Magnesium Oxide Market to Grow Over 5% CAGR by 2031
The Magnesium Oxide Market is gaining momentum again as the key application sectors are getting back to the track after getting over the shockwaves due to the COVID-19 pandemic earlier in 2020. While the rise in demand for dead burned magnesia and caustic calcined magnesia fuelled the sales over the past decade, requirement in industrial, refractories, and other sectors is further spearheading the growth of magnesium oxide industry.
The latest revised edition of the report on ‘magnesium oxide’ market study by Future Market Insights (FMI) offers an in-depth analysis of the global industry trends, growth & restraining factors, and demand-supply trajectories during the forecast period of 2021 to 2031. As per the report, the industrial sector will majorly account for the industry growth while North America, Europe, Latin America, and Asia Pacific will remain the leading region.
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Key Takeaways from Market Study
- The global magnesium oxide industry is expected to ascend at over 5% CAGR through 2031
- High demand for dead burned magnesia (DBM) to augment the industry growth
- Rise in application in industrial sector to propel the demand growth
- The United States to remain in the leading position in North America magnesium oxide industry
- Germany to maintain its lead in Europe magnesium oxide industry
- Asia Pacific to register the fastest growth throughout the forecast period
- China, Japan, the United Kingdom, India, Canada, and a few other countries to have positive industry outlook
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How is the Demand from Industrial Sectors Boosting the Sales of Magnesium Oxide?
Magnesium oxide has extensive application across diverse industrial sectors such as-
- Soil remediation
- Wastewater treatment
- Emissions treatment
- Drinking water treatment
- To molten iron and steel to remove sulfur
And others. As a result the demand from these sectors are aiding in the growth of magnesium oxide providers.
According to a report titled “Performance of the Agriculture Sector- Statistics Explained” published by the European Commission (EC), the European Union (EU)- 27’s agricultural industry created gross value added of EUR 176.4 Billion in 2019, while agriculture contributed 1.3% to the EU-27’s Gross Domestic Product (GDP) in 2019. This gives a glimpse of the high demand for magnesium oxide across various industrial sectors.
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