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New Trends in Magnesium Oxide Market Size 2021 | Drivers, Constraints, Opportunities and Future Growth by 2028

New Trends in Magnesium Oxide Market Size 2021 | Drivers, Constraints, Opportunities and Future Growth by 2028Magnesium Oxide Market size is expected to grow from US $ 4,145.08 MN in 2020 to US $ 7,305.09 MN by 2028, at a CAGR of 7.3%. Magnesium Oxide Market size is expected to grow from US $ 4,145.08 MN in 2020 to US $ 7,305.09 MN by 2028, at a CAGR of 7.3%.

The market report “Magnesium Oxide Market by Products (High Grade Magnesium Oxide, Magnesium Hydroxide and Magnesium Ingot), Types (Synthetic Magnesium Oxide, Caustic Calcined Magnesia (CCM), Light Burned Magnesium Oxide, Dead Burned Magnesia (DBM), Hard Burned Magnesium Oxide and Fused Magnesia (FM)), Applications (Paper & Pulp, Agriculture, Construction, Environment, Medical / Pharmaceutical, Agrochemical, Rubber, Healthcare, Veterinary Drugs, Water Treatment, Chemical Intermediates, Food, Oriented Silicon Steel, Refractory and Cosmetic), Distribution Channels (Online and Offline), and Region – Forecast to 2028”. The magnesium oxide market is growing at a CAGR of 7.3% by 2028, owing to the escalated demand from steel and iron industries.

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Based on application, the refractory segment is estimated to grow at highest CAGR segment during the study period.On the basis of application, the market is categorized into paper & pulp, agriculture, construction, environment, medical / pharmaceutical, agrochemical, rubber, healthcare, veterinary drugs, water treatment, chemical intermediates, food, oriented silicon steel, refractory and cosmetic. The refractory segment is estimated to be the fastest growing market segment strongly driven due to extensive use in refractory applications due to their excellent temperature resistivity.

Based on type, the fused magnesia (FM) segment is anticipated to grow faster during the forecast period.On the basis of type, the market is segmented into synthetic magnesium oxide, caustic calcined magnesia (CCM), light burned magnesium oxide, dead burned magnesia (DBM), hard burned magnesium oxide and fused magnesia (FM). The fused magnesia (FM) segment is projected to grow faster during the forecast period as fused magnesia is the great need for refractory raw materials that can withstand oxidative environment at elevated temperatures.

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By geography, Asia Pacific is expected to dominate the marketOn the basis of geography, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is experiencing a dominant position in the magnesium oxide market. This is mainly attributed due to the occurrence of chief agrarian economies. Moreover, due to the increasing industrialization, there is enormous demand and the need for refractory materials particularly in the iron & steel industry.

The key players in this market are Martin Marietta, Grecian Magnesite S.A., Ube Industries Ltd, Tateho Chemical Industries Co., Baymag Inc, Ube Industries Ltd,Qinghua Refractory Group Ltd, Dashiqiao Huamei Group, ICL Industrial Products: ICL IP, RHI Magnesita, PremierMagnesia LLC, Magnezit Group, Nedmag BV and Wuxi Zehui Chemical Co., Ltd.

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