Global Magnesium Oxide Market to Grow at Over 4% CAGR through 2026, Demand from Iron and Steel Refractory Fuelling Growth

The global magnesium oxide market is projected to grow at over 4% CAGR during the forecast period 2016-2026 according to a new research report added to the repository of Market Research Reports Search Engine (MRRSE). According to the report, titled, “Magnesium Oxide Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2026” steady demand from iron and steel refractories and resurgence of the construction industry will play an important part in the growth of the magnesium oxide market.

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According to the report, magnesium oxide, also known as magnesia, is used widely in iron and steel refractories. Of the three commonly available variants of magnesium oxide, DBM, FM, and CCM, demand for DBM remains the highest in iron and steel refractories. Steady demand from these end-use industries is likely to provide an impetus to global demand during the forecast period. In addition to iron and steel refractories, demand from the construction sector will also provide support to demand. Magnesium oxide is used in the cement industry as an additive for cement manufacturing. Owing to steady growth in the construction sector, the demand for cement is likely to witness an increase, which in turn is likely to fuel the prospects of magnesium oxide market during the forecast period. Apart from these uses, magnesium oxide demand for feed additives and wastewater management are also likely to create opportunities for manufacturers during the forecast period. Although the outlook on the global magnesium oxide market remains positive, stringer regulations can impede the growth during the forecast period. The magnesium oxide industry is heavily influenced by regulations as compliance adds up to the operating cost, further squeezing the profits in a highly fragmented market. The alternatives of magnesium oxide available in the market can further impede its growth.

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An important trend emerging in the global magnesium oxide market is the steady increase in demand for FM. Although DBM continues to the widely sold magnesium oxide globally, accounting for nearly 57% revenue share in the market, end use industries are showing a steady preference for FM on account of its superior qualities. DBM will remain the highest segment on the basis of revenue share, but FM’s market share is also likely to witness a slight increase.

On the basis of regions, Asia Pacific excluding Japan (APEJ) remains one of the leading markets for magnesium oxide globally. Steady demand from end-use industries in APEJ is projected to boost the prospects of magnesium oxide manufacturers during the forecast period. Some of the leading players profiled in the market include Magnezit Group Europe GmbH, Grecian Magnesite S.A., Premier Magnesia LLC, Martin Marietta Materials Inc., Kumas Manyezit Sanayi A.S., Magnesita Refractories SA Premier Periclase Ltd., and Israel Chemicals Ltd

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