Overview and Scope
Magnesium oxide nanopowder is a fine white powder composed of magnesium and oxygen atoms. Magnesium oxide nanopowder has a very high melting point and low heat capacity, which makes it a suitable candidate for insulation applications. It is also used as an efficient catalyst in chemical reactions and as a flame-retardant additive in polymers to enhance fire safety.
Sizing and Forecast
The magnesium oxide nanopowder market size 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 magnesium oxide nanopowder market size 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.
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Segmentation & Regional Insights
The magnesium oxide nanopowder market covered in this report is segmented –
1) By Type: 99% Magnesium Oxide Nanopowder; 99.9% Magnesium Oxide Nanopowder; 99.99% Magnesium Oxide Nanopowder; 99.999% Magnesium Oxide Nanopowder
2) By Application: Refractory Materials; Electric Insulation; Magnetic Devices; Fuel Additive; Fire Retardant
3) By End-User Industry: Metallurgy; Construction; Oil And Gas; Automotive; Electrical And Electronics; Other End-User Industries
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 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing demand for electronic products is expected to propel the growth of the magnesium oxide nanopowder market going forward. Electronic products are devices that utilize electronic circuits and components to perform specific functions or tasks. Magnesium oxide nanopowders are extensively used in coatings for electronic devices to improve their durability and resistance to wear and tear. For instance, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, sales surpassed $60 billion in 2022, with annual revenue up from 12.9% in 2021, approximately $52.70 billion. Further, the LG Home Appliance & Air Solution Company had revenue of $22.5 billion in 2022, up 10.3% from 2021. Therefore, increasing demand for electronic products is driving the growth of the magnesium oxide nanopowder market.
Key Industry Players
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 .
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