Albany, NY -- (SBWIRE) -- 11/24/2017 -- Transparency Market Research has released a new market report titled "Magnesium Oxide Nanopowder Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023". According to the report, the global magnesium oxide nanopowder market was valued at US$1.69 bn in 2014 and is anticipated to reach US$3.45 bn in 2023, expanding at a CAGR of 8.3% between 2015 and 2023.
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Magnesium oxide nanopowder is processed using magnesium ore as a raw material. Manufacture of magnesium oxide nanopowder is an energy intensive process, wherein magnesium hydroxide is calcined at high temperature. Magnesium oxide produced as a result of calcination exhibits high thermal and chemical stability; hence, it is used in the manufacture of flame retardant paints and coatings. It is also used in refractory linings applied in furnaces and boilers. Magnesium oxide nanopowder has large surface area as compared to particle size. This makes it useful in the construction industry. Magnesium oxide nanopowder is used extensively in the field of electronics and electrical owing to its excellent insulating properties. Magnesium oxide nanopowder is also employed in applications such as fuel additives, as it acts as corrosion inhibitor.
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Furnaces and boilers was the largest end-user segment of the magnesium oxide nanopowder market, accounting for more than 45% share in 2014. Due to high thermal stability, magnesium oxide nanopowder is extensively used in refractories for furnace linings due Research & development is being carried out to extend the usage of magnesium oxide nanopowder in orthopedic tissue engineering. This would increase the scope of application in the healthcare industry. Magnesium oxide nanopowder is used as dispersed phase in polymer composites, which is used post joint reconstruction surgeries for recovery of tissues. However, magnesium gets extremely hot and produce fumes when burned in open air. If inhaled, it can cause metal fume fever. Hence, it is necessary to take precautions during its manufacturing process and storage. Rise in health concerns and adverse impact on the environment are expected to hamper market growth.
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Paints & coatings industry has experienced a boost in demand as a result of infrastructural development in North America. The demand for magnesium oxide nanoparticle as an anti-bacterial coating is therefore anticipated to increase, owing to growth in the construction industry.
Furthermore, the magnesium oxide nanopowder market in Europe is estimated to expand significantly due to high demand, primarily from the aerospace industry. Rising demand for fuel additives and increasing demand for refractory materials are also projected to drive the magnesium oxide nanopowder market in the near future. Demand for magnesium oxide nanopowder in flame retardant applications is expected to increase owing to rising safety concerns. Furthermore, development of cost-effective manufacturing process and achievement of economies of scale are likely to act as opportunities for the market in the near future.
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Key players in the magnesium oxide nanopowder market are American Elements, US Research Nanomaterials, Inc., Stream Chemical, Inc., Eprui Nanoparticles & Microspheres Co. Ltd, Sigma Aldrich Corporation, Inframat Corporation, Reinste Nano Ventures Pvt. Ltd., NaBond Technologies Co., Limited, Nanostructured & Amorphous Materials, Inc., and SkySpring Nanomaterials, Inc.