Pune, India -- (SBWIRE) -- 09/25/2018 -- Synopsis of Magnesium Oxide Market

Magnesium oxide, also known as magnesia (MgO), is a hygroscopic compound, produced from magnesite ores by pyrolysis or recovered from seawater through electrolysis. Magnesium oxide find its applications in agriculture, refractory, and building, and construction among others. It is extensively used in iron & steel, and ceramic & glass industry as a refractory lining.

According to the MRFR analysis, the global magnesium oxide market is expected to grow significantly during the forecast period. The growing need for refractory material in furnaces, kilns, incinerators, and reactors among others is positively contributing to the growth of the market. Therefore, the growing industrialization in the emerging economies is considered to boost the growth of the global market. According to the India Brand Equity Foundation, the steel manufacturing output is anticipated to grow from 88.4 million tons in 2017 to 126.8 million tons by 2021. The iron & steel industry is the leading consumer of magnesium oxide, with a value of 26 million tons annually. Furthermore, the growth in the ceramics, nonferrous metal and chemical industry coupled with the increasing glass production is also positively affecting the global magnesium oxide market. Moreover, the growing demand for magnesium oxide in fertilizers and animal feed is also contributing to the market growth.

Get a Sample Report for Brief Overview @ https://www.marketresearchfuture.com/sample_request/1983

Key Findings

Global Magnesium oxide market is projected to reach USD 3,934.5 million by 2023 at a CAGR of 5.34%.

North America emerged as the second largest market and has acquired 15% of the global share, expanding at dynamic CAGR of 4.40%.

As per the analysis, the U.S. was the most promising country-level market and has generated the largest revenue of USD 618.2 million growing at 4.40% of CAGR

On the basis of the product type, DBM dominated the global market in 2016, with significant market shares and expanding at the highest CAGR of 5.06%. Similarly, application segment has been dominated by refractory segment.

Asia Pacific to be the highly focused market for key industry participant over the assessment years. Increasing industrial investment, industrial automation and industrial expansion have increased the importance of this region among the industry players.

Intended Audience

Magnesium oxide manufacturers
Traders and distributors of Magnesium oxide manufacturers
Production process industries
Potential investors
Raw material suppliers

Segmentation

The Magnesium oxide market is fragmented on the basis of product type, application, and region. On the basis of type, the market is segmented into DMB, CCM, and FM. The market on the basis of the application is segmented into refractory, agriculture, chemical intermediates, construction, and others. The market on the basis of refractory is further segmented into steel, ceramics, glass, and others. On the basis of agricultural, the market is further segmented into fertilizers and animal feed. The agricultural segment is further segmented into fertilizer and animal feed. On the basis of the region, the global market has been spanned across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Access Sample Report @ https://www.marketresearchfuture.com/reports/magnesium-oxide-market-1983