Silicon Steel Grade Magnesium Oxide Market Size, Share, Growth, and Industry Analysis, By Type (98% Purity Silicon Steel Grade Magnesium Oxide, 99% Purity Silicon Steel Grade Magnesium Oxide), By Application (High Magnetic Strength Electrical Steel, Conventional Electrical Steel, Domain Refinement Electrical Steel) and Regional Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The global silicon steel grade magnesium oxide market size was USD 100 million in 2022. As per our research, the silicon steel grade magnesium oxide machine market is expected to reach USD 116 million by 2028, exhibiting a CAGR of 2.5% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, silicon steel grade magnesium oxide experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A high value-added magnesium product, the material is employed as a coating for oriented silicon steel sheets. It is a good source of magnesium along with has many uses, such as an insulation in industry cables and a component of refractory materials used to make porcelain, steel, and glass. For applications including converters, generators, and the rest, the orientated steel sheet offers a highly permeable medium with greater capacity for supporting magnetic fields. As a result, during the course of the anticipated period, the global market for electrical steel sheets will increase due to the potential advantages of steel sheets across many applications.

COVID-19 Impact: Disruption in Development of the Material to Deplete Market Share

The global COVID-19 outbreak had a profound impact on the silicon steel grade magnesium oxide market as well as the development, production, and advertising of market products to a remarkable extent. Since the coronavirus pandemic spread throughout the world in March 2020, the vast majority of assembly and manufacturing facilities had to either shut down due to the lockdown and restrictions placed upon them or have given up due to increased competition. This has further restricted the halting of market projects as there are fewer market resources and raw materials available for optimal production. The strict working hours and load of requirements on the skilled workers further impeded the market tasks.

LATEST TRENDS

"High Electrical Resistivity of the Material to Stimulate Market Development "

Both urbanization and industrialization are increasing significantly over the world and within individual nations. In affluent nations including the U.S. and Canada, among others, and the rest of the world, the construction sector is expanding and rising at a rapid rate as a result of population growth and industrial development. The specified material may be advantageous in a variety of applications. These have high electrical resistivity, minimal hysteresis loss, and high permeability.

SEGMENTATION

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• By Type

Based on type; the market is divided into 98% purity silicon steel grade magnesium oxide, 99% purity silicon steel grade magnesium oxide

98% purity silicon steel grade magnesium oxide is the leading part of the type segment.

• By Application

Based on the application; the market is divided into high magnetic strength electrical steel, conventional electrical steel, domain refinement electrical steel

High magnetic strength electrical steel is the leading part of the application segment.

DRIVING FACTORS

"Development in the Refractory Sector to Aid Market Expansion  "

One of the key factors influencing the silicon steel grade magnesium oxide market growth is expansion in the refractory sector.  When making bricks and other heat-resistant materials, magnesium oxide is frequently utilized as a refractory material.  The development of the building, electronics, and heating industries, particularly in developing nations, is also driving up demand for magnesium oxide.  Additionally, market expansion is being aided by population growth, economic development, and rising nations.

"Excellent Thermal Insulation Qualities to Foster Industry Progress done()"

Due to its resistant to fire and insulating qualities, the advanced material is used in the infrastructure and building industries.  It is employed in the creation of wallboards, fireproof boards, and other building components that offer passive fire protection.   The advanced material has excellent acoustic and thermal insulation qualities.  It is utilized in insulation panels and boards to increase a building's energy efficiency, lessen heat transmission, and offer soundproofing.

Due to the growing emphasis on construction that are energy-efficient and sustainable, it is predicted that the market for insulation materials based on the advanced material will expand in the near future.  The global construction industry's expansion is a significant element in the increasing need for the advanced material, especially in developing nations.

RESTRAINING FACTORS

"Volatility in the Price of Raw Materials to Stop Market Evolution "

Volatility in the price of the raw materials used to make the aforementioned material may limit the growth of the market to some extent over the forecast period. Changing government regulations related to the usage of the product may also hinder the global industry landscape.

REGIONAL INSIGHTS

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"Product Penetration in End-User Industries to Support Market Advancement "

Asia Pacific will be the dominant region over the forecast period, with a substantial percentage of the worldwide silicon steel grade magnesium oxide market share revenue generated there in 2022. Additionally, the expansion of the regional market between 2023 and 2030 may be attributed to an increase in product penetration in a number of end-use industries, including construction, electronics, and automotive, in nations including China and India. Huge profits for the regional market can be attributed to the expansion of sectors notably glass, ceramics, and steel within the aforementioned countries. The presence of major businesses in the area will significantly increase the size of the local market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Tateho Chemical (Japan)
• Shanxi Yinsheng Technology (China)
• ICL-IP (U.S.)
• Shanghai SIIC Zhentai Chemical (China)
• Meishen Technology (China)
• JSC Kaustik (Russia)
• Martin Marietta Magnesia Specialties (U.S.)
• Konoshima Chemical (Japan)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.