Magnesium Oxide Nanopowder Global Market Report 2024

The global magnesium oxide nanopowder market has grown rapidly in recent years. It will grow from $2.98 billion in 2023 to $3.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing demand for advanced materials, increasing demand from the electrical segment, government initiatives, rising electrical and optical usage.

The global magnesium oxide nanopowder market is expected to see strong growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growing demand from the construction industry, growing healthcare sector, incresing automotive industry, demand in environmental sector, increasing use of in the textile industry. Major trends in the forecast period include advanced nanopowder manufacturing, nano-based sensors and devices, advanced construction materials, energy storage and conversion, research and development activities in the magnesium oxide nanopowder.

The magnesium oxide nanopowder market is poised for growth, primarily propelled by the rising demand for electronic products. Electronic products encompass devices utilizing electronic circuits and components to perform specific functions. Magnesium oxide nanopowders find extensive use in coatings for electronic devices, enhancing their durability and resistance to wear and tear. As evidence, LG, a prominent South Korea-based consumer electronics company, reported robust sales in January 2023. Their annual revenue surged to over $60 billion in 2022, reflecting a substantial 12.9% increase from the previous year's figure of approximately $52.70 billion. Notably, LG's Home Appliance & Air Solution Company achieved revenues of $22.5 billion in 2022, marking a noteworthy 10.3% growth compared to 2021. Consequently, the burgeoning demand for electronic products is a driving force behind the growth of the magnesium oxide nanopowder market.

The growing need to reduce CO2 emissions is poised to boost the magnesium oxide nanopowder market in the coming years. CO2 emission reduction focuses on reducing greenhouse gas emissions at various levels, whether individual, organizational, or at the national level. Magnesium oxide nanopowder is gaining significance in this context as it can serve as an effective CO2 adsorbent, thanks to its unique properties, including surface area and porosity. Moreover, it can react with CO2 and water in engine exhaust or the atmosphere to produce magnesium carbonate or magnesium bicarbonate, contributing to the reduction of CO2 emissions, especially in the aviation sector. For example, the International Air Transport Association (IATA), a prominent Canadian trade association, reported in October 2021 that IATA member airlines had passed a resolution to achieve net-zero carbon emissions from their operations by 2050. As a result, the rising demand for CO2 emission reduction is a key driver behind the growth of the magnesium oxide nanopowder market.

Major players in the magnesium oxide nanopowder market are SkySpring Nanomaterials Inc., Martin Marietta Materials Inc., Sigma-Aldrich, Shenzhen Kedali Industry Co. Ltd., Sisco Research Laboratories Pvt. Ltd., Baikowski SAS, Inframat Alloys Pvt. Ltd., GFS Chemicals Inc., Strem Chemicals Inc., American International Chemical Inc., American Elements, Superior Supplement Manufacturing Inc., High Purity Laboratory Chemicals Pvt. Ltd., Techinstro Industries, Nanoshel LLC, Nanografi Co. Inc., Nanostructured & Amorphous Materials Inc., Aremco Products Inc., US Research Nanomaterials Inc., Nanjing XFNANO Materials Tech Co. Ltd., Zibo Tianheng New Nanomaterials Technology Co. Ltd., Chemsol Group, Eprui Nanoparticles & Microspheres Co. Ltd., Reinste Nano Ventures Pvt. Ltd., NextGen Nano Limited.

Significant costs are expected to pose a significant obstacle to the magnesium oxide nanopowder market. These escalating costs can have a negative impact on companies' profitability and restrict their capacity to make investments in new equipment and technologies. The high production expenses can also impede the adoption of magnesium oxide nanopowder, particularly by industries with limited budgets. For instance, data from Trade Economics shows that magnesium prices have risen by 3,000 CNY/T or 13.13% since the beginning of 2023. Consequently, the high cost of magnesium is a limiting factor in the growth of the magnesium oxide nanopowder market.

In October 2021, Element Materials Technology, a UK-based company specializing in testing, inspection, and certification, completed the acquisition of Nanosyn for an undisclosed sum. This strategic acquisition is poised to enable Element Materials Technology to broaden its service portfolio by encompassing drug discovery and small-scale manufacturing services for the pharmaceutical and biopharmaceutical sectors in North America. Nanosyn, based in the United States, operates as a pharmaceutical contract development and manufacturing organization, with a focus on the production of magnesium oxide nanopowders serving various industries.

Increasing Demand For Personal Care Products

Asia-Pacific was the largest region in the magnesium oxide nanopowder market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in magnesium oxide nanopowder report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the magnesium oxide nanopowder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The magnesium oxide nanopowders come in different purities, including 99% magnesium oxide nanopowder, 99.9% magnesium oxide nanopowder, 99.99% magnesium oxide nanopowder, and 99.999% magnesium oxide nanopowder. For example, 99% magnesium oxide nanopowder is a fine white powder with a purity level of 99%. It is employed as a fire retardant in industries like chemical fiber and plastics, effectively reducing material flammability and mitigating the spread of fires. These nanopowders find diverse applications, such as in refractory materials, electrical insulation, magnetic devices, fuel additives, and fire retardants. They are utilized across various end-user industries, including metallurgy, construction, oil and gas, automotive, electrical and electronics, among others.

This report provides magnesium oxide nanopowder market statistics, including magnesium oxide nanopowder industry global market size, regional shares, competitors with a magnesium oxide nanopowder market share, detailed magnesium oxide nanopowder market segments, market trends and opportunities and any further data you may need to thrive in the magnesium oxide nanopowder industry. This magnesium oxide nanopowder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The magnesium oxide nanopowder market consists of sales of catalysts, advanced ceramics, coating materials and painting materials. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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