LONDON--(BUSINESS WIRE)--The global magnesium oxide market size is expected to grow by USD 1.24 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The construction industry across advanced and emerging economies has witnessed considerable growth in the recent years. Magnesium oxide is a key material in the production of products such as construction panels, partition walls, covering for ceilings, and fire-and moisture-resistant structural walls. In addition, magnesium oxide is deployed in the development of magnesium oxide boards for constructing internal and external building walls. These boards are a cost-effective alternative to plasterboard gypsum style linings as they are made from a mixture of magnesium oxide, fiber mesh composites, non-organic minerals, and bonders. Furthermore, these boards are produced from mineral ingredients and do not contain toxic substances, making them a viable eco-friendly solution for the construction industry. Thus, with the growing opportunities from the residential and commercial construction, the demand for magnesium oxide is anticipated to rise considerably during the forecast period.
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As per Technavio, increasing adoption of magnesium oxide in water treatment will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Magnesium Oxide Market: Increasing Adoption of Magnesium Oxide in Water Treatment
With high adsorbing properties, magnesium oxide proves to be an effective agent for precipitating heavy metals from wastewater. The acid-neutralizing capacity of magnesium oxide also makes it a feasible substitute for lime in treating wastewater. Furthermore, the lower molecular weight of magnesium oxide aids in producing a comparably more compact sludge by using high volumes of magnesium oxide to precipitate heavy metal from wastewater. Thus, owing to the several benefits of magnesium oxide over lime, the demand for magnesium oxide for treating wastewater is likely to surge during the forecast period.
“Increasing steel production, growing demand from the animal feed industry, and surging use of magnesium oxide in toxic gas treatment will boost the magnesium oxide market growth during the forecast period”, says a senior analyst at Technavio.
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Global Magnesium Oxide Market: Segmentation Analysis
This market report segments the global magnesium oxide market by application (refractories, construction, agriculture, chemical, and others) and geography (APAC, Europe, MEA, North America, and South America)
APAC led the magnesium oxide market share in 2019, followed by Europe, North America, MEA, and South America respectively. The demand for magnesium oxide in the region is driven by its increased use as a fertilizer additive in the agriculture industry. Factors such as growing population, increasing availability of farming and agricultural lands, and rising demand for food grains are factors that will propel the agriculture industry in the region, which in turn will lead to the growth of the market.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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