Magnesia or magnesium oxide is an alkaline earth metal oxide majority of it is obtained from calcination of naturally occurring minerals. Magnesium oxide is solid white material found naturally, other main source of magnesium oxide is seawater, underground deposits of brine and deep salt bed. It is also a mineral supplement used to prevent hypomagnesemia.
Nano-crystalline magnesium oxide is expected to present new opportunities to market players
Increasing adoption of magnesium oxide from different industries such as chemical, medical, and construction industry is a major factor driving growth of the global magnesium oxide market. In addition, properties such as high thermal conductivity, low electrical conductivity is increasing its applicability in refrigeration, thermocouple tubes, brake linings, cements, and heating elements. Moreover, use of magnesium oxide in animal feed for magnesium nutrition in animals is expected to drive growth of the global magnesium oxide market.
However, health related side effects of magnesium oxide such as itching, rash, weakness, and stringent government regulation regarding use of magnesium oxide are major factors expected to restrain growth of the global magnesium oxide market.
Technological advancement such as synthesis of multifunctional magnesium oxide by various method and use of Nano-crystalline magnesium oxide recyclable catalyst for Wittig, is expected to present new opportunities to market players operating in the global magnesium oxide market over the forecast period.
The global magnesium oxide market is segmented on the basis of types, application, and region. On the basis of region, the global magnesium oxide market is segmented into North America. Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed application segment such as chemical industry, medical industry, and cement industry. Europe market accounts for the second largest revenue share contribution to the global magnesium oxide market followed by markets in Asia Pacific, Latin America and Middle East & Africa respectively. The market in Asia Pacific is projected to have the fastest growth in terms of revenue, owing to increase in industrial development in emerging economies in this region.
Prominent market player operating in the global magnesium market are RHI AG, Magnesita Refratários S.A., Magnezit Group, SMZ Jelsava, Martin Marietta Magnesia Specialties LLC, Kumas-Kuthaya Magnesite Works A.S., Ube Industries Ltd., Israel Chemical Ltd., Imerys SA, and Qinghua Refractory Group