Global Market for Magnesium Oxide Nanoparticles to Surpass $42 Million by 2020
The global magnesium oxide nanoparticle market is expected to reach $42.3 million by 2020, according to a recent report available from Research and Markets. Magnesium oxide nanoparticles are used as fuel additives to enhance fuel efficiency and maintain engine health and performance. Increasing demand from the fuel industry owing to increasing consumer awareness regarding high-performance fuels in order to prolong vehicle operating life is expected to drive market demand over the forecast period.
Furnace linings were the largest application market for magnesium oxide nanoparticles, with demand estimated at over 60 tons in 2013, due to favorable properties such as large surface area, high purity and hardness. Nanoparticles are also used in the construction and ceramic industry due to their insulating and anti-bacterial properties, with estimated market revenue of over $4 million in 2013, growing at a compound annual growth rate (CAGR) of 9.1% from 2014 to 2020.
Global magnesium oxide nanoparticle market demand was 111.3 tons in 2013 and is expected to reach 185.5 tons by 2020, growing at a CAGR of 7.6% from 2014 to 2020. Aerospace applications are expected to be the fastest-growing market segment, at a CAGR of over 9% from 2014 to 2020. The aerospace industry is expected to witness major growth over the next six years due to increased service providers and the launch of new low-cost airlines. This is expected to result in increased demand for new airlines, which may have a positive impact on the demand for magnesium oxide nanoparticles.
Asia-Pacific was the largest regional market, with demand estimated at 8 tons in 2013, and is expected to grow at a CAGR of 7.8% from 2014 to 2020. The region is expected to witness growth due to the existence of end-use industries including electronics, steel, cement, refinery, and aerospace in India, China, Japan, and Korea. China has a large number of domestic magnesium oxide nanopowder manufactures, offering products at prices lower than the global average.
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