Magnesium Oxide Boards Market Forecasts to 2028 - Global Analysis By Product Type (Thin (<8 mm), Medium (8-15 mm) and Thick (>15 mm)), Raw Material, Application, End User and By Geography
Estimated Year Value (2022)
US $1,557.3 MN
Projected Year Value (2028)
US $2,390.0 MN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Magnesium Oxide Boards Market is accounted for $1,557.3 million in 2022 and is expected to reach $2,390.0 million by 2028 growing at a CAGR of 7.4% during the forecast period. Magnesium oxide board is a technologically advanced building material that performs better than traditional materials like gypsum, wood, and cement-based goods. Magnesium oxide is a type of mineral cement that is made from magnesium and oxygen and is generated under pressure and heat. MgO board offers a number of enticing advantages, including strong fireproofing, reduced production energy use, and waste reduction. Due to their fungi-resistant quality, they are also resistant to rot, mildew, mould, or allergies.
According to the Office for National Statistics, Europe, the monthly construction output in the UK grew by 5.8% in March 2021, with an increase of 6.7% in new works and an increase of 4.4% in repair and maintenance activities. According to the National Infrastructure Delivery Plan by the UK government, an amount of US$112.34 billion has been allocated for public infrastructure for the year 2020-2021.
Growing investment in eco-friendly products and materials
Environmentally friendly building methods and supplies are referred to as ecological construction. Due to the fact that MgO boards are free of dangerous radioactive substances like formaldehyde, asbestos, and benzene, their demand has increased. Furthermore, premium-grade magnesium boards are very dependable and stable. These elements lengthen the life of walls and are predicted to support market expansion.
High moisture environment affects
MgO boards are not a good choice for roofing exterior facades or any other application where they will come into touch with moisture. It absorbs moisture from the surrounding air. The structure will become unsafe for habitation if these boards come into contact with metal flashings, fasteners, or components composed of galvanised steel. As a result, the demand is constrained in areas with high levels of humidity because the product would not be able to endure the climate.
Growth in the construction industry
The market for magnesium oxide boards is being driven by an increase in construction-related activities such as roofing, ceiling covering, flooring, insulated systems setting up of gypsum plasterboard and others. Magnesium oxide boards are frequently employed in a growing variety of construction-related operations. Magnesium oxide board production is greatly influenced by this.
Lack of skilled labour
The scarcity of trained labour is one of the main problems facing the building industry. There is a rising lack of skilled labour, such as carpenters, electricians, and plumbers, as the baby boomer generation retires. The rising cost of labour and raw materials is another issue affecting the building sector. Timber and concrete prices have also been rising. Construction companies are finding it challenging to maintain their profit margins as a result of these escalating prices.
The market for building materials suffered as a result of the Covid-19 outbreak. During this time, demand for the production of magnesium oxide and magnesium chloride, as well as magnesium board, was crippled. To protect their workers, businesses that manufacture construction materials had to implement additional safety precautions. Due to supply limitations, the raw ingredients needed to make magnesium oxide boards saw significant price changes. One of the key components, magnesium oxide, experienced drastic changes in its supply chain as a result of limitations put in place in several Asian Pacific nations.
The thin (<8 mm) segment is expected to be the largest during the forecast period
The thin (<8 mm) segment is estimated to have a lucrative growth, thin (8 mm) Boards with a thickness of less than eight millimetres are known as magnesium oxide boards. These boards have a wide range of uses, including prefabricated buildings, flooring systems, exterior cladding, and partitions. Additionally, they are utilised for interior walls and ceilings of homes and buildings as an alternative to gypsum boards.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the adoption of new products in the residential market is being boosted by consumers' growing preference for environmentally friendly construction and making dwellings fire proof. The demand for residential development is also being boosted by the constantly expanding populations in North America and the APAC countries. This will probably increase product usage.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to the rapidly growing urbanisation, technological advancements, and booming construction industry. Additionally, the demand for home remodelling projects is rising in response to improving living standards. The market expansion is being fuelled by factors including rising commercial real estate investments, higher consumer expenditure, and increased industrial activities.
