MAGNESIUM OXIDE MARKET ANALYSIS

Magnesium Oxide MarketSize and Trends

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.

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

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