High Purity Magnesium Oxide Market Size, Share, Growth and Industry Analysis, By Type (Pharmaceutical Grade Magnesium Oxide, Food Grade Magnesium Oxide and Synthetic Magnesium Oxide), By Application (Electrician Magnesium, Oriented Silicon Steel, Pharmaceutical Industry, Food Industry, Rubber Industry, Chlorinated Polyethylene Cable and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

High Purity Magnesium Oxide Market REPORT OVERVIEW

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The global high purity magnesium oxide market size is expected to be USD 529 million in 2022 and market is projected to touch USD 752.98 million by 2031, exhibiting a CAGR of 4.0% during the forecast period.

Magnesium oxide is a chemical element with the chemical symbol Mg and atomic number 12 that is a silvery metal, combustible, and light. Magnesite (MgCO3), a mineral that can be extracted from brine by liming or seawater, or magnesium hydroxide (Mg(OH)2), is created by calcining to produce high purity magnesium oxide. It is made by heating magnesium sulphide (MgS), magnesium sulphate (MgSO4), magnesium chloride (MgCl2), and basic carbonate to their boiling points. Magnesium of high purity is thought to be the eighth most prevalent element, making up about 0.12% of saltwater and roughly 2% of the Earth's crust. The rise in industrialization in developing nations, as well as the continued expansion of ceramics, nonferrous metals, and the high purity magnesium oxide industry, all predict growth for this sector globally.

COVID-19 Impact: Restrictions on Manufacturing and Related Activities due to the Spread of the Virus

The high purity magnesium oxide market had been significantly impacted by the global COVID-19 pandemic, which had also had a significant impact on the development, production, and advertising of the market products. Since the pandemic spread throughout the world in March 2020, the vast majority of assembly and manufacturing facilities have either had to close due to the lockdown and restrictions imposed, or some have given up due to increased competition, which has further restricted the suspension of market undertakings as there has been a decline in the availability of resources and raw materials for ideal production. Due to the long hours and burdensome criteria placed on trained personnel, the market tasks were further impeded.

LATEST TRENDS

"Technological Advancements to Stimulate Market Growth "

Russian Mining Chemical Company (RMCC) started producing highly active magnesium oxide in 2018 and increased its selection of premium magnesium compounds. The MagPro brand is being used to market this item. Modern technologies and methods were incorporated into the design of this line to guarantee a high-quality finished product. MagPro is a natural product made by indirect calcination of premium brucite, and its application in the creation of rubber goods is considered to offer various benefits. With the use of this technology, magnesium oxide is kept free of fuel combustion byproduct contaminates, and the product is also kept from overheating, which would decrease its activity.

High Purity Magnesium Oxide Market SEGMENTATION

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• By Type

Based on type, the market is distributed into Pharmaceutical Grade Magnesium Oxide, Food Grade Magnesium Oxide and Synthetic Magnesium Oxide

• By Application

Based on application, the market is divided into Electrician Magnesium, Oriented Silicon Steel, Pharmaceutical Industry, Food Industry, Rubber Industry, Chlorinated Polyethylene Cable and Others

DRIVING FACTORS

"Increasing Adoption in Medical Industry to Foster Market Advancements "

High purity magnesium supports a regular, healthy heart rhythm by assisting calcium and potassium ions in moving through body cell membranes. To create pharmaceutical-grade magnesium derivatives for food additives and mineral supplements, high purity magnesium oxide is produced as a free-flowing white powder. It is also employed in the production of antacid medicines. These elements contribute to the forecasted high purity magnesium oxide market growth.

"Increasing Usage in Food Industry to Foster Market Developments"

High purity magnesium oxide is used as a food additive for pH alteration, color retention, powder mix desiccant (drying agents), or as a supplement for magnesium. High purity magnesium oxide also maintains the fluid state of powered meals like drink mix powders. Magnesium oxide made for use in food processing is utilized as an additive. Tofu and other bean-based products are made using it as a coagulant as well.

RESTRAINING FACTOR

"Presence of Alternatives Can Hamper Market Growth"

Graphite and silica are two acceptable substitutes that are increasingly preferred in a variety of applications. These materials are extensively used in the non-ferrous metal, ceramic, glass, and steel industries. The market for mass spectrometry may also be slowed during the projection period by the initial high cost, maintenance, and lack of experienced professionals in developing economies. There is potential for more growth in the market for high purity magnesium oxide. But over the foreseeable period, the availability of numerous alternatives reduces demand for magnesium oxide.

High Purity Magnesium Oxide Market REGIONAL INSIGHTS

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"Infrastructural Development to Foster Growth in Asia Pacific"

The high purity magnesium oxide market share was dominated by Asia Pacific, which is also expected to increase at the quickest rate during the anticipated time frame. Due to its highly developed industrial sectors and manufacturing infrastructure, China is in the limelight for those involved in the magnesium oxide industry. In addition, the new developments in this area will contribute to growing the market share. The expansion will also be fueled by the rising demand from end users in industries like steel and pharmaceuticals.

KEY INDUSTRY PLAYERS

"Major Players Are Taking Strategic Steps to Retain their Top Positions in the Market"

The market for high purity magnesium oxide is quite fragmented. This market is extremely competitive, as seen by the existence of so many active companies. Vendors operating in this industry employ a variety of tactics to keep their top position. Mergers, partnerships, acquisitions, and collaborations are a few of the important strategies employed by significant companies. In addition to this, many suppliers are working to improve the caliber of the goods they offer to customers. All of these efforts suggest that the suppliers to the global magnesium oxide market will have many opportunities for growth in the years to come.

List of Market Players Profiled

• JSC Kaustik (Russia)
• Tateho Chemical (Japan)
• ICL-IP (Israel)
• Kyowa Chemical (Japan)
• Russian Mining Chemical (Russia)
• Lehmann & Voss & Co. (Germany)
• Meishen Technology (China)
• Buschle & Lepper S.A (Brazil)
• Zehui Chemical (China)
• UBE (Japan)
• Konoshima Chemical (Japan)
• Shanghai SIIC Zhentai Chemical (China)

REPORT COVERAGE

This report covers the high purity magnesium oxide market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.