Magnesium Oxide Nanoparticles Market is segmented by Application (Refractories, Construction & Ceramics, Electronics, Coatings, Petroleum Products, Aerospace, etc.) and Geography (Asia Pacific, North America, Europe, South America, Middle East & Africa)
Magnesium Oxide Nanoparticles Market Summary
The magnesium oxide nanoparticles market is expected to grow at a CAGR of over 7% during the forecast period. The major factors driving the research market are increasing demand in the refractory segment and increasing demand in the electronics segment. On the other hand, high production costs associated with the product are expected to hamper the market growth.
Growing demand for magnesium oxide nanoparticles as a flame retardant is expected to provide various lucrative opportunities for the growth of the market.
By application, refractory materials are expected to dominate the market due to rising use of magnesium oxide nanoparticles as furnace lining refractory materials.
The Asia Pacific region dominates the global magnesium oxide nanoparticles market, with the largest consumption in countries such as China, India, and Japan.
Magnesium Oxide Nanoparticles Market includes:
|Construction & Ceramics|
|Rest of Asia-Pacific|
|Rest of Europe|
|Rest of South America|
|Middle-East and Africa|
|Rest of Middle-East and Africa|
Major Market Trends
Increased demand for refractory materials
1. Magnesium oxide nanoparticles are white powdery substances, which are non-toxic, tasteless and odorless in nature. These nanoscale materials have superior properties such as high hardness, high melting point, and high purity.
2. Increasing demand for magnesium oxide nanoparticles in furnace linings due to properties such as high corrosion resistance, high tensile strength, low electrical conductivity, and high thermal conductivity is expected to drive the magnesium oxide nanoparticles market over the forecast period.
3. Furthermore, the steel and cement industry is expected to grow owing to rapid industrialization over the forecast period. Hence, the demand for magnesium oxide nanoparticles in refractories is expected to rise, which will stimulate its market over the forecast period.
4. The refractories market is expected to grow at a CAGR of over 5% during the forecast period. This is expected to provide ample opportunity for the growth of the magnesium oxide nanoparticles market during the forecast period.
5. Owing to all the aforementioned factors of magnesium oxide nanoparticles, its market is expected to grow rapidly during the forecast period.
Magnesium Oxide Nanoparticles Market Consolidated With Top Players Accounting For A Major Share Of The Market. Some of the key players in the market include American Elements, Inframat Advanced Materials LLC, Martin MARIETTA MAGNESIA SPECIALTIES LLC, SkySpring Nanomaterials Inc, and Reinste Nano Ventures.