As per the Market Research Future (MRFR) report analysis, the global magnesium oxide market is set to reach the value of USD 5,376.5 million by 2023. The global market is estimated to expand at CAGR 5.34% in terms of value and 5.07% in terms of volume during the forecast period (2017-2023).
The automotive industry has been the key driver behind the magnesium oxide market growth in the past few years. However, the global market has been gaining traction in other industries as well, such as iron & steel industry and agriculture. Moreover, dead-burned magnesia and fused magnesia produced are used in refractory application.
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Furthermore, rise in global industrialization and the focus on cleaner and sustainable industry practices have led to immense growth in the market. Also worth noting is that one of the biggest users of magnesium oxide is the wastewater treatment industry, due to its efficiency and cost-effectiveness compared to other chemicals.
The prominent market players mentioned in the report are ICL (Israel), SMZ, a.s. Jelsava (Slovakia), Tateho Chemicals Industries Co. (Japan), and Baymag Inc ( Canada), Ube Industries Ltd (Japan), Kumas Magnesite Industry Inc (Turkey), Xinyang Mineral Group (India), Grecian Magnesite S.A. (Greece), PremierMagnesia LLC (U.S.), RHI Magnesita N.V.(Austria), Martin Marietta (U.S.), and others.
The magnesium oxide market is segmented on the basis of product type, application, and region.
By product type, the market is segmented on the basis of dead burned magnesium (DBM), caustic calcined magnesia (CCM), and fused magnesium (FM). Dead-burned magnesium is consumed in the production of refractory field. Other than this, it is also used as a coating material in steel industry, and manufacture of ramming mass composition.
The market by application is segmented on the basis of refractory, agriculture, chemical intermediates, construction, and others. Refractory is sub-segmented into steel, ceramics, glass, and others. On the other hand, agricultural is sub-segmented into fertilizers and animal feed.
The global magnesium oxide market spanned across regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Globally, Asia Pacific was the largest region in terms of value in 2016. The market in the region is estimated to grow with a CAGR of 5.64% during the forecast period. In the region, China is the leading country, accounting for a market value of USD 1691.2 million. The market growth can be attributed to the presence of major agrarian economies combined with increasing industrialization.
North America is expected to account for second largest market size during the forecast years. The market in North America is anticipated to reach the value of USD 813.2 million and a market share of 1734.9 kilotons by 2023. In the region, Canada and United States (U.S) are the major contributing countries in the market growth.
The magnesium oxide market has created a niche for itself in the region of Europe as well. This can be credited to its extensive use in the medical sector in the region. It is used to treat magnesium deficiency, low blood magnesium, and many other conditions. Moreover, the flourishing food industry in the region propels the demand for magnesium oxide as it is used as a food additive, contributing to the overall appeal, nutritive value, and the quality. Furthermore, rapid industrialization and strong economy positively shape the market size in the Europe region.
The Middle East and Africa markets are growing steadily. This growth is due to magnesium oxide being used as a filler in electric insulating material, which is used in making crucibles, smelters, and insulated conduits, as the metal has an excellent insulating tendency. Moreover, growing economy and industrialization are also making way for the expansion of the market in the region.
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