The global magnesium oxide market Growth Accelerated by Use in Refractories

 

Magnesium oxide, also known as magnesia, is a widely used refractory material with high thermal conductivity and resistance properties. Magnesium oxide finds extensive applications as a refractory material in blast furnaces, kilns, and incinerators owing to its excellent thermal shock resistance. It is also used as an aerospace and automotive material, a flame retardant, an insulating material in the construction industry, and as a raw material in the production of animal feed.

The global magnesium oxide market is estimated to be valued at US$ 6.8 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The use of magnesium oxide as a refractory material has been a major factor driving market growth over the past decade. Magnesium oxide provides high thermal shock resistance and can withstand temperatures up to 3,000°C without degradation. This makes it an ideal material for applications requiring high heat resistance like blast furnaces, steelmaking furnaces, incinerators, kilns, and so on. Over the forecast period, the expansion of industries like steel, cement, and waste management will augment the demand for cost-effective and durable refractory materials like magnesium oxide. The lightweight and insulating properties of magnesia also make it suitable as a construction material. Therefore, the growth of the construction industry especially in developing regions is further expected to propel the magnesium oxide market during the forecast period.

Segment Analysis

The global Magnesium Oxide market is segmented based on form which includes dead-burned magnesia, caustic-calcined magnesia, and fused magnesia. Dead-burned magnesia dominates the global magnesium oxide market with over 50% market share owing to its wide use in refractory applications such as basic linings and ramming mixes in furnace structures. It has high purity levels and is non-wetting in nature.

Key Takeaways

The global magnesium oxide market is expected to witness high growth over the forecast period of 2023 to 2030.The Asia Pacific region currently dominates the global market with over 40% market share due to the presence of a huge refractories industry in China. Countries such as China, Japan and India are focusing on infrastructure development and capacity expansion of steel and cement plants which is propelling the demand for MgO in this region.

Key players operating in the Magnesium Oxide market are Martin Marietta Materials Inc., Grecian Magnesite S.A., Premier Magnesia, LLC, Ube Industries Ltd., Robert Half International AG, Magnezit Group Europe GmbH, Magnesita Refractories SA, Kumas Manyezit Sanayi A.S., SMZ, a.s. Jelšava, Xinyang Mineral Group, Premier Periclase Ltd., and Israel Chemicals Ltd. Martin Marietta Materials Inc. is the largest producer of MgO with a production capacity of over 1.2 million tons per year across 12 plants in North America. The company also has technical centers that focus on product development to meet the specialized requirements of customers.

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