Magnesium Oxide Board Global Market Report 2024

The magnesium oxide board market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historic period can be attributed to several factors, including the expansion of the construction industry, the recognized advantages in fire resistance offered by magnesium oxide boards, increasing environmental considerations, a rising demand for sustainable building solutions, and a growing preference for durable construction materials. These elements collectively contributed to the positive trends and advancements experienced during this historical timeframe in the context of magnesium oxide boards.

The magnesium oxide board market size is expected to see strong growth in the next few years. It will grow to $2.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to investments in the construction sector, a heightened focus on fire safety, the increasing adoption of green building standards, ongoing innovation in architectural design, and a growing preference for lightweight construction materials. Notable trends expected in the forecast period include innovations in magnesium oxide board formulations, the market's response to stringent building codes and standards, an emphasis on sound insulation and acoustic properties, the utilization of magnesium oxide boards in exterior cladding and facades, and their application in specialty construction projects. These trends collectively contribute to the positive trajectory expected in the magnesium oxide board market during the forecast period.

The projected growth in the magnesium oxide board market is expected to be propelled by the increasing demand for construction activities. Construction involves the assembly of various materials to create structures based on a detailed design and blueprint. Magnesium oxide boards are advantageous in the construction sector as they are human factory-produced non-insulating roofing board products widely used in construction for various applications. They serve as a superior construction material, serving as substitutes for wood boards and gypsum boards. For example, in 2022, the statistics published by the Bureau of Economic Analysis (BEA) indicate growth in the size of the US construction industry, increasing from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. This surge in construction activities is a key driver behind the growth of the magnesium oxide board market.

The increasing rate of urbanization is expected to contribute significantly to the growth of the magnesium oxide board market. Urbanization involves the migration of a growing portion of the population from rural areas to towns and cities, leading to the expansion of urban areas. Magnesium oxide boards find utility in urbanization due to their fire-resistant, moisture-resistant, and sustainable properties, offering an effective and durable solution for construction in densely populated areas where strict building regulations and environmental considerations are paramount. As of 2021, according to the United Nations Conference on Trade and Development (UNCTAD), the global share of the urban population was projected to have increased to 56.5%, with Africa experiencing a 4.6 percentage point increase during the same period. This upward trend in urbanization is a driving force behind the growth of the magnesium oxide board market.

Product innovation has emerged as a key trend in the magnesium oxide board market, with major companies actively developing innovative solutions to strengthen their market positions. For example, in February 2021, Huber Engineered Woods (HEW), a US-based manufacturer of various construction materials, introduced a new brand called EXACOR Magnesium-Oxide (MgO) panels. These panels, used as a component of flooring systems, feature an easy-to-work panel design with a patented internal mesh fiber for structure and a magnesium-oxide formula for dimensional stability, fire protection, and sound dampening. Available in various thicknesses, these panels offer advantages in material efficiency and reduced labor time compared to fire-rated flooring components requiring gypsum underlayment.

Major companies in the magnesium oxide board market are also adopting a strategic partnership approach to expedite the development and commercialization of high-performance, sustainable construction materials. In September 2021, Baymag Inc., a US-based magnesium oxide product producer, partnered with ZS2 Technologies Ltd., a Canada-based building material company. This partnership aims to enhance raw material supply, engage in joint research and development activities, and collaborate on market initiatives for new magnesium oxide building materials. The focus is on providing made-in-Canada solutions to lower carbon footprints and reduce environmental impacts in the building industry.

In September 2023, Chevron Corporation, a US-based petroleum refineries company, acquired Magnum Development LLC, a US-based magnesium company, for an undisclosed amount. This acquisition is part of Chevron's plans for the Advanced Clean Energy Storage (ACES) hydrogen project, aiming to solidify its position in the hydrogen energy market. The ACES project aims to create a large-scale hydrogen production and storage facility that offers affordable, reliable, and environmentally friendly energy. Chevron's acquisition of Magnum Development strengthens its capabilities in magnesium-related technologies within the context of the broader ACES initiative.

Major companies operating in the magnesium oxide board market report are GemtreeBoard Ltd., Ambient Bamboo Products Inc., Hebei Optimum Construction Materials Co Ltd., Trusus Building Materials Manufacturing Co Limited, Magnum Board Products LLC, Shandong Zhuchen Industrial Co Ltd., Jiangyin Yongxin Decorative Materials Co Ltd., North America MgO LLC, Tongxing Technology Development Co Ltd., Suparna Building Materials, RPV Industries Pvt Ltd., Foreverboard Inc., Earcons Acoustic Building System Private Limited, Extremegreen Building Products LLC, Owens Corning, Ectek Building Materials., DragonBoard USA, ZS2 Technologies, Yorkshire Plywood Ltd., RTF Systems, Huizhou Meisen Board Co Ltd., SINH Building Solutions BV, Huber Engineered Woods, Everything MgO LLC, Magmatrix Science & Technology Co Ltd.

North America was the largest region in the magnesium oxide board market in 2023. The regions covered in the magnesium oxide board market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the magnesium oxide board market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of magnesium oxide boards are categorized based on thickness, including thin (< 8 mm), medium (8-15 mm), and thick (>15 mm) boards. Thin MgO boards, measuring below 8 mm, are designed for use in floors and roofs, typically with dimensions of 6ft by 4ft. The thickness of these boards is determined by the depth of the MgO layer and the backing material. These thin boards find applications in electronic applications where a small coating of MgO is sufficient to provide electrical and thermal protection. Distribution channels for magnesium oxide boards include both online and offline channels, serving residential, commercial, and industrial building sectors, among others. MgO boards are versatile and find applications in a wide range of construction projects, making them a preferred choice for various building types and purposes.

The magnesium oxide boards market research report is one of a series of new reports that provides magnesium oxide boards market statistics, including magnesium oxide boards industry global market size, regional shares, competitors with a magnesium oxide boards market share, detailed magnesium oxide boards market segments, market trends and opportunities, and any further data you may need to thrive in the magnesium oxide boards industry. This magnesium oxide boards 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 board market consists of sales of standard magnesium oxide boards, structural magnesium oxide Boards, fire-resistance magnesium oxide boards, moisture-resistant magnesium oxide boards, and decorative magnesium oxide boards. 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.