MAGNESIUM OXIDE MARKET ANALYSIS

Global Magnesium Oxide Market was valued at US$ 6.8 Bn in 2022, and is expected to exhibit a CAGR of 6.4% over the forecast period (2023-2030) and is expected to reach US$ 11.2 Bn by 2030. Magnesium oxide is a chemical compound with formula MgO and occurs naturally as periclase. It is a source of magnesium and has a wide range of applications such as it is used as an insulator in industrial cables and refractory materials for the production of ceramic, steel, and glass. It is also used in animal feed for magnesium nutrition and in the production of fertilizers. Furthermore, it is also used across the pharmaceutical industry in the formulation of antacid. Additionally, it is also used as a pulp bleaching agent and due to its high alkalinity, it also finds application across the wastewater treatment process and flue gas desulphurization.

Global Magnesium Oxide Market - Impact of Coronavirus (COVID-19) Pandemic

The spread of the global COVID-19 pandemic has fundamentally affected the magnesium oxide market and has additionally affected the creation, manufacturing, and advertising levels of the market products to an impressive degree. Since the arrival of the coronavirus pandemic worldwide in March 2020, by far most of the assembling and manufacturing units have either shut down because of the lockdown and limitations forced, or some have given up in rising competition and further, constrained the stoppage of the market undertakings as there has been a decrease in the accessibility of market assets and raw materials for ideal production. The market tasks are further being hampered because of the severe working hours and burden of standards on the skilled labor.

Figure 1. Global Magnesium Oxide Market, By Product Type, in 2022

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Global Magnesium Oxide Market: Growth Drivers

Growing demand for magnesium oxide from refractories

The growing demand for magnesium oxide from refractories is a prime driver factor augmenting the market growth of magnesium oxide. According to the Coherent Market Insights analysis, the refractory industry is one of the key growth markets for magnesium oxide demand, which has been estimated to account for 54.8% share in terms of overall consumption. In terms of end use industries, Iron and steel accounted for 74% share in terms of consumption of the overall refractory end use, followed by cement & lime with a 13% share.

Increasing production of glass around the globe

Increasing production of glass around the globe is expected to foster the market growth of magnesium oxide. According to data published by the European Container Glass Federation, in 2022, production of glass packaging increased by 3% in both tons and units between the first half of 2021 and that of 2022. In fact, in the same period, total sales reached a growth of 8.0% in tons and 8.5% in units compared to the first half of 2021.

Global Magnesium Oxide Market: Market Restraints

Availability of substitutes for magnesium oxide

The availability of substitutes for magnesium oxide as a refractory application across end use industries is expected to restrict the market growth. For example, alumina, chromite, and silica are being used as a substitute for magnesia across the refractory application. Hence, increasing utilization of substitutes for magnesium oxide is projected to hamper market growth over the forecast period.

Figure 2. Global Magnesium Oxide Market, By Region, 2022

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Side effects associated with the consumption of magnesium oxides such as diarrhea and cramping is projected to hinder the market growth of magnesium oxide. Sometimes, exposure of magnesium oxide also caused itching, rash or hives, lightheadedness or dizziness, weakness, unusual fatigue, nausea, and vomiting. This factor is expected to restrict the market growth of magnesium oxide.

Global Magnesium Oxide Market: Market Segmentation

On the basis of the product type, the global magnesium oxide market, in 2022, the dead burned magnesia segment has accounted the largest market share of 56.6% in terms of value, followed by the caustic calcined magnesia and fused magnesia.

Global Magnesium Oxide Market: Regional Analysis

On basis of the region, Asia Pacific region dominated the global magnesium oxide market in 2022, accounting for 60% share in terms of value, followed by Europe and North America respectively.

Asia Pacific is the world's largest market for magnesium oxide, and the China holds the top spot. Hegemony is anticipated during the projected period. For the last ten years, Germany has dominated the European magnesium oxide market and is expected to continue to do so throughout the projected period. Germany's growth is being fueled by manufacturing hubs that are rapidly changing as well as an increase in demand from the agricultural, refractory, and other industrial sectors.

Global Magnesium Oxide Market: Recent Developments

• In September 2021, Ube Material Industries Ltd., a chemical company, announced that it will exhibit products at Chemical Material Japan 2021 Online. The products were displayed in the virtual booth of Ube Industries, Ltd. (UBE). They introduced e a variety of magnesium and calcium compounds, including magnesium-based environmental improvement materials that are friendly to humans and nature.
• In 2021, Grecian Magnesite S.A., producer and supplier of caustic calcined magnesia, launched its new range of Caustic Calcined Magnesia, Magnesium Carbonate, Dunite, and others.
• In December 2021, Grecian Magnesite S.A., producer and supplier of caustic calcined magnesia, launched the Koutzi UG mine project; A small scale, GREEN underground mine (CO2-free and toxic fumes-free working environment), operated by electric and battery powered equipment, for the extraction of high-quality raw magnesite.

Global Magnesium Oxide Market: Key Companies

Key players operating in the global magnesium oxide market includes Martin Marietta Materials Inc., Grecian Magnesite S.A., Premier Magnesia, LLC, Ube Industries Ltd., Robert Half International AG, Magnezit Group Europe GmbH, Magnesita Refractories SA, Kumas Manyezit Sanayi A.S., SMZ, a.s. Jelšava, Xinyang Mineral Group, Premier Periclase Ltd., and Israel Chemicals Ltd.

*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). It has an empirical formula of MgO and consists of a lattice of Mg2+ ions and O2− ions held together by ionic bonding. Magnesium hydroxide forms in the presence of water (MgO + H2O → Mg(OH)2), but it can be reversed by heating it to remove moisture.