Global magnesium oxide market is set for solid growth over the next 10 years with a CAGR of 5 per cent by 2031, according to a report by consulting firm Future Market Insights.

Increasing research and development activities conducted to study application of dead burned magnesia and fused magnesia is one of the key factors driving the market, stated the Esomar-certified consulting firm in this study.

According to FMI experts, surging government investment in agricultural and industrial sector will boost the market. Rising demand of magnesium oxide in development of refractory linings of furnace in iron and steel industry will positively influence the market growth, they added.

As per the European Commission (EC) data, 1.3% to the European Union (EU)-27's Gross Domestic Product (GDP) was contributed by agriculture. With soaring industrialization and development in the field of agriculture, high growth in magnesium oxide market is on the card.

"High acid neutralizing capabilities of magnesium oxide has made it popular as lime alternative in waste treatment facilities, thus elevating the magnesium market growth", said a FMI analyst.

The US is the dominant market for magnesium oxide in North America. Growth in the US will be driven by rising adoption of magnesium oxide in biomedical applications and rapid advancement in manufacturing sector and industrial infrastructure, he added.

According to him, Europe is expected to showcase positive growth trajectory during the forecast period.
Surging demand from agricultural sector and consistently evolving industrial domain will create growth opportunities.

China dominates the magnesium oxide market in the Asia pacific on the back of booming industrial sector and soaring demand for dead burned magnesia, he explained.

India is offering lucrative growth opportunities for magnesium oxide market. With establishment of modern industries and manufacturing units coupled with increasing use of magnesium oxide in refractories and agricultural sector, market sales are expected to skyrocket during the forecast period, he added.

The FMI report said rising demand of magnesium oxide for filtration of heavy metals in wastewater treatment was driving the market growth.

Increasing use of magnesium oxide in fertilizer manufacturing and other agro-based applications is driving the magnesium oxide market sales, it stated.

Leading players profiled by FMI operating in magnesium oxide market include Grecian Magnesite, Ube Industries, Magnezit Group Europe, Kuma, Xinyang Mineral Group, Israel Chemical, Manyezit Sanayi, MagnesitaRefratarios, Robert Half International, Premier Magnesia and Martin Marietta.-TradeArabia News Service

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