Wilmington, Delaware, United States, July 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global magnesium oxide market was valued at US$ 5.1 Bn in 2022. It is estimated to grow at a CAGR of 5.0% from 2023 to 2031 and reach US$ 7.9 Bn by the end of 2031.
The market for magnesium oxide has experienced robust growth driven by the rapid urbanization and expansion of key industries such as construction. The consistent increase in population, coupled with government and private initiatives in the construction sector, has fueled the demand for new housing, positively driving the market's stable growth trajectory.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 5.1 Bn | |
| Estimated Value | US$ 7.9 Bn | |
| Growth Rate - CAGR | 5.0% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 480 Pages | |
| Market Segmentation | Type, Form, Purity, Application, End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Grecian Magnesite, Premier Magnesia, LLC, Kümaş Manyezit Sanayi A.Ş., ICL, Nedmag B.V., Tateho Chemical Industries Co., Ltd., Du-Co Ceramics Company, Osian Marine Chemicals Pvt. Ltd., Industrias Peñoles, American Elements, Mag One Products Inc., AKO KASEI CO., LTD., ProChem, Inc. International, Nanografi Nano Technology, and US Research Nanomaterials, Inc. | |
Magnesium oxide is increasingly popular for environmental applications. It effectively reduces sulfur emissions as a desulfurization agent in power plants, aiding compliance with regulations. It is also utilized in wastewater treatment, soil remediation, and air purification, driven by the growing awareness and implementation of environmental protection measures, leading to increased demand.
Magnesium Oxide Market: Prominent Players
The global market for magnesium oxide is characterized by several regional and global entities. Some key magnesium oxide providers profiled by TMR include:
Grecian Magnesite, Premier Magnesia, LLC, Kümaş Manyezit Sanayi A.Ş., ICL, Nedmag B.V., Tateho Chemical Industries Co., Ltd., Du-Co Ceramics Company, Osian Marine Chemicals Pvt. Ltd., Industrias Peñoles, American Elements, Mag One Products Inc., AKO KASEI CO., LTD., ProChem, Inc. International, Nanografi Nano Technology, and US Research Nanomaterials, Inc.
Prominent developments in the magnesium oxide market domain by key players are as follows:
- In June 2023, Grecian Magnesite's subsidiary, Akdeniz Mineral Kaynaklari A.S. (AMK), secured an engineering, procurement, and construction (EPC) contract to install a new rotary kiln at its Kümbet plant.
- In November 2022, West High Yield (W.H.Y.) Resources Ltd. successfully concluded a positive pre-feasibility study for a magnesium oxide production plant.
- In 2021, Grecian Magnesite S.A., a leading producer and supplier of caustic calcined magnesia, introduced a new line of products, including Caustic Calcined Magnesia, Magnesium Carbonate, Dunite, and more.
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Key Takeaways from the Market Report
- The global magnesium oxide market is expected to be worth US$ 5.35 billion as of 2023.
- From 2023 to 2031, the market is projected to grow with a CAGR of 5%.
- By type, dead burned type segment is expected to dominate the market while growing at a CAGR of 5.5% during the forecast period.
- By end-use, building & construction segment is expected to generate demand with a CAGR of 6.2% during the forecast period.
- As per TMR projections, the demand for magnesium oxide in China is expected to grow at a CAGR of 5.2% throughout the forecast period.
Magnesium Oxide Market: Growth Drivers & Trends
- Increasing demand from the metallurgical industry is expected to fuel demand for magnesium oxide.
- Rising demand for rubber and plastic products is anticipated to fuel market expansion.
- Thriving refractory industry is expected to remain growth driving wheels of the market.
- Increasing population and economic development in developing countries are expected to propel market growth.
- Booming growth in the construction sector is anticipated to drive demand for magnesium oxide.
Magnesium Oxide Market: Regional Analysis
- Asia Pacific is expected to dominate the market by accumulating over 28.4% market share in 2023. The region’s market is expected to grow with a CAGR of 5.1% during the forecast period. Rising demand from developing nations like China, India, and other Southeast Asian countries is set to fuel market expansion. The regional market is further driven by growth in construction and infrastructure activities. China, being the world's dominant producer and consumer, significantly contributes to the regional market's growth.
- The demand for magnesium oxide in North America is estimated to rise with a CAGR of 4.8% during the forecast period. The regional market is witnessing consistent growth fueled by the expanding construction industry, technological advancements, and rapid urbanization. The demand for house remodeling projects is rising alongside increasing living standards. Factors such as commercial real estate investments, higher consumer spending, and increased industrial activity are driving market growth in the region.
- Europe is projected to hold the second-largest market share during the forecast period. The region is expected to generate sales with a CAGR of 4.6% during the forecast period. The growth is attributed to rapid growth of manufacturing centers and increased demand from sectors like agriculture and other industries.
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Magnesium Oxide Market- Key Segments
- Type
- Light Burned
- Hard Burned
- Dead Burned
- Others
- Form
- Powder
- Granule
- Briquette
- Others
- Purity
- Up to 95%
- 95% to 97%
- 97% to 99%
- Above 99%
- Application
- Refractory
- Electric Insulation
- Thermocouple Cable
- Flame Retardant
- Wallboard
- Fertilizer
- Medicine
- Precipitant
- Others
- End-use
- Cement
- Steel
- Metallurgy
- Electrical & Electronics
- Building & Construction
- Agriculture
- Pharmaceutical
- Water Treatment
- Others
- Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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