The magnesium oxide industry is gaining momentum again as the key application sectors are getting back to the track after getting over the shockwaves due to the COVID-19 pandemic earlier in 2020. While the rise in demand for dead burned magnesia and caustic calcined magnesia fuelled the sales over the past decade, requirement in industrial, refractories, and other sectors is further spearheading the growth of magnesium oxide industry.
The latest revised edition of the report on ‘magnesium oxide’ market study by Future Market Insights (FMI) offers an in-depth analysis of the global industry trends, growth & restraining factors, and demand-supply trajectories during the forecast period of 2021 to 2031. As per the report, the industrial sector will majorly account for the industry growth while North America, Europe, Latin America, and Asia Pacific will remain the leading region.
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Key Takeaways from Market Study
- The global magnesium oxide industry is expected to ascend at over 5% CAGR through 2031
- High demand for dead burned magnesia (DBM) to augment the industry growth
- Rise in application in industrial sector to propel the demand growth
- The United States to remain in the leading position in North America magnesium oxide industry
- Germany to maintain its lead in Europe magnesium oxide industry
- Asia Pacific to register the fastest growth throughout the forecast period
- China, Japan, the United Kingdom, India, Canada, and a few other countries to have positive industry outlook
“The growing demand in refractory application, especially in iron and steel industry is set to bolster the growth of magnesium oxide suppliers. Additionally, DBM grade magnesium oxide is expected to contribute over 50% of the revenue generated in the refractory industries,” says an FMI analyst.
How is the Demand from Industrial Sectors Boosting the Sales of Magnesium Oxide?
Magnesium oxide has extensive application across diverse industrial sectors such as-
- Soil remediation
- Wastewater treatment
- Emissions treatment
- Drinking water treatment
- To molten iron and steel to remove sulfur
And others. As a result the demand from these sectors are aiding in the growth of magnesium oxide providers.
According to a report titled “Performance of the Agriculture Sector- Statistics Explained” published by the European Commission (EC), the European Union (EU)- 27’s agricultural industry created gross value added of EUR 176.4 Billion in 2019, while agriculture contributed 1.3% to the EU-27’s Gross Domestic Product (GDP) in 2019. This gives a glimpse of the high demand for magnesium oxide across various industrial sectors.
Who is Winning in This Space?
The players in the global magnesium oxide industry are experiencing strict competition. In order to maintain their leading positions through the cut-throat competition, they are launching cost-effective and broader range of products.
For instance,
- Premier Magnesia LLC launched its new range of products such as EnviroBlend®, MAGOX®, Thioguard®, AQUAMAG®, and others during the last few years
- Ube Industries Ltd. launched its new range of Magnesia Clinker, Magnesium Hydroxide Dry, and others a couple of years back
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More Valuable Insights
In its latest report, FMI offers an unbiased analysis of the magnesium oxide market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (dead burned magnesia, caustic calcined magnesia, and fused magnesia), and application (industrial, refractories, agricultural, and others), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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