Magnesium Oxide Market to Aggregate USD 84 Million by 2026
According to the report, The global Magnesium Oxide Market in 2019 was approximately USD 46 Million. The market is expected to grow at a CAGR of 9% and is anticipated to reach around USD 84 Million by 2026.
Magnesium Oxide also referred to as Magnesia, is a white alkaline material that occurs naturally in the earth’s crust, and the chemical formula id MgO. It is highly pure in nature and with no taste or color and is it obtained from the calcination of naturally occurring minerals. It has a high melting point with high strength, temperature resistance, and high corrosion resistance. It is either obtained from the magnesite ores through the process of pyrolysis or recovered from the seawater through the process of electrolysis. It is also used as a mineral supplement to prevent hypomagnesemia.
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The versatility of magnesium oxide makes it much in demand from various industrial sectors such as construction, chemical, steel, and medical industry and is thus expected to be the major key factor driving the magnesium oxide market in the forecasted period. Also, various properties possessed by magnesium oxide such as low electrical and high thermal conductivity make it an ideal solution for refrigeration, cement, brake linings, thermocouple tubes, and heating elements. Furthermore, the use of magnesium oxide in livestock feed for providing nutrition from magnesium to animals is anticipated to augment the development of the global demand for magnesium oxide. However, magnesium oxide is considered to be harmful to human beings as its contact with human skin causes itching, rashes, and other skin-related issues. The increasing challenge of graphite and silicon carbide replacement as they possess similar physical and chemical properties is also considered to be a major drawback to the growth of the global industry. Also, several regulations taken to minimize environmental emissions from steel and other industries, are projected to impede the growth of the magnesium oxide market in the coming years. Furthermore, several technological advancements such as the increasing penetration of nanocrystalline magnesium oxide in several end-use applications such as pharmaceuticals, ceramics, food additives, and cement provide lucrative opportunities for market growth in the coming years.
The Magnesium Oxide types are Light Burned Magnesium Oxide, Hard Burned Magnesium Oxide, and Dead Burned Magnesium Oxide, out of which Dead Burned Magnesium Oxide is predicted to dominate the market owing to its high density and low reactivity properties. The Refractories Industry is projected to dominate the market as magnesium oxide maintains both physical and chemical stability at high temperatures and reduces chemical reactivity.
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Some of the essential players operating in the Magnesium Oxide market, but not restricted to include RHI Magnesita N.V., Martin Marietta, Grecian Magnesite S.A., PremierMagnesia LLC, Ube Industries Ltd, KumasMagnesite Industry Inc, Xinyang Mineral Group, ICL, SMZ, a.s. Jelsava, Tateho Chemicals Industries Co., BaymagInc, and Others
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