The global magnesium oxide nanopowder market is estimated to witness a healthy growth, at an estimated CAGR of over 8%, over the forecast period. The major factor driving the growth of the market studied is increasing demand for fuel additive.
- Higher production cost is likely to hinder the markets growth.
- Growing demand for refractory materials is also likely to augment the market growth in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from Electronics Industry
- The demand for magnesium oxide nanopowder has been increasing from the electronics segment due to its usage. The demand for magnesium oxide nanopowder in electrical and electronics industry is due to the electric properties, which make it an ideal ingredient and additive material for manufacturing electrodes, insulated conduits, and various other electronic devices and parts.
- The demand for consumer electronic products is on the rise, driven by innovation, rapid urbanization, education attainments, and growing household incomes, particularly in the emerging markets of the Asia-Pacific region (especially in China and India). The smartphone and wearable segment of the industry is the booming product category.
- The electronics industry in Asia-Pacific has been growing at a rate of more than 5% over the past couple of years and is estimated to continue the growth rate for the next few years.
- Hence, with such increasing demand, investments, and production in the electrical and electronics industry, the demand for magnesium oxide nanopowder for application in various electrical and electronic products is also expected to increase, during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China is one of the fastest emerging economies and has become one of the biggest production houses in the world, today. The country’s manufacturing sector is one of the major contributors to the country’s economy.
- China has the world’s largest electronics production base and offers tough competition to existing upstream producers, such as South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, tablets, and so on, have the highest growth in the market in the consumer electronics segment.
- China is the largest manufacturer of automobiles in the world. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy, and to minimize emissions (owing to the growing environmental concerns due to mounting pollution in the country).
- The production is expected to reach 30 million units by 2020, owing to the “Made in China 2025” initiative support in upgrading the existing low-cost mass production to higher value-added advanced manufacturing. “Automobile Mid and Long-Term Development Plan”, was released in 2017, with an objective to make China a strong auto power in the next ten years.
- Due to all such factors, the market for magnesium oxide nanopowder in the region is expected to have a steady growth during the forecast period.
The magnesium oxide nanopowder market is consolidated in nature. Some of the major players in the market include American Elements, Merck KGaA, US Research Nanomaterials, Inc., SkySpring Nanomaterials, Inc., and Strem Chemicals, Inc., among others.
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