Overview and Scope
Magnesium oxide board (MgO) refers to a type of mineral panel that is composed of magnesium and oxygen that outperforms traditional materials that involve gypsum, wood, and cement-based goods. It is more durable, and resistant to fire, and resistant to mold, mildew, humidity, and heat. It is a superior building material that can be used as a substitute for wood and gypsum board in general construction applications.
Sizing and Forecast
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 in the historic period can be attributed to growth in construction industry, advantages in fire resistance, environmental considerations, demand for sustainable building solutions, preference for durable construction materials..
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 growth in the forecast period can be attributed to investment in construction sector, increasing focus on fire safety, rise in green building standards, innovation in architectural design, preference for lightweight construction materials.. Major trends in the forecast period include innovation in magnesium oxide board formulations, market response to stringent building codes and standards, focus on sound insulation and acoustic properties, utilization in exterior cladding and facades, application in specialty construction projects..
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Segmentation & Regional Insights
The magnesium oxide board market covered in this report is segmented –
1) By Product Type: Thin (<8 mm), Medium (8-15 mm), Thick (>15 mm)
2) By Distribution Channel: Online Distribution Channel, Offline Distribution Channel
3) By Application: Residential Building, Commercial Building, Industrial Buildings, Other Applications
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.
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Major Driver Impacting Market Growth
Increasing demand for construction activities is expected to propel the growth of the magnesium oxide board market going forward. Construction refers to the process of assembling numerous materials to form a structure for a particular location utilizing a comprehensive design and blueprint. Magnesium Oxide boards are beneficial to the construction sector because they are created by human factory-produced non-insulating roofing board products utilized for common uses in construction, and they are also a better construction material that substitutes wood board and gypsum board. For instance, in 2022, according to the statistics published by the Bureau of Economic Analysis (BEA), a US-based government organization for macroeconomic and industry statistics, the size of the US construction industry increased from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Therefore, an increasing demand for construction activities is driving the growth of the magnesium oxide board market.
Key Industry Players
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.
The magnesium oxide board market report table of contents includes:
1. Executive Summary
2. Magnesium Oxide Board Market Characteristics
3. Magnesium Oxide Board Market Trends And Strategies
4. Magnesium Oxide Board Market – Macro Economic Scenario
5. Global Magnesium Oxide Board Market Size and Growth
….
32. Global Magnesium Oxide Board Market Competitive Benchmarking
33. Global Magnesium Oxide Board Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Magnesium Oxide Board Market
35. Magnesium Oxide Board Market Future Outlook and Potential Analysis
36. Appendix
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