(MENAFN- GetNews) Global Magnesium Oxide Market: Type (Dead Burned Magnesia, Caustic Calcined Magnesia, Fused Magnesia), Application (Refractory, Agriculture, Chemical Intermediates, Construction) Region (North America, Europe, Apac, Latin America, Mea) - Forecast Till 2023
Magnesium Oxide has diverse sources as well as uses. Not only from it can be produced from the magnesite ores extracted from the ores under the earth surface via pyrolysis, but it can also be recovered from seawater through electrolysis. Its usage ranges from agriculture to construction.
Market Research Future (MRFR) has published a research report that concludes decent growth for the Global Magnesium Oxide Market with a 5.34% CAGR (Compound Annual Growth Rate) in terms of value and 5.07% CAGR in terms of value between 2015 and 2023. In terms of cash, it is expected to reach the US $ 5376.5 MN by the end of the forecast period. This report features market structure, along with estimated future growth forecast for next 7 years. The growing demand for magnesium oxide in fertilizers and animal feed, and the need for refractory material in furnaces, incinerators, kilns, and reactors are positively contributing to the growth of this market. Growth in the ceramics, chemical industry, and nonferrous metal industry has also enhanced the growth of the market. However, the market growth can be hampered due to the growing threat of substitution from graphite & silicon carbide owing to the similar physical & chemical properties.
The Global Magnesium Oxide Market has been segmented on the basis of Application, Types, and lastly, Region.
On the basis of Application, this market has been segmented into agriculture, chemical intermediates, construction, refractory, and others. The agricultural application segment has been segmented into fertilizers and animal feed. Also known as a reaction intermediate, the chemical intermediate is defined as any chemical substance that gets produced during the conversion of some reactant to a product. The refractory segment has been further segmented into ceramics, glass, steel, and others. This segment dominated the global market in 2016.
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By Types, the market segmentation segments the market into caustic calcined magnesia, dead-burned magnesia (DBM), and fused magnesia. The growing demand for caustic calcined magnesia in agriculture has led to the expectation of growth with 5% CAGR in this sector during the review period. DBM is required for applications that require little reactivity. According to the report, DBM dominated the global market, based on types, in 2016, with significant market shares. This market expanded with the highest CAGR of 5.06%. Fused Magnesia (MgO) is normally manufactured by the electric arc melting of caustic calcined magnesia, dead-burned magnesia or raw magnesite in furnaces at excessive temperatures like 2750°C.
The Regional Segmentation of the Global Magnesium Oxide Market has segmented the market into regions namely North America, Latin America, Europe, Asia Pacific and Middle East & Africa (MEA). As per this report, Asia Pacific is expected to be the highest growing market with high focus by key players in the industry. Due to the high density of population, cheap labor, and outsourced production activities, the market is growing in this region. In this region, the biggest markets are Australia, China, India, Japan, and South Korea, followed by the rest of the Asia Pacific.
The report highlights North America's emergence as the second largest market, and that has acquired 15% of the global share, expanding at dynamic CAGR of 4.40%. The biggest markets in this region are the United States of America (USA) and Canada. In the USA, the market has generated the largest revenue of US $ 618.2 mn as it has grown with the 4.40% CAGR. In Latin America, the market is smaller compared to North America due to less population and less technological advancement. The biggest markets in Latin America are Argentina, Brazil, and Mexico.
Magnesium Oxide Market is growing in Europe as well due to its extensive use in the medical sector, rapid industrialization and strong economy. Magnesium oxide is useful for treating low blood magnesium, magnesium deficiency, and many other conditions. Maximum revenue of European market comes from France, Germany, Italy, Russia, Spain, and the United Kingdom (UK), followed by rest of Europe.
Due to political instability, less technological advancement, and less education, MEA regional market is growing slower than the other regional markets. In the MEA region, the biggest markets are Bahrain, Israel, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, United Arab Emirates (UAE) and North Africa.
Key Players:
Ther key players in the Global Magnesium Oxide Market are Baymag Inc ( Canada), Grecian Magnesite S.A. (Greece), ICL (Israel), Kumas Magnesite Industry Inc (Turkey), Martin Marietta (USA), PremierMagnesia LLC (USA), SMZ, a.s. Jelsava (Slovakia), RHI Magnesita N.V.(Austria), Tateho Chemicals Industries Co. (Japan), Ube Industries Ltd (Japan), and Xinyang Mineral Group (China).
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Latest Industry News:
MGX has announced the completion of a geotechnical drill program and associated assay results from its Driftwood Creek magnesium project in southeastern British Columbia. 18 JUL 2018
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