The global magnesium oxide board market size was valued at USD 1,557.3 million in 2022 and is expected to reach USD 1,637.9 million in 2023. The market is projected to be valued at USD 2,372.7 million by 2030, recording a CAGR of 5.4% during the forecast period of 2023-2030.
Magnesium oxide board is one of the most advanced raw materials used in buildings. It offers higher performance as compared to the conventional raw materials such as gypsum, wood, and cement-based products. Magnesium oxide is a mineral cement produced under heat and pressure by using magnesium and oxygen. An MgO board is known for its beneficial features such as energy efficiency during production, waste reduction, and good fireproofing. They also offer resilience against mold, mildew, rot, and allergens as they have fungi-resistant features. Contractors are using these boards on a large scale due to their ease of installation and lightweight nature; MgO boards are nearly 20-30% lighter than cement ones. Fortune Business Insights™ presents this information in a report titled, “Magnesium Oxide Board Market, 2023-2030.”
Segments:
Thin Boards to Lead as they are Extensively Installed in Walls and Ceilings
Based on type, the market is divided into thin (<8 mm), medium (8-15 mm), and thick (>15 mm). The thin (<8 mm) segment captured a major market share in terms of revenue in 2022. The rapidly expanding construction sector and growing industrialization in regions, such as Europe, North America, and Asia Pacific, might boost the adoption of thin boards. These boards are majorly used in walls, ceiling linings, and fascia applications.
Residential Segment to Dominate due to Wide Use of MgO Boards
In terms of application, the market is divided into residential, commercial, and industrial. The residential segment captured the biggest magnesium oxide board market share and is also the fastest-growing application. The increasing preference of customers for green buildings and creating fire-resistant houses is bolstering the adoption of MgO boards in the residential segment. The rapidly growing population in APAC and North America regions is also augmenting the number of residential construction projects. These factors are predicted to drive the product usage
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The magnesium oxide board market research report delivers an elaborative analysis of the market and highlights key aspects such as leading organizations, product types, and applications. It offers valuable quantitative data regarding market analysis, value, research methodology for market data, and insights into the latest market trends. The report also focuses on vital industry developments and competitive landscape. Apart from the abovementioned factors, the report covers a wide range of factors boosting the market’s growth in recent years.
Drivers and Restraints:
End-users’ Increasing Investments in Eco-Friendly Products will Augment Product Demand
Ecological construction is growing at a robust pace each year due to customers’ rising inclination toward green buildings. This has accelerated the production of MgO boards, as they do not comprise asbestos, benzene, formaldehyde, and other harmful radioactive elements. They are non-toxic, smokeless, and free from foul odor.
These boards are also recommended by regulatory bodies and governments across the world. Their production cycle is naturally maintained, has less impact on the ecosystem, consumes less energy, has no sewage, and is energy-efficient. The unique natural pore structure of these boards helps them control the indoor temperature, thereby reducing energy consumption. These features are expected to boost the market share.
MgO boards are not ideal for making exterior facades or other products if they are exposed to moisture. This can adversely affect its lifespan. These boards will create a layer of salty droplets on their surfaces if the relative humidity (RH) crosses 84%. Due to its organic content, MgO boards are more prone to decay, further hindering the magnesium oxide board market growth.
Source- https://www.fortunebusinessinsights.com/magnesium-oxide-boards-market-103006
Regional Insights:
Asia Pacific to Lead due to Growing Demand from Developing Nations
The Asia Pacific market size was valued at USD 778.6 million in 2022. The demand for these boards is growing in developing nations, such as India, China, and other Southeast Asian economies. The growing construction and infrastructure activities in the region is another key driver for the market. China is a key contributor to the regional market growth as it is the dominant producer and consumer in the world, further accelerating the production of MgO boards.
The market in North America is witnessing steady expansion due to factors such as technological innovations, growing construction industry, and large-scale urbanization. In North America, factors, such as higher consumer spending, growing investments in commercial real estate, and increased industrial activity are accelerating the regional market expansion.
Competitive Landscape:
Companies Focus On Innovating Their Products to Increase Market Presence
The key players are focusing on creating better product portfolios to keep up with the end-user demands. Several companies are increasing awareness regarding the beneficial characteristics of MgO boards among their clients. For instance, Foreverboard California, Inc. produces magnesium oxide drywalls (MgO drywalls) under its brand FOREVERBOARD. These drywalls are strong and lightweight due to robust bonds between magnesium and oxygen atoms. The product is said to be a suitable alternative for MDF boards, ceiling tiles, backer boards, OSB boards, and gypsum wallboards.
LIST OF LEADING ORGANIZATIONS PROFILED IN THE REPORT
- Magnum Board Products, LLC. (U.S.)
- Ambient Bamboo Products Inc. (U.S.)
- GemtreeBoard (China)
- KUNSHAN ROCKMAX BUILDING MATERIAL CO., LTD (China)
- Suparna Building Materials (China)
- Ukrmagnesit (Ukraine)
- RPV Industries (India)
- North American MgO LLC (U.S.)
- Foreverboard California, Inc. (U.S.)
- MgOBoards Factory (Saudi Arabia)
- EARCONS ACOUSTIC BUILDING SYSTEM PRIVATE LIMITED (India)
COVID-19 Impact:
Raw Materials Used to Make Magnesium Oxide Boards Saw Sharp Price Fluctuations Due to Supply Shortage
The COVID-19 pandemic adversely impacted the building materials industry. Organizations making MgO boards and production of magnesium oxide & magnesium chloride saw a considerable decline in demand during this period. Companies manufacturing construction materials had to enforce additional safety measures to safeguard their workers and employees from the outbreak. Raw materials used to produce MgO boards witnessed sharp fluctuations in their prices due to major shortages in supply. As governments across the APAC region imposed several restrictions, one of the major raw materials – magnesium oxide – noticed drastic fluctuations in its supply chain. However, growing awareness among customers regarding the usage and benefits of eco-friendly raw materials augmented the demand for magnesium oxide boards as they can increase the lifespan of interior and exterior walls.
