From Medicine to Manufacturing: The Growing Influence of the Magnesium Oxide Market

The Magnesium Oxide Market is projected to grow from USD 3.6869 Billion in 2023 to USD 5.589949321 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.34% during the forecast period (2023 – 2032).. Magnesium is also known as magnesia and is a hygroscopic mixture that is made through magnetite ores. 

Competitive Landscape

The rising magnesium oxide market is because of the role of the following market players:

• PremierMagnesia LLC (U.S.)
• RHI Magnesita N.V.(Austria)
• Ube Industries Ltd (Japan)
• Xinyang Mineral Group (India)
• Martin Marietta (U.S.)
• Kumas Magnesite Industry Inc (Turkey)
• Grecian Magnesite S.A. (Greece)

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Technology Analysis

There has been an intensification in Demand From The Animal Feed Sector which is presenting good growth for the market during the forecast period ending in 2028.

The dependable surge in animal stock because of massive global populations is likely to transform the global magnesium oxide market size. The caustic calcined magnesia is witnessing a huge requirement in the agricultural sector that is likely to increase and attain a 5% CAGR in the forecast period. Also, the elevated use in Magnesium wallboard application will prove to be beneficial for the market. The escalated demand for construction materials in the developing regions is being witnessed due to the surge in urbanization in these regions is expected to enhance the magnesium oxide market share shortly.

Study Objectives

• The magnesium oxide market report means to help the potential market financial investors and experts comprehend the variables that will give rise to the different reasons that will assist them with foreseeing the market pace of CAGR growth followed by the factors that will promote a gigantic income and revenue market scale by the market endeavors and players during the forecast period that will end in 2028.
• The worldwide market report covers the factors and market elements like the drivers, limitations, opportunities, and difficulties that will affect the development of the market during the period. Further, the market report talks about the premise of the worldwide market portions that will assist with creating market scenarios according to the arising needs of the global target audience. Subsequently, the report examines the factors that assist with the expanding chances of incurring a better revenue degree for the market period that will be ending in 2028.
• The market report likewise lays the attention on the rising competition between the market players that will build the odds of better development and extension followed by covering the recent market developments undertaken by the market players during the forecast period of 2021-2028.

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Segment Overview

The magnesium oxide market growth is because of the propelling market segments that are functional in various global locations that are as follows:

By Type

The DBM segment of the market is estimated to dominate the magnesium oxide market due in the forecast period due to its excellent heat resistivity range. This will result in leading to its widespread application in the global market premises. This segment is estimated to attain a global CAGR of 5.06%.

By Application

The refractory application segment, as a part of the market, is expected to emerge as the leading segment as there is extensive use of the same in the refractory applications because of their excellent temperature resistivity

By End-User

The iron & steel and glass industry segments as a part of the market are estimated to have a positive impact on the development of the magnesium oxide market in the upcoming years, as a part of the forecast period.

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Regional Analysis

The APAC region is likely to attain the maximum market growth and is witnessing the emergence of factors like industrial financing, industrial automation, and industrial development that have augmented this region during the forecast period. The Asian Pacific region is emerging as the principal region that is growing in terms of value in the forecast period that had ended in 2019. It is expected to develop and attain a global CAGR of 5.64% by the end of the period in 2028.

Recent Developments

November 2021 – LIG Assets, a real estate investment company, announced a significant investment in Foreverboard, Inc. for the joint development of extension plants of Foreverboard. Foreverboard was developed to build and manufacture a high-grade Magnesium Oxide wallboard that is healthier, lighter, and stronger than conventional gypsum wallboard with higher mold and fire resistance capabilities.
LIG Assets targets to develop its primary expansion facility in Northern Indiana. As the main focus for Foreverboard sales will be in the sustainable home market, opportunities to distribute the product in the RV and industrial home markets are well within range. This location is close to the RV capital of the world. Further details of this deal will be revealed in the future years.

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