The global magnesium oxide market value totaled US$ 4,363.2 million in 2023 and is expected to reach US$ 8,310.7 million by 2033. Over the assessment period, global magnesium oxide demand is projected to surge at a CAGR of 6.6%.
Magnesium oxide DBM remains the widely used product in the market, holding a volume share of 56.9% in 2023. On the other hand, the CCM magnesium oxide segment is set to surge at a CAGR of 6.5% through 2033.
The global magnesium oxide market presents a dynamic landscape driven by its versatile applications across several industries and its fundamental role in enhancing the performance of diverse products and processes. Magnesium oxide (MgO) finds substantial traction due to its unique properties and wide-ranging uses.
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Magnesium oxide's adaptability and indispensable role across diverse sectors will likely boost market growth. From reinforcing industrial processes to contributing to agricultural productivity and environmental remediation, magnesium oxide stands as a versatile and essential compound.
The construction industry is a prominent user of magnesium oxide, where it finds application in refractory cement and insulation materials. With the construction sector witnessing robust growth globally, the demand for magnesium oxide is expected to rise significantly.
The global magnesium oxide market is influenced by factors such as industrialization, infrastructure development, technological advancements, and environmental considerations. Similarly, the rising usage of magnesium oxide in the pharmaceutical sector will likely boost sales.
Key Takeaways from the Report-
The global market for magnesium oxides is projected to thrive at 6.6% CAGR through 2033.
By product type, the magnesium oxide DBM segment is expected to total US$ 4,806.1 million by 2033.
Based on application, the refractory segment is set to hold a market share of 58.2% in 2023.
East Asia is expected to account for a significant share of about 54.6% in 2033.
The United States industry value is predicted to total US$ 335.6 million by 2033.
China is projected to attain a valuation of US$ 4,190.6 million by 2033.
Sales in India are predicted to rise at 9.4% CAGR through 2033.
"Expanding industrial sectors like construction and refractories, coupled with escalating environmental regulations, is expected to provide the impetus for the growth of the magnesium oxide market during the forecast period," says an Analyst at Future Market Insights, Inc.
Who is Winning?
RHI Magnesita, Grecian Magnesite S.A, Martin Marietta Materials Inc., Ube Corporation, and Premier Magnesia are the leading magnesium oxide manufacturers profiled in the full version of the report.
Key companies are focusing on increasing their production capacities to meet growing end-user demand. They are establishing new manufacturing plants and integrating advanced mining and extraction technologies. Several players also employ strategies like acquisitions, partnerships, and collaborations to stay ahead of the competition.
Key Companies Profiled:
RHI Magnesita
Grecian Magnesite S.A
Martin Marietta Materials Inc
Ube Corporation
Premier Magnesia, LLC
Israel Chemicals Ltd.
Kumas Manyezit Sanayi A.S
Konoshima
Nedmag
Nanoshel
Recent Development:
In January 2023, RHI Magnesita announced the complete acquisition of Dalmia Bharat Refractories Limited.
Magnesium Oxide Market Segmentation
By Product Type:
CCM (80% to 85%)
DBM (90% to 94%)
Fused MgO (95% to 99%)
By Application:
Agrochemical
Construction
Refractories
Chemical
Rubber Processing
Pharmaceutical
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia & Pacific
Middle East & Africa