Magnesium Oxide Market size is set to grow by USD 1.73 bn from 2024-2028,increasing steel production boost the market- Technavio

NEW YORK, April 5, 2024 /PRNewswire/ -- The global magnesium oxide market  size is estimated to grow by USD 1.73 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.58%  during the forecast period.  The global steel industry experienced moderate growth in 2023, with China producing over 1 billion tons, contributing significantly. Key steel producers include India, Japan, South Korea, and the US. The EU (27) produced 10.6 million tons, a 3.2% increase. Middle Eastern steel production totaled 4.8 million tons. Magnesium oxide is utilized extensively in various industries, including refractories, glass, building, fire resistance, wastewater treatment, and flue gas desulfurization. 

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Segment Overview 

This magnesium oxide market report extensively covers market segmentation by Product Type (Dead burned magnesia, Fused magnesia, Caustic calcined magnesia) Application (Refractories, Construction, Agriculture, Chemical, Others) Geography (APAC, Europe, North America, Middle East and Africa, South America)

Market segmentation by Product Type

The Magnesium Oxide Market encompasses various industries, including Fertilizers for enhancing plant growth, and Pharmaceuticals for treating conditions such as diarrhea, cramping, itching, rash, hives, lightheadedness, dizziness, unusual fatigue, nausea, and vomiting, with magnesium oxide used in antacids and laxatives. In the Industrial sector, magnesium oxide is utilized in Antacid production, Pulp bleaching agent, Wastewater treatment, Flue gas desulphurization, and Refractories. The Refractory industry, the largest consumer, uses Dead-burned magnesium oxide, Caustic calcined magnesia, and Fused magnesia for manufacturing refractories in ceramics, cement, flooring, wallboards, insulation, and for acidic soils. Additionally, magnesium oxide is applied in the production of Iron and steel, Cement & lime, Glass packaging, Alumina, Chromite, Silica, and in the Electronics industry for energy storage and Magnesium compounds. Nanostructured magnesium oxide is also gaining popularity in the Chemicals sector for various applications.

Geography Overview

The Magnesium Oxide (MgO) market, dominated by magnesia and magnesite, experiences significant growth in APAC, driven by China, India, North Korea, and Australia due to abundant reserves. Calcination processes transform these resources into MgO, used in various industries. In pharmaceuticals, MgO is employed as an antacid and laxative. Medical devices and the chemical industry utilize MgO in raw materials. In transportation, MgO reduces carbon footprint and greenhouse gas emissions as a cleaner energy alternative. The refractories industry, particularly in iron and steel production, relies on dead-burned MgO, fused MgO, and synthetic MgO for high-performance refractory materials. The agriculture industry uses MgO as a fertilizer additive, while the construction industry incorporates it as construction materials. MgO also finds applications in industrial cables, ceramics, steel, glass, animal feed, fertilizers, pulp bleaching agent, wastewater treatment, and flue gas desulphurization. In the pharmaceutical sector, MgO is used to treat conditions such as diarrhea, cramping, and itching. 

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• The magnesium oxide market is shifting towards eco-friendly production methods, with manufacturers employing advanced calcination technology to reduce energy consumption and emissions. Alternative raw materials and renewable energy sources are being explored to lower carbon footprints. Waste recycling and reuse promote circular economy concepts in the industry, benefiting sectors like ceramics, chemicals, cement, and more. Magnesium oxide applications span from agriculture and construction to electronics and energy storage.
• The Chinese government's environmental regulations have caused the shutdown of several magnesia plants, leading to a surge in magnesium oxide prices. China's 14th Five-Year Plan includes eco-friendly objectives, restricting the use of explosives and certain mining equipment in magnesite mines. Consequently, magnesia producers face raw material shortages, impacting industries such as construction, refractories, steel, glass, and chemical manufacturing that use magnesium oxide (MgO), dead-burned magnesia, fused magnesia, synthetic magnesia, and periclase.

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Research Analysis

The Magnesium Oxide (MgO) market encompasses various applications in diverse industries. As a key raw material, Magnesium Oxide is utilized in the production of Pharmaceuticals, including Antacids and Laxatives. In the Medical Devices sector, it serves as a crucial component in the manufacturing of certain products. In the Industrial sector, Magnesium Oxide finds extensive use in the production of Calcined Magnesia, Periclase, Industrial Cables, Refractory Materials, Ceramics, and Steel. Additionally, it is employed in the production of Animal Feed, Fertilizers, and as a component in the manufacturing of Flooring. Magnesium Oxide also plays a significant role in the Chemicals, Cement, and Glass industries. Overall, the Magnesium Oxide market is a significant contributor to numerous industries, with its versatile applications in various sectors.

Market Research Overview

The Magnesium Oxide market is a significant sector in the chemical industry, with applications ranging from pharmaceuticals to agriculture and various other industries. Magnesium Oxide is produced through the calcination of Magnesium Carbonate or Magnesium Hydroxide. The demand for Magnesium Oxide is driven by its use as a dietary supplement due to its essential role in human health. Additionally, it is used as a flame retardant, in the production of glass and ceramics, and as a catalyst in various chemical reactions. The market for Magnesium Oxide is expected to grow due to increasing demand from various end-use industries and the rising awareness of its health benefits. The primary producers of Magnesium Oxide include China, the United States, and Germany. The market is competitive, with key players including FMC Corporation, Imerys, and Merck KGaA. The market is also subject to regulatory oversight due to the health and environmental implications of Magnesium Oxide production and use.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product Type
• Dead Burned Magnesia
• Fused Magnesia
• Caustic Calcined Magnesia
• Application
• Refractories
• Construction
• Agriculture
• Chemical
• Others
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio