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Magnesium is an industrially-important metal with a broad range of applications.
The automotive industry has been the leading driver behind magnesium market growth in recent years. However, other market uses are beginning to gain traction.
Magnesium oxide, also known as magnesia, comes in various forms including the dead burned (DBM) and fused (FM) types used by the steel and refractories market, and caustic calcined magnesium oxide (CCM) commonly used in agriculture, wastewater treatment and construction.
Globally, the overall market for magnesium oxide is expected to grow at a CAGR of 4.1 percent between 2016 and 2026 to reach $8.2 billion in revenues, according to Future Market Insights. While steel alloys and refractories represent a large market segment that will continue to drive demand for magnesium oxide, other niche markets are also witnessing growth, specifically in the CCM-based markets.