REPORT OVERVIEW
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The global magnesium oxide market size was in USD 667.5 million 2022. As per our research, the market is expected to reach USD 1150.6 million by 2028, exhibiting a CAGR of 9.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Magnesium oxide, often referred to as magnesia, is a white solid mineral compound consisting of magnesium and oxygen. It is derived from the mineral magnesite through a process called calcination, where the magnesite is heated at high temperatures to drive off carbon dioxide, leaving behind magnesium oxide.
COVID-19 Impact: Increased Demand for Medical Supplies among Population to Fuel Market Growth
The COVID-19 pandemic resulted in an increased need for medical essentials like pharmaceuticals and medical devices. It is used in the healthcare sector for its medicinal purposes as an antacid and laxative, witnessed heightened demand due to its valuable contributions to medical applications. The global supply chains were negatively impacted by the pandemic, leading to disruptions in the availability of raw materials and transportation. This, in turn, created difficulties in obtaining magnesite, which is the key primary material used in the production of magnesium oxide.
LATEST TRENDS
"Sustainability and Environmental Concerns, and Rising Demand in Construction to Drive Market Growth "
Sustainability and environmental considerations were emerging as significant catalysts for transformation across diverse sectors, including the magnesium oxide market. Within the industry, companies were becoming more attuned to their carbon footprint and actively seeking methods to curtail greenhouse gas emissions tied to their manufacturing procedures. This encompassed the adoption of cleaner energy alternatives, the refinement of production techniques, and the incorporation of energy-efficient technologies. The extraction and processing of magnesite, the fundamental precursor for magnesium oxide, had the potential to exert ecological pressures. In response, businesses were delving into strategies aimed at diminishing waste production, optimizing the utilization of resources, and enhancing the overall efficiency of their operational processes.
SEGMENTATION
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- By Type
Based on type, the market is classified as dead-burned magnesium oxide, fused magnesium oxide, caustic calcined magnesium oxide, and synthetic magnesium oxide.
- By Application
Based on application, the market is classified as refractories industry, agriculture industry, chemical industry, construction industry, and other.
DRIVING FACTORS
"Construction and Infrastructure Development to Propel the Market Growth"
Within this sector, manufacturers were increasingly attuned to their carbon footprint, recognizing its impact on the market growth. Consequently, they embarked on proactive endeavors to curtail greenhouse gas emissions intertwined with their production processes. This encompassed the strategic adoption of cleaner energy alternatives, the refinement of production techniques for heightened efficiency, and the seamless integration of energy-efficient technologies. These initiatives not only resonated with sustainability goals but also contributed to fostering a conducive environment for magnesium oxide market growth.
"Industrial Applications to Stimulate Market Progress"
The valuable attributes of the product, including its exceptional heat resistance and insulating characteristics, render it a prized asset in industrial settings. It finds utility in crucial applications such as producing refractories for furnaces, kilns, and metallurgical operations. The level of industrial expansion directly correlates with the demand for these specific applications.
RESTRAINING FACTOR
"Raw Material Supply to Harm Market Growth "
The availability and accessibility of magnesite, the primary raw material for magnesium oxide production, can be inconsistent. Fluctuations in supply or disruptions in mining activities can lead to supply chain challenges.
REGIONAL INSIGHTS
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"Asia-Pacific Emerges As a Pivotal Player to Drive Market Share"
The Asia-Pacific region commands a pivotal magnesium oxide market share as an active consumer and its producer. This commanding presence is underpinned by the region's rapid industrialization, expansive urban growth, and persistent infrastructure undertakings. Notably, China secures a central magnesium oxide market share, exerting substantial influence across both the production and consumption domains. The driving force behind this demand emanates from China's robust construction and industrial sectors. Furthermore, the ascending economies of countries such as India and Southeast Asian nations collectively by contributing to the escalating demand for construction materials, thereby fortifying the market.
KEY INDUSTRY PLAYERS
"Multitude of Companies That Played a Pivotal Role in Expansion of the Market"
The magnesium oxide market featured a notable presence of significant industry players. One such player was a leading producer renowned for its high-quality magnesia-based offerings, which encompassed the market and catered to diverse sectors spanning agriculture, construction, and environmental applications.
List of Market Players Profiled
- MAGNESIA (Europe)
- Kyowa Chemical (Japan)
- SCORA (India)
REPORT COVERAGE
The future demand for the magnesium oxide market is covered in this study. The Research report includes the Impact of Increased Demand for Medical Supplies due to the Covid-19 Impact. The report covers the latest trends in Sustainability and Environmental Concerns. The paper includes a segmentation of the magnesium oxide market. The research paper includes the driving factors that are Construction and Infrastructure Development to Fuel Market Growth. The report also covers information on Regional Insights where the region has emerged leading market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 667.5 Million in 2022 |
Market Size Value By |
US$ 1150.6 Million by 2028 |
Growth Rate |
CAGR of 9.5% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global magnesium oxide market expected to touch by 2028?
The global magnesium oxide market size is expected to reach USD 1150.6 million by 2028.
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What CAGR is the global magnesium oxide market expected to exhibit by 2028?
The global magnesium oxide market is expected to exhibit a CAGR of 9.5% by 2028.
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Which are the driving factors of the Magnesium Oxide market?
The driving factors of the Magnesium Oxide market are Construction and Infrastructure Development and Industrial Applications.
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Which are the key players or most dominating companies functioning in the Magnesium Oxide market?
MAGNESIA, Kyowa Chemical, and SCORA are the key players or most dominating companies functioning in the Magnesium Oxide market.
