What Has Been the Growth Trajectory for the Magnesium Oxide Board Market in Recent Years?
The magnesium oxide board market has seen considerable growth due to a variety of factors.
•In recent times, the market size for the magnesium oxide board has experienced robust growth. It is projected to expand from its 2024 value of $1.86 billion to $1.97 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.4%.
The appreciable growth witnessed historically is owing to factors like the surge in the construction industry, the superior fire resistance provided, concerns for the environment, the rising demand for sustainable building methods, and the inclination towards using long-lasting construction materials.
How Does the Forecast Look for the Magnesium Oxide Board Market?
The magnesium oxide board market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the market for magnesium oxide boards is expected to witness significant expansion. The market value is predicted to reach $2.68 billion by 2029, with a compound annual growth rate of 8.0%.
Factors contributing to this expected growth during the forecasted period could be an increased investment in the construction industry, a heightened emphasis on fire safety, a surge in eco-friendly building standards, advancements in architectural design, and a preference for lighter construction materials. The forecasted period is also expected to see shifts in trends such as innovations in the formulation of magnesium oxide boards, the market's reaction to strict building codes and standards, a focus on sound insulation and acoustic properties, usage in external cladding and facades, and implementation in specific construction projects.
What Main Forces Are Fueling Expansion In The Magnesium Oxide Board Market?
The rise in construction activities is anticipated to drive the magnesium oxide board market's expansion. Construction involves using various materials to build a structure at a specific location, based on a comprehensive design and blueprint. Magnesium oxide boards, which are man-made, non-insulating roofing board products used frequently in construction, are advantageous to the industry. These boards are a superior alternative to traditional wood and gypsum boards. For instance, data from the Bureau of Economic Analysis (BEA), a US-based governmental entity for macroeconomic and industry statistics, showed that the American construction industry grew from $1.916 trillion in the first quarter of 2021 to $2.016 trillion in the first quarter of 2022. Consequently, the surge in construction activities is fueling the expansion of the magnesium oxide board market.
What Are The Primary Segments In The Global Magnesium Oxide Board Market?
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
Subsegments:
1) By Thin (<8 mm): 4 mm Boards, 6 mm Boards
2) By Medium (8-15 mm): 10 mm Boards, 12 mm Boards, 15 mm Boards
3) By Thick (>15 mm): 16 mm Boards, 20 mm Boards, Custom Thickness Boards
Pre-Book The Magnesium Oxide Board Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Key Trends Are Driving Changes In The Magnesium Oxide Board Market?
Leading businesses in the magnesium oxide board market are innovating products with incombustible features to amplify fire resistance and safety in building materials. Such boards are engineered to present superior fireproofing features and are ideal for utilization in residential, commercial, and industrial structures. For example, MagMatrix, a company focused on magnetic sensor technology based in Switzerland, introduced the BMSC 517 in July 2024. The BMSC 517 magnesium oxide board is classified as incombustible and has surpassed rigorous fire safety qualifications, like the ASTM E136 certification. It can bear intense heat and maintain resistance to fire for prolonged durations, qualifying it for fire-rated uses. The board employs 85% active light-burning magnesium oxide powder, reinforcing its structural robustness and fire-resistance. This component plays a vital role in inhibiting the advancement of fire, consequently improving the overall safety in construction projects.
Who Are the Key Players in the Magnesium Oxide Board Market?
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.
What Is The Most Dominant Region In The Magnesium Oxide Board Market?
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.
