Magnesium Oxide Market Size
The magnesium oxide market share is likely to attain a global CAGR of 5.34% during the ongoing forecast period of 2021–2028. Magnesium is also known as magnesia and is a hygroscopic mixture that is made through magnetite ores. By the end of the forecast period in 2028, the market is likely to attain a global market value that accounts for USD 5,376.5 million.
The magnesium oxide market derives much of its growth from persistent demand from the steel, glass & ceramics industries. Owing to its property of remaining physically and chemically stable at high temperatures, high thermal conductivity, and low electrical conductivity, magnesium oxide is largely used as refractory material in the industries above which forms a large chunk of the revenue of the global Magnesium Oxide Market. Rebound in the steel industry is expected to provide long-term growth opportunities to the global magnesium oxide market.
Magnesium oxide finds supreme importance as a commercial plant fertilizer. Magnesium is a vital component that aids in the photosynthesis process and is extensively used for the production of crops which require magnesium-rich fertilizers for yielding optimal quality produce — owing to its high magnesium concentration and bioavailability, magnesium oxide is also used as animal feed.
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Competitive Landscape
The notable players in the global magnesium oxide market include RHI Magnesita N.V.(Austria), Grecian Magnesite S.A. (Greece), Xinyang Mineral Group (India), Ube Industries Ltd (Japan), PremierMagnesia LLC (U.S.), Tatheo Chemicals Industries Co. (Japan), Baymag Inc ( Canada), Martin Marietta (U.S.), ICL (Israel), SMZ, a.s. Jelsava (Slovakia), and Kumas Magnesite Industry Inc (Turkey).
Magnesium oxide finds large scale application in groundwater remediation, wastewater treatment, and drinking water treatment. Rapid industrialization across the globe and a growing focus on cleaner industry practices has induced high demand for magnesium oxide. It is environmentally friendly and a safer alternative to other harsh chemicals such as caustic soda or Lyme chemicals. Another prominent driver augmenting the growth of the global magnesium oxide market includes heightened demand from the construction industry. Magnesium acts a prime fireproofing ingredient and exhibits desirable properties such as termite resistance, moisture resistance, mold and mildew resistance, and others which makes it ideally suited as a construction material. The rise in constructional activities across the globe generates increased demand for magnesium oxide.
Other factors stimulating the growth of the market include application in diverse use cases such as a food additive in food items and the medical sector. However, the growth of the market might be offset by the threat from substitutes such as graphite and silicon carbide which exhibit similar properties.
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Segmentation
The global magnesium oxide market has been segmented based on product type and application.
By product type, the global magnesium oxide market has been segmented into dead burned magnesium (DBM), caustic calcined magnesia (CCM), and fused magnesium (FM).
By application, the global magnesium oxide market has been segmented into refractory, agriculture, chemical intermediates, construction, and others.
Regional Analysis
By region, the global magnesium oxide market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa (MEA).
APAC is the largest market for magnesium oxide, led by China which was valued at USD 1691.2 Mn in 2018. Rapid industrialization has resulted in an upsurge in demand for refractory materials, from the iron & steel industry, in particular. Additionally, the presence of agrarian economies in the region generates demand for magnesium oxide in the region. The APAC magnesium market is expected to post a CAGR of 5.64% over the forecast period.
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North America accounts for the second largest share of the global market which is predicted to reach a valuation of USD 813.2 Mn and a market share of 1734.9 kilotons by volume. The US and Canada are the key contributors to the North America market. Canada is likely to exhibit a higher CAGR of 4.80% over the forecast period. The growth of the North America market can be attributed to increasing demand for refractory materials from various key end-use industries such as steel, glass, and ceramics in the region. In addition, increased investment in private and public infrastructural development has stimulated growth in North America.
Europe is an important growth pocket for the magnesium oxide market. Extensive demand for magnesium oxide from the medical sector in the region is a key growth influencer. Flourishing growth of the food industry can also be credited for initiating growth within the market since magnesium oxide is used as a food additive. Moreover, a robust economy and large-scale industrialization in the region creates a conducive environment for the growth of the market.
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The MEA market is expected to exhibit steady growth over the forecast period. Rapid economic growth and industrialization are paving the way for the consolidation of the global magnesium oxide market in the region.
Industry Updates
In October 2018, Nevada Marketing Consultants LLC, White Moon, and CVMR Inc., of Canada entered into an agreement to conduct a feasibility study to determine the technical and economic viability of alternative refining solutions for processing its magnesite ore.
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