Global Magnesium Oxide Market was valued at US$ 6.8 Bn in 2022 and is estimated to reach US$ 11.2 Bn by 2030, exhibiting a CAGR of 6.4% during the forecast period (2023-2030). According to Global Magnesium Oxide Market Report, By Application (Refractory, Agriculture, Industrial, Others), by Product Type (Dead Burned Magnesia, Fused Magnesia, Caustic Calcined Magnesia), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
Magnesium oxide is a chemical compound, also known as magnesia and has a wide range of applications. It is a mineral supplement that is used to treat or avoid the low level of magnesium in the bloodstream as magnesium is very important for the body for the development of healthy bones and muscles. Moreover, it is also used to relieve heartburn or gastrointestinal problems such as stomach upset and acid indigestion. Magnesium oxide is mainly used across refractory bricks for ceramic, steel, and glass industries. Furthermore, it has agriculture use as well where it is used in fertilizers and cattle feed. It is also used across thermocouple tubes, cement, refrigeration, brake linings, and heating elements due to its excellent properties such as low electrical conductivity and high thermal conductivity.
Drivers
Rising consumption of cement around the globe
Rising consumption of cement around the globe due to increasing construction activities is expected to accelerate the market growth of magnesium oxide. According to the Coherent Market Insights analysis, global cement consumption is anticipated to reach 5,200 Million tons, expanding at a CAGR of 4% between 2015 and 2020. China, followed by India is the largest consumer for cement globally, cumulatively accounting for 66% of the overall revenue share.
Market Opportunities
Growing application of magnesium oxide as an animal feed
The growing application of magnesium oxide as an animal feed is expected to offer enormous growth opportunity to the market of magnesium oxide. Magnesium is very essential minerals for the proper development of livestock especially horses, cattle and poultry. Lack of magnesium in animals may cause grass tetany in grazing animals. Therefore, an increasing use of magnesium oxide is expected to augment the market growth over the forecast period.
Market Restraints
Manufacturing of cement, glass, and steel to be negatively affected
Manufacturing of cement, glass, and steel is expected to be negatively affected in the years to come as the government of China has imposed strict policies subjected to rising concern over the environment, health, and safety. Production of cement, glass, and steel contributes to the emission of greenhouse gas. According to the Coherent Market Insights, by 2021, the steel industry in China has set a goal to reduce unit consumption of refractory magnesia to 15 kilograms per metric ton (kg/t) of steel produced from the current rate of 23 kg/t of steel produced.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/magnesium-oxide-market-3668
Key Takeaways
On the basis of the product type, the dead burned magnesia segment dominated the global magnesium oxide market in 2022 with a 56.6% of market share in terms of value, followed by Caustic Calcined Magnesia and Fused Magnesia.
Market Trends
Increasing focus of manufacturers to boost the production capacity in order to meet the rising demand for magnesium oxide is projected to fuel the market growth. For instance, in October 2020, Russian Mining Chemical Company (RMCC) has expanded its range of high-grade magnesium compounds and has begun production of highly active magnesium oxide at the company’s recently opened third processing plant in Vyazma (in the Smolensk region, Russia) and will be sold under the MagPro brand name.
Various manufacturers are investing heavily to explore the property of magnesium oxide and to cater to rising demand around the globe. For instance, in January 2020, Mag One Products, a technology and processing company, signed an agreement with mineral exploration company Blue Lagoon Resources for up to US$ 5.25 million worth of shares and 70% interest of Mag One’s subsidiary, Mag One Operations. The purpose of this agreement is to test a process for the production of pure magnesium from mine tailings.
Competitive Section
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.
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.
