One of the main factors fueling the market expansion for magnesium oxide is the rising demand from refractories. The refractory industry is one of the important growing markets for magnesium oxide demand, which has been expected to account for 54.8% share in terms of global consumption, according to Coherent Market Insights data. Iron and steel accounted for 74% of the consumption of all refractory end uses in terms of end use industries, followed by cement & lime with a 13% share.
The global Magnesium Oxide Market was estimated at US$ 6.8 billion in 2022 and is anticipated to grow at a CAGR of 6.4% between 2023 and 2030 to reach US$ 11.2 billion.
Leading Companies in the Magnesium Oxide Industry:
1. Martin Marietta Materials Inc.: One of the biggest producers of construction aggregates (crushed stone, sand, and gravel) in the United States is Martin Marietta Materials. Martin Marietta distributed 207 million tonnes of aggregates in 2022. The majority of Martin Marietta's sales are generated in its key markets of Texas, Colorado, North Carolina, Georgia, and Florida. Established in 1961.
2. Grecian Magnesite S.A.: Privately held GRECIAN MAGNESITE was founded in 1959 as a mining and industrial firm. The knowledge of mining magnesite, however, dates to 1914. The expert in magnesite is GRECIAN MAGNESITE. Magnesium Carbonate (Raw Magnesite), Deadburned (Sintered) Magnesia, and Basic Monolithic Refractories are among the materials that the company manufactures and distributes. Currently, a wide range of grades are produced to serve almost all magnesite-related applications. A pilot-scale, CO2-neutral underground mining operation will be launched in 2021 on the island of Evia.
3. Premier Magnesia: Manufacturer of compounds containing magnesium hydroxide and oxide. The business provides alkaline slurry, treatment chemicals, and solutions for hazardous spill management utilised in numerous industrial, municipal, and agricultural industries. Their seawater facility in Port St. Joe, Florida, or the ore mined in Gabbs, Nevada, are used to make their products. Created in 2001. RHI Magnesita sells PPL & RHI Normag to a private equity firm; Normag is now known as Magnor Minerals, with headquarters in the U.S.
4. LLC, Ube Industries Ltd: Ube Corp produces and distributes machinery, building supplies, and chemicals. By product category, the company divides itself into five areas. The chemicals business sells a range of chemicals, including resins, rubber, silicon, and polymers. It is the segment with the highest revenue generation. Built in 1897. Head office in Tokyo, Japan. For an undisclosed sum, the Japanese industrial company is purchasing Premium Composite Technology North America Inc. from Franklin, Indiana.
5. Robert Half International AG: A hiring company called Robert Half International is situated in Menlo Park, California. The company's staffing divisions, which were established in 1948, put experts in the sectors of accounting and finance, information technology, office administration, legal and creative, marketing, and design on a temporary, temporary-to-hire, and full-time basis. Information technology, financial services, legal services, consulting services, and human capital services are among the sectors that Robert Half International serves. Once more, Robert Half is rated as the best place to work in the Bay Area.
6. Magnesita Refractories SA: Refractory material producer focused on mining, production, and marketing. The company supplies monolithic materials, traditional bricks, excellent porcelain, noble ceramics, and it also produces refractories for the food and cosmetics industries. Brazilian headquarters; founded in 1939. The acquisition of Seven Refractories' operations in Europe, India, and the United States by RHI Magnesita in 2023 will complement the company's current non-basic refractories portfolio and create new potential for the advancement of low CO2 emitting manufacturing technologies.
7. Kumas Manyezit Sanayi A.S.: Refractory goods are produced and supplied to the steel, cement, glass, lime, nonferrous, and other sectors. For a variety of industries in Eastern Europe and Turkey, the company manufactures sintered magnesite, sintered dolomite, monolithic products, and fundamental bricks. Created in 1972. Ereli Demir ve elik Fabrikalar T.A. (Erdemir), the country's top steel maker, has bought Turkey's Kümaş Manyezit Sanayi A. (Kümaş), one of the world's top producers of magnesite, for US$340 million after several years of speculation and some close calls from top rivals.
*Definition: Magnesium oxide (MgO), or magnesia, is a white hygroscopic solid mineral that occurs naturally as periclase and is a source of magnesium (see also oxide).
