Magnesium Oxide Nanopowder to Represent US$3.45 bn Market by 2023

Global Magnesium Oxide Nanopowder Market: Snapshot

The global magnesium oxide nanopowder market is anticipated to witness a significant growth in the coming years owing to its different applications in various industries. Magnesium oxides which known by the name of magnesia alba, has no taste, and odor. It is a non-toxic hygroscopic solid mineral which has high melting point. This mineral is known to highly pure in nature. Reasons leading to magnesium oxide to be used in various cement, ceramics, fuel additive, glass, and furnaces linings is its displays magnetic, electrical, optical, and chemical properties due to its small particle size and large specific surface area.

However, it has been noticed that increasing population who are concerned about the environment owing to the rise in greenhouse gas and depletion of oxygen is anticipated to create a roadblock in the path of the market growth. Apart from this, expensive cost of production is likely to deter the market growth. Nonetheless, the specific properties of magnesium oxide is anticipated to drive the market by finding its application in other industries. The global magnesium oxide nanopowder market is predicted to expand at a robust CAGR of 8.30% during the forecast period, 2015 – 2023. The market by the end of the assessed period is likely to touch US$3.4 bn fromUS$1.6 bn in 2014.

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Surge in Demand for Refractory Materials to Fuel the Demand

The global magnesium oxide nanopowder market is classified on the basis of end user and region. On the basis of end user, the market is segregated into paints and coatings, electronics, construction, furnaces and boilers, and electrical. Amongst the pack, furnace and boilers held the major share in the market. Magnesium oxide nanopowder which possess a higher thermal stability is an idle material for refractories that is used by furnace linings and boilers. The furnace and boiler end user segment held a whopping share of 40% in recent years. Apart from these, owing to anti corrosion and fire-retardant properties, magnesium oxide nanopowder is extensively used in paints and coatings applications. Due to high insulating nature of magnesium oxide nanopowder, it finds its usage as a filler in electric insulating material which can be used in crucibles, insulated conduits, electrode sheets, electrode bars, and smelters.

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Aggressive construction activities all across the world, particularly in the developing countries such as Brazil, South Africa, Egypt, India, China, and Japan, have helped the market to grow at an exponential rate. Recently, owing to an extensive research and development at the Northeastern University, found out that magnesium oxide nanoparticles exhibit properties that are favorable for using it in orthopedic tissue engineering. This has created a whole new growth opportunity for the market. Use of magnesium oxide nanopowder in the healthcare sector would help the market to grow stupendously. Apart from these, magnesium oxide nanopowder is used extensively in the pharmaceutical industry. Robust growth of pharmaceutical industry due to rising number of disorder cases along with rise in geriatric population is likely to catapult the global magnesium oxide nanoparticles market. It has been noticed that mass production of magnesium oxide nanopowder is expected to plunge down the manufacturing cost, this will help twitch up the applications of magnesium oxide nanopowder.

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High Demand for Electronics Materials, Makes Asia Pacific to Rise High

On the basis of geography, the market is spread across North America, Asia Pacific, Latin America, Middle East and Africa, and Europe. Recently, Asia Pacific held a lion’s share in terms of volume owing to increase in demand for electronics materials in China, India, and other Asian countries. The region held a mind boggling 35% of the overall market in terms of volume. However, North America holds the second spot owing to rise in petrochemical industry. The Middle East and Africa is anticipated to grow in years to come. Some of the major players in the market are American Elements, Nanostructured & Amorphous Materials, Inc., US Research Nanomaterials, Inc., and SkySpring Nanomaterials, Inc.

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This release was published on openPR.