Magnesium Diboride Powder Market Set for Significant Growth with Expanding Applications in Propulsion and Medicine

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 10.75% during the forecast period.

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Magnesium diboride (MgB2) is widely utilized in the medical field due to its superconducting properties, which make it essential for applications such as Magnetic Resonance Imaging (MRI), ultrasound devices, sonography, full-body scanners, and cryogenic coolers. Additionally, its highly explosive nature makes it suitable for use in explosives and pyrotechnics. Key factors driving the market growth for magnesium diboride include its increasing use as a potential fuel for hybrid rocket and ramjet propulsion in the aerospace and space industries, as well as growing investment in Research and Development (R&D) to enhance its superconducting properties and production techniques. Over the past decade, advancements have been made in MgB2-based power lines, sensors, and commercial MRI systems. Furthermore, MgB2 shows significant potential in Superconducting Radio Frequency (SRF) cavities, which are crucial for particle accelerators and high-energy science research. Due to the low cost of its constituent materials, MgB2 is also employed in superconducting low to moderate-field magnets, electric generators, motors, and current leads, all of which contribute to its market 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.

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Market Dynamics:
Drivers:
A key driver of market revenue growth is the growing utilization of magnesium diboride powder as a potential fuel for hybrid rockets and ramjet propulsion. The increasing adoption of magnesium diboride powder in various applications is contributing significantly to the market's expansion. The material's favorable combustion characteristics, low melting and boiling points, and its ability to aid in the ignition and complete oxidation of boron particles enhance combustion efficiency, further driving its demand.

Challenges:
One of the primary challenges to revenue growth in this market is the material's low irreversibility field, which limits its applicability to low-field magnets. Magnesium diboride's inherent disadvantage is its poor irreversibility field, restricting its use in high-field magnet applications. The irreversibility field and maximum current density are critical factors in determining the practical upper limits for magnet or power-distribution applications, which could hinder overall market growth.

Regional Trends:
The Asia Pacific Magnesium Diboride Powder Market is expected to capture a significant market share in terms of revenue and is projected to experience a high compound annual growth rate (CAGR) in the near future. This growth is driven by technological advancements and the robust development of China's construction and chemical sectors, coupled with sustained investments aimed at bolstering the agriculture segment. Magnesite, a key raw material, is extensively utilized in the refractory industry, particularly in steel-making processes, which further supports market demand. The region's expanding construction sector, including the rising demand for ceramics in both residential and industrial applications, along with increased road construction activities in developing countries, is contributing to the growing need 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

Read Overview Report- https://www.insightaceanalytic.com/report/magnesium-diboride-powder-market/1838

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This release was published on openPR.