Magnesium Diboride Powder Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Magnesium Diboride Powder Market Size, Share & Trends Analysis Report By Purity (99%, ≥99.5%, Others), By Application (Electrical Power, Propulsion, Accelerator Magnets, Medicine, Others) - Market Outlook And Industry Analysis 2031"

The global magnesium diboride powder market is estimated to reach over USD 77.89 million by 2031, exhibiting a CAGR of 10.67% during the forecast period.

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MgB2 is commonly utilized in the medical field. Due to its superconducting qualities, it is utilized in Magnetic Resonance Imaging (MRI), ultrasound devices, sonography, full-body scanners, and cryogenic coolers. Because magnesium diboride is exceedingly explosive, it is utilized in explosives and pyrotechnics. Some of the key elements driving market revenue growth are the increasing use of magnesium diboride powder as a potential fuel for hybrid rocket and ramjet propulsion in the space and aerospace industries, as well as an increase in their Research and Development (R&D) activities to improve production techniques on the superconducting properties of magnesium diboride. MgB2-based power lines, sensor applications, and commercial Magnetic Resonance Imaging (MRI) systems have all been developed in over a decade. MgB2 has significant potential in Superconducting Radio Frequency (SRF) cavities, which are used in particle accelerators and are critical for high-energy science research. Because of the low cost of its component parts, MgB2 is used in superconducting low to moderate-field magnets, electric generators and motors, and current leads. These factors contribute to the market's revenue growth.

List of Prominent Players in the Magnesium Diboride Powder Market:
• Stanford Advanced Materials
• Shanghai Xinglu Chemical Technology Co., Ltd.
• Materion Corporation
• Luoyang Tongrun
• Jinzhou Hoixin Metal Materials Co., Ltd.
• Hitachi, Ltd.
• Thermo Fisher Scientific, Inc.

Market Dynamics:
Drivers-
One of the primary factors causing market revenue growth is the increasing use of magnesium diboride powder as a possible fuel for hybrid rockets and ramjet propulsion, which is helping market revenue growth. The incorporation of magnesium diboride powder in the market has increased, which is contributing considerably to the market's revenue growth. The material has good combustion capabilities, low melting and boiling temperatures, and can aid in the ignition and complete oxidation of boron particles. This can improve combustion efficiency even further.

Challenges:
Concerns about the material's low irreversibility field, which can limit its applicability to low-field magnets, are among the essential variables hindering revenue growth in this market. The basic disadvantage of magnesium diboride is its poor irreversibility field, which limits its application in low-field magnets. As a result, the irreversibility field and maximum current density dictate the realistic upper limits for magnet or power-distribution applications. These are some of the variables that may impede market revenue growth.

Regional Trends:
Asia Pacific Magnesium Diboride Powder Market is expected to register a significant market share in terms of revenue and is projected to grow at a high CAGR in the near future due to the technological advancements and China's highly developed building and chemical sectors and continued investments in the region to boost the agriculture segment over time. Magnesite is used extensively in the refractory industry. As a result, magnesite's presence during the steel-making process is essential. Because of the region's increasing construction industry, ceramics are in great demand in Asia-Pacific's residential and industrial sectors. Rising road construction operations in developing nations have recently increased the demand for magnesium diboride powder.

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Recent Developments:
• In November 2021, Materion Corporation, a global leader in advanced high-performance materials, completed its previously announced acquisition of H.C. Starck Solutions' market-leading electronic materials branch (HCS-Electronic Materials) in Newton, Massachusetts. Materion's position as a top global supplier to the high-growth semiconductor sector is significantly strengthened by the acquisition, which expands on the company's present portfolio of electronic materials and premium thin film target solutions.

Segmentation of Magnesium Diboride Powder Market-
By Purity-
• 99%
• ≥99.5%
• Others

By Application-
• Electrical Power
• Propulsion
• Accelerator Magnets
• Medicine
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.