Magnesium Fireproof Board Market Size, Share, Growth, and Industry Analysis, By Type (Thin Magnesium Fireproof Board, Medium Thickness Magnesium Fireproof Board, and Large Thickness Magnesium Fireproof Board), By Application (Interior Decoration, Exterior Decoration, and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Magnesium Fireproof Board Market Report Overview

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The global magnesium fireproof board market size was USD 1194.4 million in 2021 and is projected to touch USD 1942.96 million by 2031, at a CAGR of 5.0% during the forecast period.

Magnesium fireproof board is one of the most important products in magnesium fire protection. It is a fire proofing material used to resist severe fire conditions like heat, intense flames, and heat. Its microscopic porous structure allows the absorption of oxygen and water vapor, while combustion gases are able to pass through it. The high surface area of magnesium oxide particles allows it to act as an insulator against heat transfer, which minimizes thermal stresses in building materials. This property makes them ideal for use in buildings, including industrial and commercial structures, vehicle body parts, and aircraft structures.

It is a common fireproofing material used to protect steel structures from ignition. It's used in the construction of office buildings, commercial buildings, and ship yards because of its ability to block the spread of flames from flammable sources such as gasoline and diesel fuel. It can resist heat up to 900 F for a few minutes upon contact and maintain its resistance for several hours. Its use also reduces emissions and fuel consumption by 30%.

COVID-19 Impact: Difficulty in International Trade Stopped the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the magnesium fireproof board market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 is an RNA virus that has almost brought the world to a halt. It had an impact on all market segments, including producers, suppliers, and others. The COVID-19 threat has had an effect on this particular market also. The restrictions have significantly increased the difficulty of importing and exporting goods that contain magnesium, which is a component of powder coatings for wood, paper, and food. As a result, it is expected that there will be shortages and price hikes in favor of domestic producers, although this problem can be solved with adequate supply chain security.

LATEST TRENDS

"Expansion of Possibilities to Increase Market Growth"

The magnesium fireproof board market is rapidly evolving, as new materials are introduced that give architects and engineers greater control over the performance of their structures. Impactful features such as fire protection and high temperatures may soon make it difficult for plasters to keep up with the demands of modern construction. Manufacturers of magnesium products are working on many business solutions to survive in the global market. One of the most conspicuous trends for new products is the innovation of magnesium alloys, which will impact the market positively.

Magnesium Fireproof Board Market Segmentation

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• By Price Level

Based on type level; the market is divided into Thin Magnesium Fireproof Board, Medium Thickness Magnesium Fireproof Board, and Large Thickness Magnesium Fireproof Board

Medium Thickness is the leading part of this segment.

• By Application

Based on application; the market is divided into Interior Decoration, Exterior Decoration, and Others

Interior Decoration is the leading part of the application segment.

DRIVING FACTORS

"Enhancing the Technology to Increase the Applications of the Product"

Among the major factors that drive the market is the increasing demand for magnesium fireproofing boards. This is because of the increasing applications of magnesium in household and industrial sectors, which are driving producers to develop new specifications and enhance their technologies to cater to this growing application market. The automobile industry is also one such application sector where aluminium is widely used. The market is expected to witness substantial growth in the near future. The industry is mainly driven by increased consumption and rising per capita income in emerging economies.

"Increasing Applications Leads to Increased Popularity of the Product"

It is widely used in various construction industries, including building materials, engineering construction, firefighting, and so on. The current demand for the product is driven by the increased applications of magnesium-based metal alloys as well as magnesium products for making various consumer goods. It is a fire resistant board that replaces gypsum board and is used for residential construction and industrial purposes. The market for magnesium fireproof boards has expanded rapidly, primarily because it offers high fire resistance, high conductivity, and good quality.

RESTRAINING FACTORS

"High Production Costs Lead to Slowed Market Growth"

The market is affected limited resources and raw material availability, increasing pollution problems, and some technical restrictions in its application. The high cost of production and high price of raw materials are the significant factors which hamper the magnesium fireproof board market growth. The major disadvantage of it is that it consumes high amount of energy to produce and if the production rate is lower than the demand, then we will not be able to supply it at a cheaper price.

Magnesium Fireproof Board Market Regional Insights

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"North America to Lead Market owing to its Wide Application"

Due to technological advancements and a rise in sustainable material consumption, the North American region is majorly dominating the magnesium fireproof board market share. The fireproof board market is expected to grow at a strong pace in the coming years due to the increasing demand for these boards as they serve multifunctional purposes. The North American magnesium fireproof market is expected to be driven by the booming construction industry in Western countries, as well as high standards set by developing-country legislatures.

KEY INDUSTRY PLAYERS

"Key Market Players to Accelerate Market Growth"

A range of sources are included in the data that was used to analyse the magnesium fireproof board market. Trade publications, statistics from trade associations, scholarly studies, and government reports are a few of these sources. Additionally, information is acquired from international market participants, such as producers, retailers, suppliers, micro-experts, and others. The study provides information about industry participants and their activities in the sector. Examples of information gathering and reporting methods include partnerships, technological developments, acquisitions, mergers, and the expansion of industrial facilities.

List of Market Players Profiled

• Mago BP (Canada)
• Framecad (New Zealand)
• Magnastruct (South Africa)
• MGO Board (Australia)
• Yunion (China)
• Hocreboard (China)
• Trusus (Switzerland)
• Huacheng (China)
• Evernice
• Yulong
• Onekin
• Haian Futai

REPORT COVERAGE

The report provides an up-to-date and complete assessment of the current status of the market, covering all essential areas such as raw materials, technology and equipment, demand and supply analysis, production capacity analysis, and industry chain analysis. The market potential and market hazards related to the growth of various segments are evaluated in this analysis. In order to determine how these factors would affect the market's growth, the primary drivers and restraints are also investigated. The performance of important companies is evaluated for the anticipated time, and their contributions to market dynamics are examined.