Magnesium Oxide Board Market Report 2025

The magnesium oxide board market size has grown strongly in recent years. It will grow from $1.86 billion in 2024 to $1.97 billion in 2025 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growth in the construction industry, advantages in fire resistance, environmental considerations, demand for sustainable building solutions, and 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 $2.68 billion in 2029 at a compound annual growth rate (CAGR) of 8%. The growth in the forecast period can be attributed to investment in the construction sector, increasing focus on fire safety, rise in green building standards, innovation in architectural design, and 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.

The projected growth in the magnesium oxide board market is expected to be propelled by the increasing demand for construction activities. Construction involves the assembly of various materials to create structures based on a detailed design and blueprint. Magnesium oxide boards are advantageous in the construction sector as they are human factory-produced non-insulating roofing board products widely used in construction for various applications. They serve as a superior construction material, serving as substitutes for wood boards and gypsum boards. For example, in 2022, the statistics published by the Bureau of Economic Analysis (BEA) indicate growth in the size of the US construction industry, increasing from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. This surge in construction activities is a key driver behind the growth of the magnesium oxide board market.

The rising rate of urbanization is projected to drive the growth of the magnesium oxide board market in the future. Urbanization refers to the process in which a growing proportion of the population shifts to live in towns and cities, resulting in the expansion of urban areas as people migrate from rural regions. Magnesium oxide boards are favored in urban construction due to their fire-resistant, moisture-resistant, and sustainable properties, offering effective and durable solutions in densely populated areas where strict building regulations and environmental considerations are crucial. For example, in April 2023, a report from the World Bank Group, a US-based organization, indicated that approximately 56% of the global population - 4.4 billion people - currently resides in cities. This trend is expected to persist, with the urban population projected to more than double by 2050, at which point nearly 70% of people will be living in urban areas. Therefore, the increasing rate of urbanization is a key factor driving the magnesium oxide board market.

Leading companies in the magnesium oxide board market are developing innovative products with non-combustible properties to improve fire resistance and safety in construction materials. These boards are engineered to provide exceptional fireproofing, making them ideal for use in residential, commercial, and industrial buildings. For example, in July 2024, MagMatrix, a Switzerland-based company known for its magnetic sensor technology, launched the BMSC 517. This magnesium oxide board is rated as non-combustible and has undergone rigorous testing to meet strict fire safety standards, including ASTM E136 certification. It can endure high temperatures and resist flames for extended durations, making it suitable for fire-rated applications. The board is composed of 85% active light-burning magnesium oxide powder, which enhances its structural integrity and fire-resistant properties. This formulation not only helps prevent the spread of fire but also improves overall safety in building applications.

Leading companies in the magnesium oxide board market are developing products like magnesium citrate powder to enhance the performance and durability of building materials, improve moisture resistance, and offer lightweight alternatives for construction applications. Magnesium citrate powder, a dietary supplement that combines magnesium with citric acid, is commonly used to support muscle function, promote relaxation, and aid digestion. For example, in September 2024, Protein Rebel, a UK-based manufacturer of sports nutrition products, launched Power Up. This product aims to alleviate muscle cramps and stiffness, reduce fatigue, and promote better sleep, making it particularly beneficial for runners seeking to optimize their recovery between workouts.

In September 2023, Chevron Corporation, a US-based petroleum refineries company, acquired Magnum Development LLC, a US-based magnesium company, for an undisclosed amount. This acquisition is part of Chevron's plans for the Advanced Clean Energy Storage (ACES) hydrogen project, aiming to solidify its position in the hydrogen energy market. The ACES project aims to create a large-scale hydrogen production and storage facility that offers affordable, reliable, and environmentally friendly energy. Chevron's acquisition of Magnum Development strengthens its capabilities in magnesium-related technologies within the context of the broader ACES initiative.

Major companies operating in the magnesium oxide board market include GemtreeBoard Ltd., Hebei Optimum Construction Materials Co Ltd., Trusus Building Materials Manufacturing Co Limited, Magnum Board Products LLC, Shandong Zhuchen Industrial Co Ltd., Jiangyin Yongxin Decorative Materials Co Ltd., North America MgO LLC, Tongxing Technology Development Co Ltd., Suparna Building Materials, RPV Industries Pvt Ltd., Foreverboard Inc., Extremegreen Building Products LLC, Owens Corning, Ectek Building Materials., DragonBoard USA, ZS2 Technologies, RTF Systems, Huizhou Meisen Board Co Ltd., SINH Building Solutions BV, Huber Engineered Woods, Everything MgO LLC, Magmatrix Science & Technology Co Ltd.

North America was the largest region in the magnesium oxide board market in 2024. The regions covered in the magnesium oxide board market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the magnesium oxide board market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Magnesium oxide board (MgO) is a mineral panel composed of magnesium and oxygen, offering superior performance compared to traditional materials such as gypsum, wood, and cement-based products. Known for its durability and resistance, MgO boards excel in fire resistance, as well as resistance to mold, mildew, humidity, and heat. This makes them an excellent building material and a suitable substitute for wood and gypsum board in various construction applications.

The main types of magnesium oxide boards are categorized based on thickness, including thin (< 8 mm), medium (8-15 mm), and thick (>15 mm) boards. Thin MgO boards, measuring below 8 mm, are designed for use in floors and roofs, typically with dimensions of 6ft by 4ft. The thickness of these boards is determined by the depth of the MgO layer and the backing material. These thin boards find applications in electronic applications where a small coating of MgO is sufficient to provide electrical and thermal protection. Distribution channels for magnesium oxide boards include both online and offline channels, serving residential, commercial, and industrial building sectors, among others. MgO boards are versatile and find applications in a wide range of construction projects, making them a preferred choice for various building types and purposes.

The magnesium oxide boards market research report is one of a series of new reports that provides magnesium oxide boards market statistics, including magnesium oxide boards industry global market size, regional shares, competitors with a magnesium oxide boards market share, detailed magnesium oxide boards market segments, market trends and opportunities, and any further data you may need to thrive in the magnesium oxide boards industry. This magnesium oxide boards market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The magnesium oxide board market consists of sales of standard magnesium oxide boards, structural magnesium oxide Boards, fire-resistance magnesium oxide boards, moisture-resistant magnesium oxide boards, and decorative magnesium oxide boards. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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