Electrical Grade Fused Magnesia Market Size, Share, Growth, and Industry Analysis by Type (FM 97, FM 96 & FM 90), By Application (High Temperature Products, Medium Temperature Products & Low Temperature Products) Regional Forecast To 2031

Updated On: 01 April 2024

ELECTRICAL GRADE FUSED MAGNESIA MARKET REPORT OVERVIEW

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global electrical grade fused magnesia market size was USD 258.0 million in 2021 and market is projected to touch USD 470.47 Million By 2031, exhibiting a CAGR of 6.19% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with electrical grade fused magnesia industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Electrical grade fused magnesia is typically produced by electric arc melting caustic calcined magnesia, dead burned magnesia, or raw magnesite at high temperatures in furnaces to create a refractory product with altered crystalline structure that outperforms rival materials in terms of properties and performance. It is a substance with a chemical composition of magnesium and oxygen that is non-toxic. It is perfect for use in a variety of industrial applications, including foundries, paper mills, and refractories because it has no smell and is inflammable at normal temperature conditions.

Furnaces used to make steel use fused magnesia. When making steel, the use of fused magnesia can help to lower greenhouse gas emissions by reducing the amount of CO that is produced. The milling of steel also makes use of fused magnesia. Castings of aluminum, magnesium, and iron with a better surface finish are produced using it in the non-ferrous metals sector and used for decorative purposes. Fused magnesia can be poured into metal molds at lower temperatures, which lowers production costs and reduces energy consumption during casting operations.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

For advance materials, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for material in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of material are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall advanced materials industry. This has partially impacted the electrical grade fused magnesia industry.

LATEST TRENDS

"Construction Industry to Boost the Market Growth"

The use of products in the construction industry is the primary trend driving market expansion. Rising product demand in the chemical and construction industries, as well as rising production of its product type around the world, are the main factors driving the growth of the electrical grade fused magnesia industry. Additionally, the market for fused magnesite is expanding as a result of rising demand from refractory applications, particularly in the steel and iron industries. It is crucial to the refractory industries, and rising global steel and iron production is likely to increase demand for refractories. Around 65% of the product is used in refractory industries, which will drive the growth of the global magnesite market in the years to come. Because electrical grade fused magnesia is anticipated to contribute a sizable portion of all magnesite product types, it will likely accelerate market growth in the years to come. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the growing construction in the market. These new developments are mostly to blame for the market's overall growth.

ELECTRICAL GRADE FUSED MAGNESIA MARKET SEGMENTATION

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• By Types 

Based on type, the market is classified into FM 97, FM 96 & FM 90.  

• By Application

Based on the market is categorized into High Temperature Products, Medium Temperature Products & Low Temperature Products.

DRIVING FACTORS

"Investment in Government Sector that Gives the Market Extra Boost"

The number of variables influencing market growth is rising daily. Investment in goods by the government sector is the main market-driver. Growing government and private sector investments, changing climatic patterns with a focus on reducing greenhouse gas emissions, rapid global industrialization with its benefits, such as an increase in the standard of living for people, and a rise in construction activity demand are the main factors that will propel this market. Numerous additional factors have also been forecasted to propel the global market for electrical grade fused magnesia during the forecast period in addition to these key ones. These factors include the replacement of fire bricks in various appliances because of environmental concerns, a rise in the use of clay-based products in recent years, and better heat resistance than clays, which makes them the best option for refractory applications. These factors, along with others, are driving up demand for the product. As a result, the growth, and the increasing investment in the government sector will boost the market. It will contribute to the expansion of the advanced material industry and it will improve the overall electrical grade fused magnesia market growth.

"Growing Cement Consumption to Encourage Market Expansion"

Growing cement consumption around the world is another important factor contributing to the market's expansion. The cement industry's use of fused magnesia as an additive is what is primarily fueling the market's expansion. Growing demand for wastewater treatment, wallboards made of magnesia, and animal feed are driving up the use of fused magnesia, which is the main factor driving the market's expansion over the forecast period. Because it lowers the cost of using lime as a raw material and can be combined with Portland cement to enhance its properties, such as strength and thermal conductivity, electrical grade fused magnesia has a beneficial use in the cement industry. Since they can withstand high temperatures underground, cement made with fused magnesium oxide is renowned for having excellent fire resistance. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features.  As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost of Product to Impede Market Expansion"

Environmental regulations put in place by the government to reduce environmental pollution coming from the steel industry and other industries are a major challenge faced by manufacturers. In addition, magnesite alternatives are also preventing the market from expanding in the years to come. Additionally, melting the magnesia requires high temperatures, which raises the cost. These factors collectively pose difficulties for the market's expansion. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

ELECTRICAL GRADE FUSED MAGNESIA MARKET REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for electrical grade fused magnesia is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the electrical grade fused magnesia share is the growing demand of high temperature products, medium temperature products & low temperature products is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•      Grecian Magnesite (Greece)
•      Tateho (Japan)
•      Industrias Penoles (Mexico)
•     Magnezit Group (Russia)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost electrical grade fused magnesia market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.