The Magnesium Oxide Market is expected to grow at a CAGR of 5.58% to reach USD 1.73 billion by 2028. In the global magnesium oxide market, there is a growing emphasis on eco-friendly and sustainable manufacturing methods. This commitment to minimizing environmental impact and achieving sustainability goals is reflected in the adoption of cleaner production processes. Advanced calcination technology, for instance, is being used to decrease energy consumption and greenhouse gas emissions during magnesium oxide production. Furthermore, industries are investigating the use of alternative raw materials and renewable energy sources to lessen their carbon footprint. Additionally, the recycling and reuse of waste and byproducts generated during magnesium oxide production are essential practices that promote circular economy principles within the industry.
APAC dominates the regional market because of In the global magnesium oxide market, the APAC region held the largest market share in 2023, projected to expand at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Key contributing countries include China, India, North Korea, and Australia, with China being a significant producer of magnesite and magnesia. The demand for high-grade dead-burned magnesia, containing over 97% magnesium oxide, remains robust due to its extensive use in refractory applications. The primary driver of magnesium oxide consumption in the region is the agriculture sector, where it functions as a fertilizer additive.
There are various factors that drive the Magnesium Oxide Market market which are as following: The global steel market is experiencing steady growth, with China being a significant contributor, producing over 1 billion tons of crude steel in 2023. India, Japan, South Korea, and the US are also key players, collectively contributing to approximately 17.4 billion tons of global steel production in 2023. Notably, the EU (27) recorded a 3.2% increase in steel production, producing 10.6 million tons, while the Middle East added 4.8 million tons to the market. These figures underscore the robustness and diversity of the global steel industry.
Be the first one to get the industry updates. Request for a sample report
Magnesium Oxide Market Segmentation
The market witnesses several challenges, which are as follows The Chinese market has held a dominant position in the global magnesium oxide industry for an extended period. However, recent government regulations aimed at addressing environmental concerns have resulted in the closure of numerous magnesia production facilities in China. This has significantly increased the demand and prices for all magnesia types, including magnesium oxide. China's 14th Five-Year Plan prioritizes eco-friendly objectives, incorporating eight mandatory environmental quality targets. These targets restrict the utilization of explosives and specific mining equipment in magnesite mines, primarily in Dashiqiao and Yingkou mining regions. Consequently, some magnesia manufacturers have encountered raw material shortages due to these mining and production restrictions.
Stay ahead of your competitors. Download the Free PDF report
Some of the key companies that have been profiled in the report include:
According to Technavio, the global magnesium oxide market is a segment of the larger commodity chemicals market, which encompasses businesses specializing in the production of industrial and basic chemicals. This market category excludes entities engaged in the manufacturing of diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. The size of the global commodity chemicals market is determined by the consolidated revenue generated by industrial and basic chemical manufacturers. Key growth drivers for this market include the escalating demand for plastic packaging, as plastic remains the preferred material in the worldwide packaging industry. - The Magnesium Oxide Market is experiencing significant growth, fueled by the Increasing steel production. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Magnesium oxide, represented as MgO or Magnesia, is a versatile inorganic compound with various applications across different industries. The primary sources of magnesium oxide are magnesite and dolomite, which undergo a process called calcination to produce periclase, which is then converted into magnesium oxide. Magnesium oxide is widely used as a raw material in the production of cement, flooring, and refractories. In the construction industry, it is used as an additive to improve the strength and durability of cement and flooring. In the refractories industry, magnesium oxide is used to produce high-temperature materials used in steel production and glass manufacturing. Moreover, magnesium oxide is used in the production of chemicals such as laxatives, fertilizers, and animal feed. In the pharmaceutical industry, magnesium oxide is used as an active ingredient in antacids and laxatives. In the ceramics industry, magnesium oxide is used as a flux to lower the melting point of other materials. Magnesium oxide also finds applications in the production of industrial cables, as a component in the manufacture of refractory materials, and as a raw material in the production of glass, steel, and ceramic industries. In transportation, magnesium oxide is used as a desiccant to absorb moisture and prevent corrosion in fuel tanks.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
