Global Magnesium Oxide Market was valued at USD 3,934.5 million in 2017 and is predicted to flourish with a CAGR of 5.34% to reach USD 5,376.4 million by the end of 2023. Growth in this market is attributed to the rising industrialization across the globe. Regions such as Asia Pacific and Latin America are gaining major attention by the industry players due to the rising foreign direct investments in the industrial sector. As per our analysis, Asia Pacific is considered to be the largest market due to the increasing scope of refractors in the developing industries.
The Magnesium Oxide Market is fragmented on the basis of product type, application, and region. On the basis of type, the market is segmented into DMB, CCM, and FM. The market on the basis of the application is segmented into refractory, agriculture, chemical intermediates, construction, and others. The refractory segment is further segmented into steel, ceramics, glass, and others. Under agricultural application segment, the market is sub-segmented into fertilizers and animal feed. On the basis of the region, the global market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Refractory application segment emerged as the industry leaders in product basis with over 52% of global share and at a significant CAGR of 5.06%. Fused magnesia and dead burned magnesia are extensively use in the refractory applications due to their excellent temperature resistivity. Moreover, the growing demand for refractory material in the industries such as iron & steel, glass, and ceramics is prominently contributing to the growth of this segment. Among the mentioned industries, Iron and steel accounted for a share of over 65% in 2016. The agricultural industry was the second largest application industry for magnesium oxide in 2016 and is expected to exhibit the same trend during the review period. The growing use of fertilizers coupled with the increasing demand for animal feed is contributing to the segment growth.
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The DBM product type is forecasted to be the leading one and is anticipated to reach a market share of US$ 3614 million by 2023. Dead-burned magnesia has excellent temperature resistivity ranging from 1500-2000 degree Celsius which paves their way into many industries such as iron & steel, ceramics, and glass manufacturing.
The Global Magnesium Oxide Market is spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. According to the MRFR analysis, Asia Pacific was the most promising region both in terms of market volume as well as market value as of 2016 and is anticipated to show the same trend during the forecast period. The region anticipates growth in terms of both value and volume at a CAGR of 5.64% and 5.32% respectively during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape analysis of key vendors.
This research report provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global Magnesium oxide, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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