Magnesium Oxide Market; Segmented by Type (DBM, CCM and FM); By Application (Refractory, Agriculture, Chemical Intermediates and Construction); and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Magnesium oxide market to surpass USD 8364.73 million by 2030 from USD 4821.95 million in 2020 at a CAGR of 5.7% in the coming years, i.e., 2021-30.
Magnesium oxide, often known as magnesia (MgO), is a hygroscopic combination generated by pyrolysis from magnesite ores or electrolysis from saltwater. Magnesium oxide has a long list of health advantages and can help ease the symptoms of a wide range of ailments. Magnesium oxide is widely employed in a variety of applications, including building, refractory, agricultural, and construction. It is widely used as a refractory layer in the ceramic and glass industries, as well as in the iron and steel industry.
Global Magnesium oxide market is expected to project a notable CAGR of 5.7% in 2030.
Magnesium oxide's increasing use in a variety of industries is propelling the entire market forward. Some of the prominent industries supplying significant demand channels in the market for magnesium oxide include refractory, agriculture, and building and construction. Apart from that, magnesium oxide is increasingly employed as a refractory lining in the ceramic and glass industries, as well as in the iron and steel industry.
DBM segment to grow with the highest CAGR during 2020-30
Global Magnesium oxide market is segmented by type into DBM, CCM, and FM. DBM segment held the largest market share in the year 2020. Due to its superior heat resistivity range and widespread application in the industry, the DBM sector is expected to lead the magnesium oxide market.
Refractory segment to grow with the highest CAGR during 2020-30
Global Magnesium oxide market is divided by application into Refractory, Agriculture, Chemical Intermediates, and Construction. Over the forecast period, the refractory segment is projected to expand at the fastest pace. Due to their significant use in refractory applications due to their strong temperature resistivity, the refractory application segment emerged as the dominant segment.
Rising demand for refractory materials and increasing industrialization
The Global Magnesium oxide market is expanding due to a variety of factors. Increased demand for refractory material in kilns, furnaces, reactors, and incinerators is one of the primary factors driving the market growth. One of the primary factors driving the Global Magnesium oxide market is increasing industrialization in developing countries. In the iron and steel sector, magnesium oxide is commonly used. As a result of the industry's extraordinary growth in recent years, the Global Magnesium oxide market is expected to see tremendous demand growth in the years ahead.
Development of nonferrous metals and rising glass production
Apart from that, the development of nonferrous metals, ceramics, and the chemical industry is expected to boost the market for magnesium oxide. The worldwide magnesium oxide market is being driven by rising glass production and rising demand for magnesium oxide in animal feed and fertilizers.
Substitution from graphite and silicon carbide
The possibility of substitution from graphite and silicon carbide, which have similar physical and chemical features, is expected to be a major impediment to the growth of the worldwide magnesium oxide market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Magnesium oxide market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Global Magnesium oxide market in APAC held the largest market share in the year 2020. The Asia Pacific is regarded as having improved its standing as a result of increased industrial funding, industrial automation, and industrial development. The need for magnesium oxide suppliers is being driven by the emergence of major agrarian economies in the regional market. Furthermore, as the world becomes more industrialized, the need for refractory materials has increased, notably in the iron and steel industry, boosting the magnesium oxide industry's expansion in the region.
Global Magnesium oxide market is further segmented by region into:
Magnesium oxide Segments:
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