Global Magnesium Oxide Market Size:
According to our research report, the size of Global Magnesium Oxide Market is expected to touch USD 5,376.5 million by 2023 witnessing a CAGR of 5.34% during the forecast timespan.
Global Magnesium Oxide Market - Drivers and restraints:
The automotive industry has been the main driver of growth in the magnesium oxide market in recent years. However, the world market has also gained ground in other industries, such as the iron and steel industry and agriculture. In addition, burned magnesia and molten magnesia are used in refractory applications. In addition to refractory products, it is also used in animal feed, fertilizer, pulp bleaching, etc. Therefore, polyvalent magnesium oxide finds a variety of applications in a wide range of industries, driving the growth of the global Magnesium Oxide market.
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In addition, the increase in global industrialization and the emphasis on cleaner and more sustainable industrial practices have led to tremendous market growth. It should also be borne in mind that one of the largest users of magnesium oxide is the wastewater treatment industry, due to its efficiency and profitability over other chemical products. While prospects for the global market look promising, there are few restrictions that can hinder future growth. These include the use of magnesia substitutes that in some aspects may affect the demand for magnesium oxide.
Global Magnesium Oxide Market - Geographical segmentation:
The global magnesium oxide market covers five major regions, including North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. The Asia Pacific region was the largest region in terms of value (2016) and is expected to grow with a CAGR of 5.64% during the period evaluated. China is the leading country with a market value of USD 1691.2 million. According to our analysis, the presence of important agrarian economies in the region stimulates the demand for magnesium oxide. In addition, increasing industrialization has further increased the demand for refractory materials, particularly in the iron and steel industry, which has stimulated market growth in the region. North America is expected to be the second largest market in the anticipated years.
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The North American market is expected to reach a market value of USD 813.2 million and a market share of 1734.9 kilotons by 2023. Canada and the United States are the main contributors to this growth. The Canadian market is expected to experience annual growth above 4.80% while the US market has a compound annual growth rate of 4.05%. The increasing demand for refractory materials in the developed steel, glass and ceramic industries contributes mainly to the growth of the market in this region. However, the increasing use of substitutes of magnesium oxide in the refractory application is a major downside to the market growth.
Major Companies Operating in the Global Magnesium Oxide Market are:
Some of the key players operating in the global magnesium oxide market are RHI Magnesita N.V.(Austria), Martin Marietta (U.S.), Grecian Magnesite S.A. (Greece), PremierMagnesia LLC (U.S.), Ube Industries Ltd (Japan), Kumas Magnesite Industry Inc (Turkey), Xinyang Mineral Group (India), ICL (Israel), SMZ, a.s. Jelsava (Slovakia), Tateho Chemicals Industries Co. (Japan), and Baymag Inc ( Canada), among others.
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