Press release
Magnesium Oxide Board Market Size, Trends, Share Analysis, And Outlook Report 2024 To 2033
Magnesium Oxide Board Market
Market Size And Growth Forecast:
The magnesium oxide board market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in construction industry, advantages in fire resistance, environmental considerations, demand for sustainable building solutions, preference for durable construction materials..
The magnesium oxide board market size is expected to see strong growth in the next few years. It will grow to $2.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to investment in construction sector, increasing focus on fire safety, rise in green building standards, innovation in architectural design, preference for lightweight construction materials.. Major trends in the forecast period include innovation in magnesium oxide board formulations, market response to stringent building codes and standards, focus on sound insulation and acoustic properties, utilization in exterior cladding and facades, application in specialty construction projects..
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Market Segmentation:
The magnesium oxide board market covered in this report is segmented -
1) By Product Type: Thin (15 mm)
2) By Distribution Channel: Online Distribution Channel, Offline Distribution Channel
3) By Application: Residential Building, Commercial Building, Industrial Buildings, Other Applications
Major Driver - Surging Demand For Construction Drives Growth In The Magnesium Oxide Board Market
Increasing demand for construction activities is expected to propel the growth of the magnesium oxide board market going forward. Construction refers to the process of assembling numerous materials to form a structure for a particular location utilizing a comprehensive design and blueprint. Magnesium Oxide boards are beneficial to the construction sector because they are created by human factory-produced non-insulating roofing board products utilized for common uses in construction, and they are also a better construction material that substitutes wood board and gypsum board. For instance, in 2022, according to the statistics published by the Bureau of Economic Analysis (BEA), a US-based government organization for macroeconomic and industry statistics, the size of the US construction industry increased from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Therefore, an increasing demand for construction activities is driving the growth of the magnesium oxide board market.
Competitive Landscape:
Major companies operating in the magnesium oxide board market report are GemtreeBoard Ltd., Ambient Bamboo Products Inc., Hebei Optimum Construction Materials Co Ltd., Trusus Building Materials Manufacturing Co Limited, Magnum Board Products LLC, Shandong Zhuchen Industrial Co Ltd., Jiangyin Yongxin Decorative Materials Co Ltd., North America MgO LLC, Tongxing Technology Development Co Ltd., Suparna Building Materials, RPV Industries Pvt Ltd., Foreverboard Inc., Earcons Acoustic Building System Private Limited, Extremegreen Building Products LLC, Owens Corning, Ectek Building Materials., DragonBoard USA, ZS2 Technologies, Yorkshire Plywood Ltd., RTF Systems, Huizhou Meisen Board Co Ltd., SINH Building Solutions BV, Huber Engineered Woods, Everything MgO LLC, Magmatrix Science & Technology Co Ltd.
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Top Trend - Innovating Construction Solutions Transforming The Landscape Of The Magnesium Oxide Board Market
Product innovations have emerged as the key trend gaining popularity in the magnesium oxide board market. Major companies operating in the magnesium oxide board market are developing product innovations to strengthen their position in the market. For instance, in February 2021, Huber Engineered Woods (HEW), a US-based manufacturer of roof sheathing, wall sheathing, insulated R-sheathing, stretch tape, and liquid flash, introduced a new brand called EXACOR Magnesium-Oxide (MgO) panels. EXACOR panels, as a component of flooring systems, provide construction teams with an easy-to-work panel design that includes patented internal mesh fiber for structure and a magnesium-oxide formula for dimensional stability, fire protection, and sound dampening. These panels are available in nominal thicknesses of 1/2 (12mm), 5/8 (16mm), and 3/4 (20mm), and can help minimize both material requirements and labor time when compared to fire-rated flooring components, which need gypsum underlayment.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Magnesium Oxide Board Market Characteristics
3. Magnesium Oxide Board Market Trends And Strategies
4. Magnesium Oxide Board Market - Macro Economic Scenario
5. Magnesium Oxide Board Market Size And Growth
…..
27. Magnesium Oxide Board Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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