The development of cost-effective manufacturing processes is projected to serve as a major opportunity for players within the global magnesium oxide nanopowder market, says Transparency Market Research in its latest report. The report, titled “Magnesium Oxide Nanopowder Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” states that the value of the global market is anticipated to rise from US$1.6 bn in 2014 to US$3.4 bn in 2023. If these values hold true, the magnesium oxide nanopowder market is likely to expand at an 8.30% CAGR from 2015 to 2023.
The magnesium oxide nanopowder market is driven by the growing demand for refractory materials, the increasing demand for fuel additives, and the rising demand for flame-retardant materials. On the flip side, the use of magnesium oxide nanopowder is rather harmful to the environment, which poses a major challenge for the overall market. In addition, the high cost of magnesium oxide nanopowder is anticipated to act as a hindrance to the growth of the global market.
On the basis of end use, the magnesium oxide nanopowder market is segmented into paints and coatings, electrical, furnaces and boilers, electronics, construction, and others, including textile and petrochemicals. Accounting for a share of over 40% in 2014, furnace and boilers emerged as the leading end-use segment. Magnesium oxide nanopowder, due to its high thermal stability, is the material of choice for furnace and boiler linings in refractories. Magnesium oxide nanopowder is odorless, low in toxicity, and has remarkable fire-retardant and anti-corrosion properties and, as a result, is in huge demand for paints and coatings applications. Magnesium oxide nanopowder also exhibits excellent insulating properties, owing to which it is used as a filler in electric insulating material to be used in smelters, crucibles, electrode bars, insulated conduits, and electrode sheets.
Geographically, the global magnesium oxide nanopowder market is divided into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. In 2014, Asia Pacific held the largest share in the overall magnesium oxide nanopowder market, accounting for over 35% in terms of volume. This dominant share can be attributed to the rapid rise in demand for electronics materials in India, China, and several ASEAN countries. North America is the second largest market for magnesium oxide nanopowder, followed by Europe. Fueled by the development of the petrochemical industry, the Middle East and Africa market for magnesium oxide nanopowder is anticipated to expand considerably over the coming years.
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The leading players competing in the global magnesium oxide nanopowder market include Sigma-Aldrich Co. LLC, NaBond Technologies Co., Ltd., Inframat Corporation, SkySpring Nanomaterials, Inc., American Elements, Strem Chemicals, Inc., Nanostructured & Amorphous Materials, Inc. (NanoAmor), and US Research Nanomaterials, Inc.