Region with highest CAGR:
South America is projected to have the highest CAGR over the forecast period.The demand for new environmentally friendly products has increased noticeably. One such example is magnesium oxide board, which offers thermal insulation, has an energy-efficient manufacturing method, and is toxin-free. The region is becoming more urbanised, which has led to an increase in commercial building construction, including multiplexes and shopping malls, which has helped the region's market expand.
Key players in the market
Some of the key players profiled in the Magnesium Oxide Boards Market include RPV Industries, Foreverboard California, Inc., Earcons Acoustic Building System Private Limited, North American MgO LLC, Magnum Board Products, LLC, Suparna Building Materials, Ambient Bamboo Products Inc., MgOBoards Factory, Ukrmagnesit, Kunshan Rockmax Building Material Co.,Ltd, GemtreeBoard, Premier Magnesia LLC, RHI Magnesita N.V., Ube Industries Ltd, Martin Marietta, Kumas Magnesite Industry Inc., Grecian Magnestie and BHP Group.
In October 2021, BHP Group is allegedly considering the potential of collecting and storing carbon with the use of waste from its nickel mining operations in Australia. The company strategizes to use high magnesium oxide waste from its Nickel West operations in Western Australia (WA) for the planned project.
In March 2020, Ube Industries, Ltd. has annoucned its decision to acquire Premium Composite Technology North America, Inc. (PCTNA), a consolidated subsidiary of Toyota Tsusho Corporation.
Product Types Covered:
• Thin (<8 mm)
• Medium (8-15 mm)
• Thick (>15 mm)
Raw Materials Covered:
• Chloride and Magnesium Oxide
• Fine Wood Sawdust
• Fibreglass Mesh
• Gypsum Drywall
• Others Raw Materials
• Outdoor Applications
• Indoor Application
• Other Applications
End Users Covered:
• Building & Construction
• Medical and Healthcare Industry
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Magnesium Oxide Boards Market, By Product Type
