Market Trends of Magnesium Oxide Nanoparticle Industry
This section covers the major market trends shaping the Magnesium Oxide Nanoparticle Market according to our research experts:
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.
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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.
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