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Surging Demand For Construction Drives Growth In The Magnesium Oxide Board Market: Pivotal Factor Influencing Magnesium Oxide Board Market Growth in 2025
Magnesium Oxide Board Market
Magnesium Oxide Board Market Size Growth Forecast: What to Expect by 2025?
In recent times, the size of the magnesium oxide board market has experienced a significant increase. The market is expected to expand from a $1.86 billion value in 2024 to a value of $1.96 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. The historic period's growth can be traced back to developments in the construction industry, the benefits of fire resistance, environmental concerns, a surge in demand for sustainable building approaches, and a preference for long-lasting construction materials.
How Will the Magnesium Oxide Board Market Size Evolve and Grow by 2029?
In the forthcoming years, the market size of magnesium oxide board is projected to experience substantial growth, escalating to $2.65 billion in 2029 with a compound annual growth rate (CAGR) of 7.8%. This growth during the forecast period can be attributed to several factors such as increasing investments in the construction industry, greater emphasis on fire safety, the rise of green building norms, advancements in architectural design, and the preference for lightweight construction materials. Key trends during the forecast period encompass innovation in magnesium oxide board compositions, market reactions to rigid building regulations and standards, focus on soundproofing and acoustic features, its use in exterior decorations and facades, as well as its application in unique construction projects.
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What Drivers Are Propelling the Growth of Magnesium Oxide Board Market Forward?
The magnesium oxide board market is anticipated to flourish owing to the escalating demand for construction activities. The term construction denotes the method of combining various materials to establish a structure at a certain site, following a detailed design and blueprint. Magnesium Oxide boards hold significant value in this sector as they are factory-produced non-insulating roofing board products intended for general construction purposes. These boards offer a superior alternative to wood board and gypsum board. To illustrate, the Bureau of Economic Analysis (BEA), an American governmental agency responsible for macroeconomic and industry statistics, reported that the US construction industry's size expanded from $1.916 trillion in the initial quarter of 2021 to $2.016 trillion in the initial quarter of 2022. Thus, the surging need for construction activities is propelling the expansion of the magnesium oxide board market.
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Which Fast-Growing Trends Are Poised to Disrupt the Magnesium Oxide Board Market?
In the magnesium oxide board market, leading corporations are producing revolutionary products with non-flammable characteristics to boost fire resistance and safeguard construction materials. These boards are designed to offer superior fire protection, making them appropriate for residential, commercial, and industrial structures. For example, MagMatrix, a magnetic sensor technology firm based in Switzerland, introduced the BMSC 517 in July 2024. Classified as non-combustible and meeting strict fire safety standards like the ASTM E136 certification, the BMSC 517 magnesium oxide board demonstrates resilience to high temperatures and prolonged flame resistance, making it an ideal choice for fire-rated uses. The board is comprised of 85% active light-burning magnesium oxide powder, bolstering its structural strength and fireproofing abilities. This composition aids in halting the progression of fire, therefore increasing the overall safety in building applications.
What Are the Key Segments in the Magnesium Oxide Board Market?
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
Subsegments:
1) By Thin (15 mm): 16 mm Boards, 20 mm Boards, Custom Thickness Boards
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Who Are the Key Players Shaping the Magnesium Oxide Board Market's Competitive Landscape?
Major companies operating in the magnesium oxide board market include GemtreeBoard Ltd., 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., Extremegreen Building Products LLC, Owens Corning, Ectek Building Materials., DragonBoard USA, ZS2 Technologies, RTF Systems, Huizhou Meisen Board Co Ltd., SINH Building Solutions BV, Huber Engineered Woods, Everything MgO LLC, Magmatrix Science & Technology Co Ltd.
What Geographic Markets Are Powering Growth in the Magnesium Oxide Board Market?
North America was the largest region in the magnesium oxide board market in 2024. The regions covered in the magnesium oxide board market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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