5.2 Thin (<8 mm)
5.3 Medium (8-15 mm)
5.4 Thick (>15 mm)
6 Global Magnesium Oxide Boards Market, By Raw Material
6.2 Chloride and Magnesium Oxide
6.3 Fine Wood Sawdust
6.4 Fiberglass Mesh
6.5 Gypsum Drywall
6.6 Others Raw Materials
7 Global Magnesium Oxide Boards Market, By Application
7.2 Outdoor Applications
7.2.2 Other Outdoor Infrastructure
7.3 Indoor Application
7.3.1 Ceiling Covering
7.4 Other Applications
8 Global Magnesium Oxide Boards Market, By End User
8.2 Building & Construction
8.2.1 Commercial construction
188.8.131.52 Hospitals and Healthcare Infrastructure
184.108.40.206 Banks and Financial Institutions
220.127.116.11 Hyper and Super Market
18.104.22.168 Educational Institute
22.214.171.124 Hotels and Restaurants
126.96.36.199 Shopping Malls
8.2.2 Residential construction
188.8.131.52 Row homes
184.108.40.206 Large apartment buildings
220.127.116.11 Independent homes
8.2.3 Industrial Construction
8.3 Medical and Healthcare Industry
8.4 Other End Users
9 Global Magnesium Oxide Boards Market, By Geography
9.2 North America
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.5 Other Key Strategies
11 Company Profiling
11.1 RPV Industries
11.2 Foreverboard California, Inc.
11.3 EARCONS ACOUSTIC BUILDING SYSTEM PRIVATE LIMITED
11.4 North American MgO LLC
11.5 Magnum Board Products, LLC
11.6 Suparna Building Materials
11.7 Ambient Bamboo Products Inc.
11.8 MgOBoards Factory
11.10 KUNSHAN ROCKMAX BUILDING MATERIAL CO.,LTD
11.12 Premier Magnesia LLC
11.13 RHI Magnesita N.V.
11.14 Ube Industries Ltd
11.15 Martin Marietta
11.16 Kumas Magnesite Industry Inc.
11.17 Grecian Magnestie
11.18 BHP Group
List of Tables
1 Global Magnesium Oxide Boards Market Outlook, By Region (2020-2028) ($MN)
2 Global Magnesium Oxide Boards Market Outlook, By Product Type (2020-2028) ($MN)
3 Global Magnesium Oxide Boards Market Outlook, By Thin (<8 mm) (2020-2028) ($MN)
4 Global Magnesium Oxide Boards Market Outlook, By Medium (8-15 mm) (2020-2028) ($MN)
5 Global Magnesium Oxide Boards Market Outlook, By Thick (>15 mm) (2020-2028) ($MN)
6 Global Magnesium Oxide Boards Market Outlook, By Raw Material (2020-2028) ($MN)
7 Global Magnesium Oxide Boards Market Outlook, By Chloride and Magnesium Oxide (2020-2028) ($MN)
8 Global Magnesium Oxide Boards Market Outlook, By Fine Wood Sawdust (2020-2028) ($MN)
9 Global Magnesium Oxide Boards Market Outlook, By Fiberglass Mesh (2020-2028) ($MN)
10 Global Magnesium Oxide Boards Market Outlook, By Gypsum Drywall (2020-2028) ($MN)
11 Global Magnesium Oxide Boards Market Outlook, By Others Raw Materials (2020-2028) ($MN)
12 Global Magnesium Oxide Boards Market Outlook, By Application (2020-2028) ($MN)
13 Global Magnesium Oxide Boards Market Outlook, By Outdoor Applications (2020-2028) ($MN)
14 Global Magnesium Oxide Boards Market Outlook, By Roofing (2020-2028) ($MN)
15 Global Magnesium Oxide Boards Market Outlook, By Other Outdoor Infrastructure (2020-2028) ($MN)
16 Global Magnesium Oxide Boards Market Outlook, By Indoor Application (2020-2028) ($MN)
17 Global Magnesium Oxide Boards Market Outlook, By Ceiling Covering (2020-2028) ($MN)
18 Global Magnesium Oxide Boards Market Outlook, By Flooring (2020-2028) ($MN)
19 Global Magnesium Oxide Boards Market Outlook, By Wall (2020-2028) ($MN)
20 Global Magnesium Oxide Boards Market Outlook, By Other Applications (2020-2028) ($MN)
21 Global Magnesium Oxide Boards Market Outlook, By End User (2020-2028) ($MN)
22 Global Magnesium Oxide Boards Market Outlook, By Building & Construction (2020-2028) ($MN)
23 Global Magnesium Oxide Boards Market Outlook, By Commercial construction (2020-2028) ($MN)
24 Global Magnesium Oxide Boards Market Outlook, By Hospitals and Healthcare Infrastructure (2020-2028) ($MN)
25 Global Magnesium Oxide Boards Market Outlook, By Banks and Financial Institutions (2020-2028) ($MN)
26 Global Magnesium Oxide Boards Market Outlook, By Hyper and Super Market (2020-2028) ($MN)
27 Global Magnesium Oxide Boards Market Outlook, By Educational Institute (2020-2028) ($MN)
28 Global Magnesium Oxide Boards Market Outlook, By Hotels and Restaurants (2020-2028) ($MN)
29 Global Magnesium Oxide Boards Market Outlook, By Shopping Malls (2020-2028) ($MN)
30 Global Magnesium Oxide Boards Market Outlook, By Airports (2020-2028) ($MN)
31 Global Magnesium Oxide Boards Market Outlook, By Residential construction (2020-2028) ($MN)
32 Global Magnesium Oxide Boards Market Outlook, By Row homes (2020-2028) ($MN)
33 Global Magnesium Oxide Boards Market Outlook, By Large apartment buildings (2020-2028) ($MN)
34 Global Magnesium Oxide Boards Market Outlook, By Independent homes (2020-2028) ($MN)
35 Global Magnesium Oxide Boards Market Outlook, By Industrial Construction (2020-2028) ($MN)
36 Global Magnesium Oxide Boards Market Outlook, By Infrastructure (2020-2028) ($MN)
37 Global Magnesium Oxide Boards Market Outlook, By Medical and Healthcare Industry (2020-2028) ($MN)
38 Global Magnesium Oxide Boards Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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