Magnesium Oxide Market to Grow at CAGR of 4.1% through 2026
Steady demand for refractory products from a variety of industries including iron & steel, glass and ceramics, among others is expected to help maintain steady pace in terms of growth of the magnesium oxide market during the forecast period. On the other hand, growth opportunities are expected to arise from increasing use of magnesium oxide for agricultural (fertilizer, animal feed etc.), water treatment and construction industry-related applications. Growing use of magnesium oxide for manufacture of magnesium oxide boards, which are effective, low-cost and greener alternatives to conventional gypsum and Portland cement boards among others, is expected to gain traction over the forecast period.
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Product-wise, dead-burned magnesia will continue to remain the largest segment, accounting for over 57% value share in the overall magnesium oxide market in 2016. Increasing preference for fused magnesia as an alternative to dead burned magnesia is expected to be witnessed during the forecast period. Caustic calcined magnesia, which is primarily used for non-refractory applications such as animal feed and fertilizers, is expected to witness faster growth, registering a CAGR of 5.3% in terms of value during the forecast period.
Asia Pacific excluding Japan (APEJ) will remain the largest market for magnesium oxide. The market in the region is estimated to account for approximately 59% share of the overall magnesium oxide market value in 2016. The region, spearheaded by China, accounts for a significant share in the overall global iron & steel production, consumption of animal feed and agrochemicals. Besides, APAC accounts for highest production capacity and consumption of magnesium oxide boards. China is anticipated to continue to be the most lucrative market for magnesium oxide during the forecast period.
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Grecian Magnesite S.A., Martin Marietta Materials Inc., Premier Magnesia LLC, Magnezit Group Europe GmbH, Kumas Manyezit Sanayi A.S., Premier Periclase Ltd., Magnesita Refractories SA and Israel Chemicals Ltd. are prominent players in the global magnesium oxide market. Some of the major refractories manufacturing companies have adopted a backward integration strategy and acquiring magnesium oxide manufacturing companies so as to ensure cost savings and a steady supply of raw materials. Some of the key companies are expected to undertake capacity expansions, and certain new capacities are expected to become operational during the forecast period.
Long-term Outlook: Revenue from the global magnesium oxide market is anticipated to increase at a CAGR of 4.1% over 2016–2026, reaching US$ 8.2 Bn in revenues by 2026. APEJ will remain the largest market throughout the forecast period and is expected to witness fastest growth in terms of value, registering a CAGR of 4.6% over 2016–2026.
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