The Global High Purity Magnesium Oxide Market was valued at USD 257.2 million in 2019 and is projected to reach around USD 377.1 million by 2027, expanding at CAGR of 5.2% during the forecast period. In terms of volume, the market is estimated to expand at a CAGR of 5.0% between 2020 and 2027. Magnesium oxide is a silvery metal, flammable, light, and a chemical element having the symbol Mg with an atomic number of 12. High purity magnesium oxide is produced by calcination of the magnesium hydroxide (Mg (OH)2) or mineral magnesite (MgCO3), which is obtained from brine by liming or seawater. It is produced from thermal hydrolysis of magnesium sulfide (MgS), magnesium sulfate (MgSO4), magnesium chloride (MgCl2), and basic carbonate. High purity magnesium is considered to be the eighth-most abundant element and it is typically 0.12% of seawater and equals about 2% of the Earth's crust.
Market Dynamics
The global high purity magnesium oxide market is anticipated to grow due to the rise in industrialization in developing countries and due to back development of ceramics, nonferrous metal, and the chemical industry. Moreover, rising product demand for dietary supplements for maintaining product quality in the pharma industry is likely to boost market during the forecast period. The market is facing unprecedented challenges such as environmental pressures, water resources, product homogeneity, high production cost, and industrial blind development. These factors are expected to hamper the market in the coming years.
Regional Outlook
Based on regions, the global high purity magnesium oxide market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific is expected to expand at a significant CAGR during the forecast period owing to growing presences for emerging economies in China and India. Moreover, rising industrialization in these countries is anticipated to fuel the market. The market in North America is expected hold over1/5th share of the market in 2019 due to the growth of various industries such as glass, steel, and ceramic.
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Competitive Landscape
- Key players in the market include JSC KAUSTIK, Konoshima Co., Ltd., Buschle & Lepper SA, Kyowa Chemical, Tateho Chemical Industries Co., Ltd., and MAGNESIA GmbH. These players are considered as key manufacturers in the market based on their different varieties of product availability, regional presence, better supply chain management system, and increasing demand for products.
- These players are adopting key strategies such as product development and geographical expansion to increase their presence in the high purity magnesium oxide market.
- In 2018, Lehmann & Voss & Co. acquired the Osthoff Omega Group, which is based in Norderstedt, Germany. Osthhoff Omega Group has temporarily closed in Norderstedt office and the employees are working in Lehmann & Voss & Co.
- In 2018, Ube Material Industries, Ltd. established a manufacturing plant in of MOS-HIGE magnesium oxysulfate whisker in Thailand.
- In 2018, Russian Mining Chemical expanded its products range by lunching the production of highly active magnesium oxide under the MagPro trademark.
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