Magnesium Oxide Market Overview
The global magnesium oxide market size was worth USD 6.8 billion in 2021 and is estimated to grow to USD 10.10 billion by 2030, with a CAGR of approximately 4.50 percent over the forecast period.
Magnesium oxide, often known as magnesium, is a white, alkaline substance that naturally occurs in the earth’s crust. It is made from the calcination of naturally occurring minerals and is extremely pure. It has no taste or color. High strength, thermal resistance, and high corrosion resistance go hand in hand with its high melting point. It is either extracted from the magnesite ores using the pyrolysis method or recovered from the seawater’s electrolysis method. Due to its many uses in the construction, chemical, steel, and medical industries and other industrial sectors, magnesium oxide is in high demand. This demand is anticipated to be the main factor propelling the magnesium oxide market during the anticipated period. Magnesium oxide is a perfect material for refrigeration, thermocouple tubes, cement, brake linings, and heating components due to its low electrical and high thermal conductivity features. Additionally, it is projected that using magnesium oxide in livestock feed will increase the global demand for magnesium oxide by supplying animals with nourishment from magnesium.
Magnesium Oxide Market Drivers:
One of the main factors boosting the growth of the magnesium oxide market is the rising steel output. The need for refractory grade magnesium oxide, also known as dead-burned magnesia, which acts as both protective and replacement linings for equipment used to handle molten steel, has increased due to a growth in worldwide steel production. Due to increasing steel production, the world’s consumption of dead-burned and fused magnesia rose by 7% in the first eight months of 2018 compared to the same time in 2017. Therefore, it is anticipated that increased steel production will fuel demand for magnesium oxide during the forecast period.
Magnesium Oxide Market: Restraints
Magnesium oxide is considered detrimental to people because it causes rashes, itching, and other skin-related problems when it comes in contact with people’s skin. Another significant hindrance to the expansion of the global industry is the growing difficulty of replacing graphite and silicon carbide due to their similar physical and chemical qualities. Additionally, it is anticipated that several laws passed to reduce environmental emissions from steel and other industries may hinder the expansion of the magnesium oxide market in the years to come.
Magnesium Oxide Market: Segmentation
The magnesium oxide market has been segmented into product type and application.
Based on product type, the magnesium oxide market is divided into dead burned magnesia, caustic calcined magnesia, and fused magnesia. Among these, the caustic calcined magnesia segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Most often, synthetic spinel is made using caustic calcined magnesium oxide. Additionally, it is utilized as a raw material in manufacturing refractory materials and various other industrial processes, including manufacturing artificial fertilizer and water treatment. Besides this, the dead-burned magnesia category is expected to grow at the fastest rate throughout the forecast period because of its low reactivity and high density.
Based on application, the magnesium oxide market is classified into industrial, refractories, agricultural, and others. In 2021, the refractories category dominated the global market. Refractories are ceramic materials developed to satisfy the requirements of modern industrial methods. These substances are more heat-resistant than metals because they can sustain extremely high temperatures. Due to their capacity to maintain physical and chemical stability at high temperatures, these materials are used to make the inside lining of the furnaces used in many industrial operations. On the other hand, the healthcare category is anticipated to grow significantly over the forecast period.
Magnesium Oxide Market: Regional Landscape
In 2021, the Asia Pacific dominated the market for magnesium oxide. It is commonly used in livestock feeds to suit the nutritional needs of the animals because agricultural activities are the region’s main source of income. The area’s market has expanded due to increased industrialization activities, abundant raw materials, and increased demand for refractory materials, which are mostly utilized in the iron and steel sector. Additionally, the region’s market is projected to be driven by the construction sector expansion due to government initiatives to upgrade the nation’s infrastructure and the abundance of ores found in China.
Magnesium Oxide Market: Competitive Landscape
Some of the main competitors dominating the global magnesium oxide market include- Martin Marietta Inc., Grecian Magnesite S.A., Premier Magnesia LLC, Ube Industries Ltd., Robert Half International AG, Magnezit Group Europe GmbH, Magnesita Refratarios S.A., Kuma, Manyezit Sanayi A., Xinyang Mineral Group and Israel Chemical Ltd.
- December 2019: Leading manufacturer of high-grade magnesium oxide, Baymag Inc., announced the expansion of manufacturing west of Exshaw.
COVID-19 Impact on Magnesium Oxide Market:
The global Covid pandemic’s expansion has significantly impacted the magnesium oxide market and the development, production, and marketing of market items. Since the coronavirus pandemic broke out in March 2020, most manufacturing and assembly facilities have either been forced to close due to lockdowns and restrictions or have given up due to increased competition. This has further limited the ability of the market to halt undertakings because there are fewer resources available for optimal production and a reduction in the availability of raw materials.
Global Magnesium Oxide Market is segmented as follows:
Magnesium Oxide Market by Product Type
- Dead Burned Magnesia
- Caustic Calcined Magnesia
- Fused Magnesia
Magnesium Oxide Market by Product
Magnesium Oxide Market by Application
- Enterprise & Industrial Applications
- Fitness & Wellness
Magnesium Oxide Market by Region
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Magnesium Oxide Market Report Scope
|Market Size Value in 2022
||USD 7.10 billion
|Revenue Forecast in 2030
||USD 10.10 billion
||CAGR of 4.5 % from 2022 to 2030
|Base Year for Estimation
||2017 – 2021
||2022 – 2030
||Revenue in USD million and CAGR from 2022 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
|| Type, Product, Application, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
||Martin Marietta Inc., Grecian Magnesite S.A., Premier Magnesia LLC, Ube Industries Ltd., Robert Half International AG, Magnezit Group Europe GmbH, Magnesita Refratarios S.A., Kuma, Manyezit Sanayi A., Xinyang Mineral Group and Israel Chemical Ltd.