CRI Report has released a report titled “Magnesium oxide Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 8364.73 million by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 5.7% between 2020 and 2030. According to the report, magnesium oxide’s increasing use in a variety of industries is propelling the entire market forward. Some of the prominent industries supplying significant demand channels in the market for magnesium oxide include refractory, agriculture, and building and construction. Apart from that, magnesium oxide is increasingly employed as a refractory lining in the ceramic and glass industries, as well as in the iron and steel industry.
The market report on global Magnesium oxide Market includes in-depth insights as:
- The estimated value of the market was USD 4821.95 million in the year 2020.
- Global Magnesium oxide in APAC held the largest market share in the year 2020.
- Global Magnesium oxide market is segmented by type into DBM, CCM, and FM.
- Global Magnesium oxide market is divided by application into Refractory, Agriculture, Chemical Intermediates and Construction
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“The global magnesium oxide market is expanding due to a variety of factors. Increased demand for refractory material in kilns, furnaces, reactors, and incinerators is one of the primary factors driving the market growth. One of the primary factors driving the global magnesium oxide market is increasing industrialization in developing countries. In the iron and steel sector, magnesium oxide is commonly used. As a result of the industry’s extraordinary growth in recent years, the global magnesium oxide market is expected to see tremendous demand growth in the years ahead”, said a lead analyst at CRI Report.
Magnesium oxide, often known as magnesia (MgO), is a hygroscopic combination generated by pyrolysis from magnesite ores or electrolysis from saltwater. Magnesium oxide has a long list of health advantages and can help ease the symptoms of a wide range of ailments. Magnesium oxide is widely employed in a variety of applications, including building, refractory, agricultural, and construction. It is widely used as a refractory layer in the ceramic and glass industries, as well as in the iron and steel industry.
Global Magnesium oxide market is segmented by type into DBM, CCM, and FM. DBM segment held the largest market share in the year 2020. Due to its superior heat resistivity range and widespread application in the industry, the DBM sector is expected to lead the magnesium oxide market.
Key Players in the Market
Some of the key players operating in the global Magnesium oxide Market are ICL, Martin Marietta, RHI Magnesita N.V., PremierMagnesia LLC, Grecian Magnesite S.A., Kumas Magnesite Industry Inc, Ube Industries Ltd, Xinyang Mineral Group, Tateho Chemicals Industries Co, and Other Prominent Players
Get Valuable Insights into Global Magnesium oxide Market
In the new report, CRI Report thrives to present an unbiased analysis of the global Magnesium oxide Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global Magnesium oxide market is segmented by type into DBM, CCM, and FM. Global Magnesium oxide market is divided by application into Refractory, Agriculture, Chemical Intermediates, and Construction. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.