Fused Magnesium Oxide Market Growth Opportunities, Key Players, and Business Strategies, 2023
The major drivers of fused magnesium oxide market are increase in demand from agriculture and iron & steel industry, growth in industrialization and increasing emphasis on sustainable industry activities.
(firmenpresse) - Global fused magnesium oxide market is expected to witness substantial growth in the coming years due to high demand form the automotive industry. Magnesium oxide is a naturally occurring periclase white solid mineral and a source of magnesium. Fused magnesium oxide is perfectly crystallized, has strong resistance to corrosion, is dense in texture and performs excellently in high temperatures. It is gaining popularity since it performs well under extreme conditions. Fused magnesium oxide is majorly used to manufacture crucibles and furnace linings that produce alloy steels. It is also an excellent electrically insulated material.
The major drivers of fused magnesium oxide market are increase in demand from agriculture and iron & steel industry, growth in industrialization and increasing emphasis on sustainable industry activities. Moreover, rise in demand from refractory application and steady growth in the industry is also driving the market. High availability of magnesium substitutes that decreases the demand for magnesium oxide is hampering the market growth. Magnesium substitutes have similar chemical and physical properties.
Increase in the number of mergers with suppliers by refractory organizations for ensuring consistent raw material supply is an emerging trend in the market. This saves cost and improves efficiency for the companies.
Fused magnesium oxide market is categorized on the basis of type, application, and geography. On the basis of type, market is divided into dead-burned magnesia (DBM), caustic calcined magnesia and fused magnesia. Caustic calcined magnesia segment is expected to hold larger share of the market due to high demand from agriculture. Based on application, market is divided into chemical intermediates, application, refractory, construction, and others. Refractory segment is predicted to lead the fused magnesium oxide market in future.
Geographically, market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to dominate the market due to existence of large number of market players, cheap labor, and outsourced production activities. North America and Europe are also leading the fused magnesium oxide industry due to growing technological advancements.
The prominent players in fused magnesium oxide market comprise Grecian Magnesite S.A., ICL, Baymag Inc., Martin Marietta, PremierMagnesia LLC, SMZ, a.s. Jelsava, Xinyang Mineral Group, Kumas Magnesite Industry Inc., RHI Magnesita N.V., Tateho Chemicals Industries Co., and Ube Industries Ltd.
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Datum: 31.03.2020 - 10:06 Uhr
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Date of sending: 31.03.2020
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