MAGNESIUM OXIDE MARKET ANALYSIS

Market Challenges And Opportunities

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

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.