Magnesium Oxide Market: Refractories to Remain Prominent Consumer during the Forecast Period; Global Industry Analysis and Opportunity Assessment, 2016 - 2026

Magnesium Oxide Market: Refractories to Remain Prominent Consumer during the Forecast Period; Global Industry Analysis and Opportunity Assessment, 2016 - 2026

Introduction

The global magnesium oxide market is estimated to reach US$ 5,505 Mn by 2016 end and is projected to expand at a CAGR of 4.1% in terms of value during the forecast period, 2016–2026.

Magnesium oxide, often termed magnesia, is one of the most widely used magnesium compounds. This versatile alkaline-earth metal oxide finds a variety of applications across a diverse set of industries. Obtained either by calcination of naturally occurring mineral sources such as magnesite or synthetically from seawater or brines, three grades of magnesium oxide, namely, dead burned magnesia (DBM), fused magnesia (FM) and caustic calcined magnesia (CCM) are used for commercial applications across industries. Almost all dead burned magnesia and fused magnesia produced are used in refractory application.

Besides refractories, magnesium oxide is used in animal feed, fertilisers and pulp bleaching, among others. Due to its relatively high alkalinity, it is increasingly used in wastewater treatment processes and flue gas desulphurisation. Furthermore, magnesium oxide is also used in fertilisers and as mineral additives in animal feed.

Market Dynamics

Growth of the global magnesium oxide market is expected to be driven by increasing demand from refractory application, especially in iron & steel industry. Steady growth in this industry is anticipated to drive growth of the magnesium oxide market over the forecast period. Additionally, demand for refractories is expected to be driven by increasing global iron & steel output. DBM and FM grades of magnesium oxide are used in refractory industries. Over 70% of the magnesium oxide used in refractory industries is of DBM grade.

Owing to superior properties of FM over DBM, FM segment is expected to gain additional share in the near future. Another prominent driver fuelling growth of the magnesium oxide market is growing cement consumption globally; magnesium oxide is used as a cement additive in the cement industry. China and India are the largest consumers of cement globally, cumulatively accounting for over 70% share of overall consumption. Global cement consumption is expected to increase at a CAGR of 4% over forecast period. This in turn is anticipated to drive growth of the magnesium oxide market over the forecast period.

Also, increasing use of magnesium oxide in animal feed, magnesia-based wallboards and increasing demand for application in wastewater treatment are factors expected to positively impact the global magnesium oxide market over forecast period. However, regulations directed towards reducing environmental pollution emanating from steel production among other industries are expected to act as impediment to growth of the magnesium oxide market during the same period. Also, use of magnesia substitutes is another factor that is expected to restrain growth of the magnesium oxide market over the forecast period. Increasing preference of FM over DBM in refractory application is an ongoing trend in the market. Another prominent trend is backward integration by refractory companies to ensure consistent supply of raw materials.

Global Magnesium Oxide Market Taxonomy

The global magnesium oxide market is segmented as follows:

  • By Product Type
  • By Application
  • By Region

By product type, the global magnesium oxide market is segmented into dead burned magnesia, caustic calcined magnesia and fused magnesia. In terms of volume, DBM segment is estimated to continue its dominance in global magnesium oxide market over the forecast period.

On the basis of application, the global magnesium oxide market is classified into industrial, refractory, agricultural and others. Among these segments, refractory segment is expected to be the most prominent segment in the global magnesium oxide market over the forecast period. Use of magnesium oxide in agricultural application, driven primarily by increasing consumption in animal feed and fertilizers manufacture, is expected to gain traction during forecast period

Regional Analysis

On the basis of regions, the global magnesium oxide market is segmented into North America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Latin America and Middle East & Africa. APEJ is anticipated to dominate the market in terms of both value and volume over the forecast period.

Key Players

Key players identified in this report include Martin Marietta Inc., Grecian Magnesite S.A., Premier Magnesia LLC, Ube Industries Ltd., Robert Half International AG, Magnezit Group Europe GmbH, Magnesita Refratários S.A., Küma? Manyezit Sanayi A.?., Xinyang Mineral Group, Israel Chemical Ltd. and SMZ, a.s. Jelšava.

Key Segments Covered

On the basis of Product Type, the global magnesium market is segmented as follows:

  • Dead Burned Magnesia
  • Caustic Calcined Magnesia
  • Fused Magnesia

 On the basis of application, the global magnesium market is segmented as follows: 

  • Industrial
  • Refractories
  • Agricultural
  • Others

Regionally, magnesium market is segmented as follows:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Middle East & Africa
  • Japan

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