The Global Magnesium Oxide Market Size, Industry Analysis, and Forecast 2023
The global magnesium oxide market is projected to reach USD 5,376 Million by 2023. Magnesium Oxide Industry Analysis by Type, Treatment, Service, Application, and Region with Forecast 2023.
The global magnesium oxide market was valued at USD 3,934.5 million in 2016 and is projected to reach USD 5,376.5 million by 2023.
The global market, as a whole, is estimated to grow at a CAGR of 5.34% in terms of value and 5.07% in volume terms.
Developing industrial sector coupled with the growing investment in public and private infrastructural development is considered as the primary factor driving the growth of the global magnesium oxide market. Moreover, the growing demand for agricultural products across the globe is also positively contributing to the market demand for magnesium oxide. However, the presence of substitutes such as graphite and silicon carbide is a major restraint in the growth of the market.
In terms of the product, the dead-burned magnesia (DBM) is the leading segment across the globe and is projected to acquire a market share of over 70% during the forecast period, whereas the caustic calcined magnesia (CCM) is anticipated to be the fastest growing segment with a CAGR of over 5%.
The global magnesium oxides market magnesium across five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. As of 2016, Asia Pacific is the most promising regional market for magnesium oxide with a major contribution from China, Japan, and India. The region is anticipated to acquire the largest shares in terms of both value and volume during the given period. The North American market is mainly driven by the U.S. and Canada. The U.S dominated the North American market with a major market share in 2016 and is anticipated to grow at a CAGR of 4.40% whereas the Canadian market is projected to exhibit a higher CAGR of 4.80%. The growing demand from the developed industries such as glass, ceramics, and iron & steel among others is majorly contributing to this growth.
The magnesium oxide market is segmented on the basis of product type, application, and region. On the basis of the type, the market is segmented into DMB, CCM, and FM. The market on the basis of the application is segmented into refractory, agriculture, chemical intermediates, construction, and others. The market on the basis of the refractory is further segmented into steel, ceramics, glass, and others. On the basis of the agricultural, the market is further segmented into fertilizers and animal feed. The agricultural segment is further segmented into fertilizer and animal feed.
Some of the key players operating in the global magnesium oxide market are RHI Magnesita N.V.(Austria)
Global magnesium oxide market was valued at 10998.8 Kilo tons in 2017 and is anticipated to grow at an expanding CAGR.
Asia Pacific emerged as the global leader in this market and has acquired 59% of the global share, expanding at a dynamic CAGR of 5.60%.
As per the analysis, China was the most promising country-level market and has generated the largest revenue of USD 1691 million.
On the basis of the application, a refractory segment dominated the global market in 2016, with significant market shares and expanding at the highest CAGR of 5.17. Similarly, product segment has been dominated by the DBM segment.
The Asia Pacific is expected to be the highly focused market for key industry participant over the assessment years. Increasing industrial investment, industrial automation and industrial expansion have increased the importance of this region among the industry players.
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