Surging demand for refractories from the steel and cement industries, among others, is one of the significant factors influencing the market growth.
High Purity Magnesium Oxide Market Size – USD 5.96 billion in 2018, Growth - CAGR of 3.9%, Trends – Growing of the construction industry
-The global High Purity Magnesium Oxide Market is expected to reach USD 8.43 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to growing applications of High Purity Magnesium Oxide.
High Purity Magnesium Oxide finds widespread application in the steel industry as a refractory product. It is frequently impregnated with carbon (for instance, pitch, tar, and graphite) to offer the best features for corrosion resistance in atmospheres of basic slags, specifically in slag lines of treatment ladles or BOF (Basic Oxygen Steelmaking) furnaces. Monolithic gunnables, spinel formulations, castables, and magnesia carbon-based refractory bricks, all produced using High Purity Magnesium Oxide, are extensively used for the purpose of basic steel refractory linings. Moreover, these products find application in ferroalloy, glass, and ceramic kiln applications, among others.
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Top Companies: Martin Marietta, Grecian Magnesite SA, Ube Industries, Xinyang Mineral Group, RHI Magnesita NV, Premier Magnesia LLC, Kumas Magnesite Industry Inc., Baymag Inc., Tateho Chemicals Industries Co., and Imerys SA, among others.
Further Key Finding from the Report Suggestion:
- By product type, dead burnt High Purity Magnesium Oxide contributed to the largest market share in 2018 and is likely to grow at a rate of 3.8% in the forecast period. The high demand for this product type is owing to its usage in the production of refractories used in the steel and cement industries, among others.
- By distribution channel, the online distribution channel is projected to witness a faster growth rate in the period 2019-2027.
- By application, the construction industry is projected to grow at a rate of 4.5% in the forecast period.
- The market in the Asia Pacific region held the largest market share in 2018 and is estimated to have a CAGR of 4.3% in the forecast period. The market dominance of the APAC region is owing to rapid industrialization and urbanization, along with infrastructural development leading to an increase in demand for High Purity Magnesium Oxide in several end-use applications.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global High Purity Magnesium Oxide market is segmented into:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Dead Burnt High Purity Magnesium Oxide
- Caustic Calcined High Purity Magnesium Oxide
- Fused High Purity Magnesium Oxide
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Refractory
- Construction
- Agriculture
- Chemical
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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