Magnesium Oxide Market Growth Accelerated by Increasing Usage in Refractories Sector

 

Magnesium oxide, also known as magnesia, is an inorganic compound used as a refractory material in various industries due to its high heat resistance. Magnesium oxide has high melting point and is non-combustible in nature. Its products such as calcined magnesia, dead burned magnesia and fused magnesia are used in basic refractory linings, monolithic refractories and special structural refractory materials. The global Magnesium Oxide Market is estimated to be valued at US$ 6.8 billion 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 increasing usage of magnesium oxide in refractories accounts for nearly half of the global magnesium oxide consumption. Magnesium oxide is highly preferred as a refractory material in basic linings for steel, cement, lime, glass, non-ferrous and specialty metal furnaces due to its heat resistance property. It imparts fire resistance and protects machinery and infrastructure from heat, corrosion and wear. The rising steel production driven by growing construction and automotive industries has augmented the demand for refractories and magnesium oxide. Additionally, magnesium oxide has emerged as a viable alternative for chromium oxide in the production of monolithic refractories. This has further propelled the consumption of magnesium oxide in refractories sector.

Segment Analysis

The global magnesium oxide market is segmented by product type and application. Based on product type, the dead burned magnesium oxide segment accounted for over 60% share of the overall market in 2022. Dead burned magnesium oxide is primarily used in refractory applications due to its high purity levels and thermal stability. It helps provide insulation as well as strength and erosion resistance at elevated temperatures, making it suitable for usage in steel and cement production.

Key Takeaways

The global magnesium oxide market is expected to witness high growth over the forecast period.

Regional analysis: The Asia Pacific region currently dominates the global magnesium oxide market, accounting for more than 50% share in 2022. China, India, and Japan are the key countries contributing to the region's large share. This can be attributed to strong presence of steel, cement and refractory industries in the region. The market is projected to grow at a higher rate in Asia Pacific due to rising steel production and increasing demand from the cement industry.

Key players operating in the magnesium oxide market are RHI Magnesita, Martin Marietta Magnesia Specialties, Grecian Magnesite, Premier Magnesia, Ube Materials Industries, American Elements, Nedmag Industries, Imerys, Xinyang Minerals Group, and Baymag. RHI Magnesita is the global leader in terms of production capacity and product offerings. Martin Marietta Magnesia Specialties is another major player catering to customers across various industries including steel, non-ferrous metals, and cement.