Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- The increasing technological advancement in the construction industry is expected to foster the healthy growth of the market, states Fortune Business Insight, in a report, titled “Magnesium Oxide Boards Market Size, Share & and Regional Forecast, 2023-2030.” The growing adoption of MgO boards in the construction industry is expected to bolster the healthy growth of the market.
The magnesium oxide (MgO) boards market is a growing industry that is gaining popularity due to the many advantages offered by these boards over traditional construction materials such as gypsum, cement, and wood. Magnesium Oxide Boards are made from a combination of magnesium oxide, magnesium chloride, and water, and are used in a variety of applications, including walls, ceilings, floors, and roofs.
Some of the key advantages of MgO boards include their fire resistance, moisture resistance, and durability. Magnesium Oxide Boards are also non-toxic, non-combustible, and resistant to mold, mildew, and insects. Additionally, MgO boards are easy to install and can be cut to size using standard tools, making them a cost-effective and efficient choice for construction projects.
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The Report Lists the Key Companies in the Magnesium Oxide Boards Market:
- Gemtree Board
- Magnum Building Products
- Huizhou Meisen Board
- Ruenzhong Building Material
- Yongjia Decorative Material
- Rockmax MgO
- Shandong Oulade
- Hongcheng Board
Market Driver:
New Regulations Implemented by China to Aid Expansion
The increasing government initiatives for the adoption of new standards regarding building can enable healthy growth of the market. For instance, in November 2017, the Magnesium Oxide Association of China issued new standards for the implementation of chlorine-free magnesium oxide boards in buildings, which will effectively reduce the threat of fire accidents. The ongoing technological advancement in the construction industry for robust and eco-friendly buildings is expected to bolster the growth of the market.
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There are several drivers contributing to the growth of the magnesium oxide (MgO) boards market:
- Sustainable and eco-friendly construction materials: There is increasing demand for sustainable and eco-friendly construction materials that have minimal impact on the environment. MgO boards are considered an eco-friendly alternative to traditional construction materials as they are made from natural materials and are non-toxic.
- Fire resistance: One of the key advantages of magnesium boards is their high level of fire resistance. MgO boards have been extensively tested and have been found to be highly resistant to fire, making them a popular choice for use in buildings and structures that require high levels of fire resistance.
- Moisture resistance: MgO boards are also highly resistant to moisture, making them ideal for use in environments with high levels of humidity or moisture. They are particularly popular in areas with high levels of rainfall, as they do not absorb water or swell.
- Durability: MgO boards are highly durable and are resistant to damage from impact and wear and tear. This makes them ideal for use in high-traffic areas, such as hospitals, schools, and public buildings.
- Lightweight construction: Magnesium boards are lightweight and easy to work with, making them a popular choice for use in construction projects where weight is a consideration. They are particularly popular in applications such as ceilings and walls, where the weight of traditional construction materials can be a concern.
- Growing construction industry: The global construction industry is growing, particularly in regions such as Asia-Pacific and North America. This is driving demand for construction materials such as MgO boards, which are cost-effective, easy to install, and offer a range of advantages over traditional materials.
However, stringent government policies for the extraction of raw materials such as MgCO3 are expected to retard the growth of the market in the near future.
Regional Analysis:
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The increasing government initiatives for infrastructure development are expected to drive the market in the region.
The magnesium oxide (MgO) boards market is a global industry, with demand for these materials growing in regions such as Asia-Pacific, North America, Europe, and the Middle East and Africa (MEA). Here is a regional analysis of the MgO boards market:
- Asia-Pacific: The market in Asia-Pacific is expected to hold the largest share owing to the developing construction and building industry in developing countries such as India and China. The Asia-Pacific region is expected to be the fastest-growing market for MgO boards, due to the rapid growth of the construction industry in countries such as China, India, and Japan.
- North America: North America is expected to hold a significant share owing to the increasing construction and infrastructure projects in the U.S. and Canada. The region is home to several major players in the MgO boards market, including Magnum Building Products, Inc.
- Europe: The European market for MgO boards is also growing, driven by increasing demand for lightweight construction materials that offer high levels of fire resistance and moisture resistance. The region is home to several major manufacturers of MgO boards, including Beijing HocreBoard Building Materials Co., Ltd.
- Middle East and Africa (MEA): The MEA market is also expected to grow in the coming years, driven by increasing demand for sustainable and eco-friendly construction materials, as well as the growing construction industry in countries such as Saudi Arabia, UAE, and Qatar. The region is home to several major players in the MgO boards market, including Yunion Industry Limited.
Overall, the MgO board market is expected to grow globally in the coming years, driven by increasing demand for sustainable and eco-friendly construction materials, as well as the many advantages offered by MgO boards over traditional construction materials. However, the increasing investments by companies in Dubai and Abu Dhabi can create opportunities for the market.
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