Magnesium oxide also known as magnesium monoxide or magnesia is an inorganic compound used as a refractory in various industrial sectors. It has high thermal stability and insulating properties making it suitable for refractory applications in iron, steel and non-ferrous metal industries. Magnesium oxide finds usage in cement, agriculture, animal feed and wastewater treatment owing to its chemisorbing and adsorbing properties.
The Global magnesium oxide market is estimated to be valued at US$ 7.7 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 To 2031.
Key Takeaways
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. The key opportunities in the market include increasing usage in cement and animal feed applications. Some of the technological advancements include developments related to magnesium oxide coated nanofibers for biomedical applications.
Market Drivers:
The major market driver for magnesium oxide is the increasing demand from the refractories industry. Magnesium oxide acts as a refractory material in iron and steelmaking due to its high thermostability and insulating properties. It is used as basic or neutral refractories lining furnaces and ladles. The rapid growth of steel and cement industries in developing nations of Asia Pacific and Middle East is expected to drive the consumption of magnesium oxide over the forecast period. Another major end use segment is agriculture where magnesium oxide finds usage as a fertilizer and animal feed additive owing to magnesium content. The growing concern over soil nutrition and focus on animal health will propel the demand from agriculture over the next few years.
Current challenges in Magnesium Oxide Market:
The Magnesium Oxide Market Growth is facing challenges like volatile raw material prices and supply constraints. Magnesium oxide (MgO) is produced from magnesite and brine. The prices of magnesite and brine are unstable in the global market due to various economic and geopolitical factors. This price volatility poses risks to investors and manufacturers in terms of profitability and supply security. Geographical concentration of resources also causes disruptions in supply from time to time.
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