Magnesium Oxide Market by Application and Geography - Forecast and Analysis 2020-2024
Global Magnesium Oxide Market: About this market
Technavio’s magnesium oxide market analysis considers sales from refractories, construction, agriculture, chemical, and other applications. Our study also finds the sales of magnesium oxide in APAC, Europe, MEA, North America, and South America. In 2019, the refractories segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing demand for refractory materials from the steel, cement, and glass industries will play a significant role in the refractories segment to maintain its market position. Also, our global magnesium oxide market report looks at factors such as increasing steel production, demand from the construction industry, and growing demand from the animal feed industry. However, surging prices of magnesium oxide owing to magnesia plant shutdowns in China, the popularity of other nutrient-based fertilizers, and the threat of substitutes of magnesium oxide in refractory applications may hamper the growth of the magnesium oxide industry over the forecast period.
Global Magnesium Oxide Market: Overview
Growing demand from the construction industry
Magnesium oxide is a key material in the production of products such as construction panels, partition walls, covering for ceilings, and fire-and moisture-resistant structural walls. In addition, magnesium oxide is deployed in the development of magnesium oxide boards for constructing internal and external building walls. These boards are a cost-effective alternative to plasterboard gypsum style linings as they are made from a mixture of magnesium oxide, fiber mesh composites, non-organic minerals, and bonders. Furthermore, these boards are produced from mineral ingredients and do not contain toxic substances, making them a viable eco-friendly solution for the construction industry. Thus, the growing opportunities from the residential and commercial construction will lead to the expansion of the global magnesium oxide market at a CAGR of over 4% during the forecast period.
Increasing adoption of magnesium oxide in water treatment
With high adsorbing properties, magnesium oxide proves to be an effective agent for precipitating heavy metals from wastewater. The acid-neutralizing capacity of magnesium oxide also makes it a feasible substitute for lime in treating wastewater. Furthermore, the lower molecular weight of magnesium oxide aids in producing a comparably more compact sludge by using high volumes of magnesium oxide to precipitate heavy metal from wastewater. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global magnesium oxide market during the forecast period 2020-2024, click here.
With the presence of several major players, the global magnesium oxide market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading magnesium oxide manufacturers, that include Dashiqiao Huamei Group Co. Ltd., Grecian Magnesite Mining Industrial Shipping and Commercial SA, Imerys SA, Industrias Peñoles SAB de CV, Israel Chemicals Ltd., Magnesitas Navarras SA, Magnezit Group, Martin Marietta Magnesia Specialties LLC, Nedmag BV, and RHI Magnesita NV.
Also, the magnesium oxide market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook