Rising Application in Steel Production Propelling Magnesium Oxide Market Growth: Future Market Insights
Growing application of magnesium oxide in soil remediation and emission treatment is driving the magnesium oxide market
DUBAI, U.A.E, May 18, 2021 /PRNewswire/ -- The global magnesium oxide market is forecast to grow at 5% CAGR throughout the forecast period from 2021 to 2031. Increasing research and development activities conducted to study application of dead burned magnesia and fused magnesia is one of the key factors driving the market, finds ESOMAR-certified consulting firm Future Market Insights in this study. Surging government investment in agricultural and industrial sector will boost the market. Rising demand of magnesium oxide in development of refractory linings of furnace in iron and steel industry will positively influence the market growth.
According to the European Commission (EC), the European Union (EU), 1.3% to the EU-27's Gross Domestic Product (GDP) was contributed by agriculture. With soaring industrialization and development in the field of agriculture, high growth in magnesium oxide market is on the card.
"High acid neutralizing capabilities of magnesium oxide has made it popular as lime alternative in waste treatment facilities, thus elevating the magnesium market growth", remarks the FMI analyst.
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Key Takeaways
- The U.S. is the dominant market for magnesium oxide in North America. Growth in the U.S. will be driven by rising adoption of magnesium oxide in biomedical applications and rapid advancement in manufacturing sector and industrial infrastructure.
- Europe is expected to showcase positive growth trajectory during the forecast period. Surging demand from agricultural sector and consistently evolving industrial domain will create growth opportunities.
- China dominates the magnesium oxide market in the Asia pacific on the back of booming industrial sector and soaring demand for dead burned magnesia.
- India is offering lucrative growth opportunities for magnesium oxide market. With establishment of modern industries and manufacturing units coupled with increasing use of magnesium oxide in refractories and agricultural sector, market sales are expected to skyrocket during the forecast period.
- Rising demand of magnesium oxide for filtration of heavy metals in wastewater treatment drives the market growth.
Prominent Drivers
- Increasing use of magnesium oxide in fertilizer manufacturing and other agro-based applications is driving the magnesium oxide market sales.
- Introduction of magnesium oxide in waste water management process is further fuelling the market demand.
- Surging use of magnesium oxide in manufacturing aluminum-magnesium alloys for various aerospace and automotive based applications will magnify the market growth.
Key Restraints
- Processing of magnesium oxide is a tedious, complex and costly affair restricting the market growth.
- Magnesium oxide production requires special set of expensive lab equipments and highly skilled operator for handling purposes. High cost of lab set-up and lack of skilled operator restricts the market growth.
- Stringent environmental rules and regulations imposed due to toxic nature of magnesium oxide fumes restrain the market growth.
Discover more about the magnesium oxide market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/magnesium-oxide-market
Competitive Landscape
Leading players profiled by FMI operating in magnesium oxide market include Grecian Magnesite S.A., Ube Industries Ltd., Magnezit Group Europe GmbH, Kuma, Xinyang Mineral Group, Israel Chemical Ltd, Manyezit Sanayi A., MagnesitaRefratarios S.A., Robert Half International AG, Premier Magnesia LLC, Martin Marietta Inc.
According to FMI, leading players are emphasizing on developing new products using modern technologies to survive in the competitive market. For instance, a whole new range of Caustic Calcined Magnesia, Magnesium Carbonate, Dunite, was launched by Grecian Magnesite S.A.in recent years. Recently new variety of Magnesium Oxysulphate Whisker, MOS-HIGE® was launched by Ube Industries Ltd.
More Insights on FMI's Magnesium market
The latest market study on global magnesium market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (Dead Burned Magnesia, Caustic Calcined Magnesia, Fused Magnesia), Application (Industrial, Refractories, Agricultural, Others ) and across major regions (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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