magnesium oxide industry.
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Table of Content
1. Executive Summary
2. Assumptions and Acronyms
3. Research Methodology
4. Market Overview
4.1. Introduction
4.1.1. Market Definition
4.1.2. Market Taxonomy
4.1.3. Market Application Overview
4.2. Market Dynamics
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Trends
4.2.4. Value Chain
5. Global Market Forecast
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