The global magnesium oxide market size was US$ 4822.9 million in 2021. The global magnesium oxide market is forecast to grow to US$ 8351.7 by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
Magnesium oxide (MgO), also referred to as magnesia, is a hygroscopic compound developed by pyrolysis of magnesite ores or salt water electrolysis. Magnesium oxide has various health benefits that can cure various diseases. Apart from that, the compound is used across a variety of industries, including construction, refractory, agricultural, building, etc.

Factors Influencing the Market
Demand for refractory materials is increasing as the world becomes more industrialized. Moreover, governments of various emerging economies, such as India and China, are investing highly in boosting industrialization. As a result, it will fuel the growth of the global magnesium oxide market.
The global magnesium oxide market is growing as a result of several factors, such as the growing use of iron and steel. Apart from that, the market is expected to see tremendous demand growth in the years ahead as a result of the industry's extraordinary growth in recent years.
Nonferrous metals are becoming more popular, and glass production is increasing, which will drive the magnesium oxide market forward.
Aside from that, the market for magnesium oxide is expected to grow due to the development of nonferrous metals, ceramics, and the chemical industry. On the contrary, the presence of various substitutes for graphite and silicon carbide may limit the growth of the market.

Regional Analysis
The Asia-Pacific magnesium oxide market is forecast to register a tremendous growth rate, owing to the increasing industrial funding and industrial automation. Furthermore, the contribution of various emerging economies such as India and China and favourable policies by the governments will also benefit the magnesium oxide market. Growing industrialization will also upsurge the demand for refractory materials. Therefore, it will propel the market forward.

COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for magnesium oxide decreased drastically, owing to the decline in the demand from the construction and agriculture sector. The construction sector recorded a sharp drop in terms of revenue. As a result, it hampered the growth of the magnesium oxide market. Further, the decline in industrial activities due to imposed lockdown restrictions further hampered the market growth during the COVID-19 pandemic period.

Competitors in the Market
ICE
Martin Marietta
RHI Magnesita N.V.
PremierMagnesia LLC
Grecian Magnesite S.A.
Kumas Magnesite Industry Inc
Ube Industries Ltd
Xinyang Mineral Group
Tateho Chemicals Industries Co
Other Prominent Players

Market Segmentation
The global magnesium oxide market segmentation focuses on Type, Application, and Region.
By Type
DBM
CCM
FM
By Application
Refractory
Agriculture
Chemical Intermediates
Construction
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America