The global magnesium market is projected to observe a phenomenal growth in the next few years, thanks to range of industries that found its use in various applications. With the bouncing back of economy post covid pandemic, the magnesium oxide market is also levelling up and making a comeback with an astounding growth as projected by the market experts.
Magnesium oxide is used in fuel additives to efficiently manage the low temperature and high temperature related corrosion of industrial boiler equipment which boils liquid and solid fuel. Therefore, the demand for fuel additives is expected to drive the growth opportunities for magnesium oxide market in the future.
That’s not enough from the fuel additives, the magnesium oxide is also used in production of magnesium salicylates and over based magnesium sulfonates which later serves as fuel additives, owing to the expansion of the global magnesium oxide market.
Refractory Materials to Bolster the Market
The refractory materials are providing impetus to the growth of the magnesium market by reducing the chemical reactivity.
So far, the huge demand for the magnesium oxide comes from the refractory material industry. The magnesium oxide has high melting point of 2800 degree Celsius; this property of magnesium oxide offers resistance to basic slags and moderate cost makes it a viable choice for heat intensive glass, metal, and fired ceramic applications.
However, the substitutes such as graphite and silicon carbide may hinder the growth of the magnesium market in the forthcoming years.
Nonetheless, the rammables, monolithic gunnables, spinel formulations, magnesia refractory bricks are all made of magnesium oxide are expected to drive the growth of the magnesium oxide market as these products are used in nonferrous, ferroalloy, and ceramic kiln applications. Hence, the market for magnesium oxide is expected to witness a stupendous growth in the coming years.
Asia Pacific to Deepen the Demand
Among all the region, the Asia Pacific is expected to hold a largest share in the global magnesium oxide market. Some of the strong determinants driving the growth in the region are – developing economies such as China and India and rapid industrialization in these countries are expected to drive the growth opportunities in the global magnesium oxide market.
Further, the large demand is expected to come from iron and steel and industry and as obvious the refractory material industry is expected to boost the magnesium oxide market in the next few years.
As far as the competition is concerned in the global magnesium oxide market, the market is said to be highly fragmented with cut throat competition due to the presence of many players in the market. The players are indulging themselves deeply into figuring out market strategies in order to maintain their market positions and dive deeper into the market to expand their presence. These companies are also leveraging mergers, collaborations, acquisitions to penetrate deeper into the global magnesium oxide market by providing quality and innovative high-end products.
Therefore, these positive impacts projects a favorable condition for the magnesium oxide market, and in a nutshell, the market is projected to see a remarkable growth in the next few years.