The variable functionality of magnesium oxide makes the compound one of the most essential industrial component in the world. Growing industrialisation is a key factor contributing to global demand for magnesium oxide.
In 2016, the global magnesium oxide market is expected to be valued at US$ 5.05 Bn, representing 11,182 KT in volumes. During the next ten years, the revenue gained by the global magnesium oxide market is likely to increase at a 4.1% CAGR to surpass US$ 8 Bn in revenues.
Magnesium oxide, commonly known as magnesia, is resourceful in nature and that influences its demand. It is a hygroscopic solid mineral available in form of oxides and is highly stable. The stability of magnesium oxide particles helps the investigation of vibration characteristics of different crystals. Magnesium oxide is chemically and physically stable at extreme temperatures and is used as a raw material in dry processing plants that produce Portland cement.
As a poor desiccant, magnesium oxide neutralises sulphur oxide and is used for preserving books. Another vital functionality of the mineral is its extensive use for treatment of wastewater. Magnesium oxide stabilises heavy metal species present in dissolved state and is used in the remediation of soil, groundwater and industrial waste and air emissions.
In medicine, magnesium oxide relives heartburn and stomach ailments by working as an antacid. It is also used as a supplement in laxatives that cure indigestion. But, the main harbour for growth of magnesium oxide market will always be the iron and steel industry. Magnesium oxide is most importantly known as a refractory material. 70% of iron and steel industry uses refractories. As a refractory material, magnesia is used for lining furnaces, incinerators and reactors, which produce major amount casting glass crucibles and metal moulds.
The multifaceted utilisation of magnesium oxide stimulates the growth of magnesium oxide market. Being a resource to such significant processes makes magnesium oxide a necessity for the future as well. Overflowing demand for compounds like dead-burned magnesia and caustic calcined magnesia puts the future of global magnesium oxide market on a profitable stance.
The largest magnesium oxide market is Asia Pacific excluding Japan (APEJ). With more than half of the total market share for magnesium oxide, APEJ will continue to perform as an important key region. China’s magnesium oxide market is dominating with a significant share of market value and a high production capacity.
Premier Magnesia LLC, Premier Periclase Ltd., Grecian Magnesite S.A., Magnesita Refractories SA, and Martin Marietta Materials Inc. dominate the global magnesium oxide market by undertaking capacity expansions with acquisition of magnesium oxide manufactures. The expansion of such companies is befitting the increasing demand for magnesia and is thereby promoting long-term gains for global magnesium oxide market.
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