The Global High Purity Magnesium Oxide market was valued at USD 257.2 million in 2019 and is projected to reach around USD 377.1 million by 2027, expanding at CAGR of 5.2% during the forecast period. In terms of volume, the market is estimated to expand at a CAGR of 5.0% between 2020 and 2027. Magnesium oxide is a silvery metal, flammable, light, and a chemical element having the symbol Mg with an atomic number of 12. High purity magnesium oxide is produced by calcination of the magnesium hydroxide (Mg (OH)2) or mineral magnesite (MgCO3), which is obtained from brine by liming or seawater. It is produced from thermal hydrolysis of magnesium sulfide (MgS), magnesium sulfate (MgSO4), magnesium chloride (MgCl2), and basic carbonate. High purity magnesium is considered to be the eighth-most abundant element and it is typically 0.12% of seawater and equals about 2% of the Earth's crust.
The global high purity magnesium oxide market is anticipated to grow due to the rise in industrialization in developing countries and due to back development of ceramics, nonferrous metal, and the chemical industry. Moreover, rising product demand for dietary supplements for maintaining product quality in the pharma industry is likely to boost market during the forecast period. The market is facing unprecedented challenges such as environmental pressures, water resources, product homogeneity, high production cost, and industrial blind development. These factors are expected to hamper the market in the coming years.
Pharmaceutical Grade Magnesium Oxide
High purity magnesium helps in the transportation of potassium and calcium ions through body cell membranes to support normal, healthy heart rhythm. A high purity magnesium oxide product is a free-flowing white powder, which is used for producing pharmaceutical-grade magnesium derivatives for food additives and mineral supplements. Moreover, it is used in the manufacturing of antacid preparations.
Food Grade Magnesium Oxide
The high purity magnesium oxide is used as a food additive for pH modification, color retention, powder mix desiccant (drying agents), or a magnesium supplement. Furthermore, high purity magnesium oxide keeps powdered foods such as powder drink mixes in free-flowing form. The food grade magnesium oxide is used as an additive in food production. It is also used as a coagulant in making tofu and other types of bean products.
Synthetic Magnesium Oxide
Synthetic magnesium oxide (MgO) is synthetically produced from magnesium chloride and dolime. It is used in the production of transformer steel, chemical, magnesium compounds, and in the leather industry for leather tanning.
In terms of applications, the high purity magnesium oxide market is segregated into oriented silicon steels industry, silicon steel coatings industry, pharmaceutical industry, food industry, electrician magnesium industry, hydrotalcite industry, and rubber industry. High purity magnesium oxide is extensively used in the area of the oriented silicon steels as it is considered to be energy efficient in electrical steel, and thus is used in transformers where energy conservation is critical. Furthermore, the uses of high purity magnesium oxides in the pharmaceutical industry are rising, as they are used in the manufacturing of various medicines and particularly in antibiotics.
Based on regions, the global high purity magnesium oxide market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The market in Asia Pacific is expected to expand at a significant CAGR during the forecast period owing to growing presences for emerging economies in China and India. Moreover, rising industrialization in these countries is anticipated to fuel the market. The market in North America is expected hold over1/5th share of the market in 2019 due to the growth of various industries such as glass, steel, and ceramic.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers types of high purity magnesium oxide such as pharmaceutical grade magnesium oxide, food grade magnesium oxide, and synthetic magnesium oxide.
According to this Growth Market Reports report, the market from high purity magnesium oxide is likely to register a CAGR of 5.2% during forecast period 2020-2027, with an anticipated valuation of USD 377.1 million by the end of the 2027.
In addition to market size (in USD Million) and company market share (in % for base year 2019), other data such macro-economic factors, COVID-19 Impact on the high purity magnesium oxide is available in final report.
The market is driven by rise in industrialization in developing countries and due to growing product demand for dietary products for maintaining product quality in the pharma industry.
Oriented silicon steels industry, silicon steel coatings industry, pharmaceutical industry, food industry, electrician magnesium industry, hydrotalcite industry, and rubber industry the key applications that are driving the global high purity magnesium oxide market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness slight fall in growth owing to the negative impact of COVID-19 pandemic on the high purity magnesium oxide market.
The base year considered for the global high purity magnesium oxide market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major manufactures include, JSC KAUSTIK, Konoshima Co., Ltd., Buschle & Lepper SA, Kyowa Chemical, Tateho Chemical Industries Co., Ltd., and MAGNESIA GmbH.
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