The market for Magnesium Oxide Nanoparticle is expected to grow at a CAGR of over 7% during the forecast period. Major factors driving the market studied are increasing demand from refractories segment and rising demand from electronics segment. On the flipside, high production cost associated with the product and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing demand for magnesium oxide nanoparticle as fire retardants is expected to offer various lucrative opportunities for the growth of market.
- By application, refractories segment is expected to dominate the market owing to the increase in the usage of magnesium oxide nanoparticle as refractory material for furnace linings.
- Asia-Pacific region dominated the magnesium oxide nanoparticle market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from Refractories Segment
- Magnesium oxide nanoparticles are white powdered material, and are non-toxic, tasteless, and odorless in nature. These nano-sized materials have superior properties such as high hardness, high melting point, and high purity.
- The increasing demand of magnesium oxide nanoparticle in furnace lining due to properties such as high corrosion resistance, high tensile strength, low electrical conductivity, and high thermal conductivity, is expected to propel the magnesium oxide nanoparticle market during the forecast period.
- Additionally, steel and cement industries are expected to grow due to rapid industrialization during the forecast period. Owing to this, the demand of magnesium oxide nanoparticle is expected to rise in refractories, which would stimulate its market during the forecast period.
- The market for refractories is projected to grow at a CAGR of over 5% during the forecast period. This is anticipated to provide ample opportunities for the growth of magnesium oxide nanoparticle market during the forecast period.
- Owing to all the above-mentioned factors for magnesium oxide nanoparticle, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for magnesium oxide nanoparticle during the forecast period. In countries like China, India, Japan and South Korea, owing to increasing demand for magnesium oxide nanoparticle from various end-user industries like steel, cement, coatings, and electronics industries, the magnesium oxide nanoparticle market has been growing in the region.
- Magnesium oxide nanoparticles are utilized as a support material in the matrix of composites owing to properties such as wear resistance and high compressive strength. Also, magnesium oxide nanoparticles are used as fuel additives for maintaining fuel efficiency in the transport industry. These factors are expected to positively impact the magnesium oxide nanoparticles market.
- Furthermore, increasing demand of magnesium oxide nanoparticles as a filler in electronics industry owing to its high insulating nature is fueling the magnesium oxide nanoparticles market. Apart from this, these electrically insulating materials are used in crucibles, smelters, electrode bars, and insulated conduits.
- Additionally, the usage of magnesium oxide nanoparticles in coatings industry owing to its anti-corrosion and fire-retardant properties is propelling the magnesium oxide nanoparticle market in the region.
- The Asia-Pacific paints & coatings industry is expected to grow at a CAGR of over 5% during the forecast period, which is expected to provide lucrative opportunities for the growth of magnesium oxide nanoparticle market.
- Some of the major companies operating in Asia-Pacific region are - Reinste Nano Ventures, American Elements, and Nanoshel LLC.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for magnesium oxide nanoparticle during the forecast period.
The magnesium oxide nanoparticle market is consolidated with top players accounting for a major share of the market. Some of the key companies in the market include American Elements, Inframat Advanced Materials, LLC, MARTIN MARIETTA MAGNESIA SPECIALTIES, LLC, SkySpring Nanomaterials, Inc, and Reinste Nano Ventures.
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