Magnesium Oxide Nanoparticle Market Size, Share & Trends Analysis Report By Application (Oil Products, Coatings, Construction & Ceramic, Advanced Electronics), By Region, And Segment Forecasts, 2014 - 2020

Industry Insights

The global magnesium oxide nanoparticle market size was estimated at USD 27.8 million in 2013, and is expected to grow a CAGR of 8.8 % from 2014 to 2020. Increasing penetration in the end-use applications including food additives, pharmaceuticals, glass, fuel additives, ceramics, and cement is expected to drive the industry growth over the forecast period.

The product exhibits non-toxic and odorless properties, which makes it ideal for industrial applications. Furthermore, it appears in white powder form and has a high melting point, hardness, and purity. As a result, it is gaining demand as a high-temperature dehydrating agent for the production of electronic material, silicon steel sheet, and high-grade ceramic material.

Rising product demand for fuel additives for maintaining fuel efficiency in the transport industry is likely to boost the magnesium oxide nanoparticle industry over the forecast period. Furthermore, rising acceptance of the product as a fire retardant in flame retardant chemicals to avoid excessive losses caused by fire is expected to drive industry growth.

Magnesium oxide nanoparticles are exclusively used as a support material in the matrix of composites on account of its properties including wear resistance, refractoriness, and high compressive strength. Rising adoption of these nanoparticles as a flame retardant is expected to be the major trend that will gain traction in the global industry over the projected period.

The market is characterized by high production costs, which is expected to inhibit industry growth over the forecast period. Initiatives taken by the researchers to find cost-effective manufacturing processes are expected to help manufacturers deal with high production costs thus sustaining market growth.

Recent R&D at Northeastern University exhibited favorable nanoparticles properties for use in orthopedic tissue engineering thereby providing an opportunity for increased application scope. Dispersion of magnesium oxide nanopowder in polymer composites is said to be useful for recovery, post joint reconstruction surgeries.

Application Insights

Magnesium oxide nanoparticle finds applications as a dehydrating agent in the adhesive, electronic industry material, high-grade ceramic material, and silicon steel sheet manufacturing. Other applications include insulating material for electrode sheet, bar, the crucible, shelter, conduit making; fire retardant in chemical, fiber, and plastics; and as a corrosion inhibitor.

Furnace linings segment emerged as a dominant segment in 2013 and accounting for 55.8% of the industry revenue share. Growing refractory demand owing to increasing steel and cement industries as a result of rapid industrialization is expected to augment magnesium oxide nanoparticle demand for use in furnace lining. 

Furnace lining is expected to continue its dominance over the projected period owing to its advanced properties such as high tensile strength, high corrosion resistance, low electrical conductivity when it is mixed with ceramic materials, carbon, and graphite, and high thermal conductivity.

The nanopowder is exclusively used in coatings and paints application owing to its fire-retardant and anti-corrosion properties. These nanoparticles also find its usage as a filler in electronics applications owing to its high insulating nature. Furthermore, these electric insulating materials are exclusively used in smelters, crucibles, electrode bars, and insulated conduits.

Regional Insights

Asia Pacific was the largest market for the product with a revenue share of 77.3% in 2013 and is expected to grow at a significant CAGR over the forecast period. This can be attributed to rapid industrialization resulting in the growth of steel, cement, coatings, and electronic industry in emerging markets of Japan, India, and China.

Indian government’s favorable FDI policies encourage investors to contribute to the chemical and metal processing industry fueling overall industry growth. Robust steel and other metal manufacturing sector in China is expected to propel the demand for furnaces, which in turn is likely to propel the demand for magnesium nanoparticles over the projected period.

North America was the second-largest market for the product, with a revenue share of 12.9% in 2013. The product demand in the region is expected to gain momentum owing to the rising number of petrochemical industries in the region. Growing product demand as an anti-bacterial agent in paints & coatings industry is expected to drive industry growth.

The European market is expected to witness growth on account of rising demand for magnesium oxide nanoparticles mainly from the aerospace industry. The market in the Middle East & Africa is expected to witness the fastest growth over the projected period on account of rapid industrialization in the region.

Magnesium Oxide Nanoparticle Market Share Insights

The magnesium oxide nanoparticle industry is fairly concentrated and is expected to witness further consolidation with frequent M&A among competitors. Companies offer magnesium oxide with particle size ranging from 10 nm to 60 nm with varying grades of purity based on the intended application.

Some of the key market participants include American Elements, American International Chemical Inc., Eprui Nanoparticles & Microspheres Co. Ltd., Inframat, Martin Marietta Magnesia Specialties Inc., Nabond Technologies Co., Nanoscale Corporation, Nanostructured & Amorphous Materials Inc., Reinste Nano Ventures, Sigma-Aldrich and Skyspring Nanomaterials.

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