Magnesium Oxide Board Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Magnesium Oxide Board Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Magnesium Oxide Board Global Market Report 2024, The magnesium oxide board market size has grown strongly in recent years. It will grow from $1.76 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in construction industry, advantages in fire resistance, environmental considerations, demand for sustainable building solutions, preference for durable construction materials..

The magnesium oxide board market size is expected to see strong growth in the next few years. It will grow to $2.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to investment in construction sector, increasing focus on fire safety, rise in green building standards, innovation in architectural design, preference for lightweight construction materials.. Major trends in the forecast period include innovation in magnesium oxide board formulations, market response to stringent building codes and standards, focus on sound insulation and acoustic properties, utilization in exterior cladding and facades, application in specialty construction projects..

Increasing demand for construction activities is expected to propel the growth of the magnesium oxide board market going forward. Construction refers to the process of assembling numerous materials to form a structure for a particular location utilizing a comprehensive design and blueprint. Magnesium Oxide boards are beneficial to the construction sector because they are created by human factory-produced non-insulating roofing board products utilized for common uses in construction, and they are also a better construction material that substitutes wood board and gypsum board. For instance, in 2022, according to the statistics published by the Bureau of Economic Analysis (BEA), a US-based government organization for macroeconomic and industry statistics, the size of the US construction industry increased from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Therefore, an increasing demand for construction activities is driving the growth of the magnesium oxide board market.

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The magnesium oxide board market covered in this report is segmented –

1) By Product Type: Thin (<8 mm), Medium (8-15 mm), Thick (>15 mm)
2) By Distribution Channel: Online Distribution Channel, Offline Distribution Channel
3) By Application: Residential Building, Commercial Building, Industrial Buildings, Other Applications

Product innovations have emerged as the key trend gaining popularity in the magnesium oxide board market. Major companies operating in the magnesium oxide board market are developing product innovations to strengthen their position in the market. For instance, in February 2021, Huber Engineered Woods (HEW), a US-based manufacturer of roof sheathing, wall sheathing, insulated R-sheathing, stretch tape, and liquid flash, introduced a new brand called EXACOR Magnesium-Oxide (MgO) panels. EXACOR panels, as a component of flooring systems, provide construction teams with an easy-to-work panel design that includes patented internal mesh fiber for structure and a magnesium-oxide formula for dimensional stability, fire protection, and sound dampening. These panels are available in nominal thicknesses of 1/2 (12mm), 5/8 (16mm), and 3/4 (20mm), and can help minimize both material requirements and labor time when compared to fire-rated flooring components, which need gypsum underlayment.

The magnesium oxide board market report table of contents includes:

1. Executive Summary
2. Magnesium Oxide Board Market Characteristics
3.Magnesium Oxide Board Market Trends And Strategies
4. Magnesium Oxide Board Market analysis
5. Magnesium Oxide Board Market Size And Growth
6. Magnesium Oxide Board Segmentation
7. Magnesium Oxide Board Regional And Country Analysis
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27.Magnesium Oxide Board Competitive Landscape And Company Profiles
28.Magnesium Oxide Board Key Mergers And Acquisitions
29. Magnesium Oxide Board Future Outlook and Potential Analysis