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The Magnesium Oxide Board Market size was valued at USD 1.64 billion in 2023 and is expected to reach USD 2.62 billion by 2032 and grow at a CAGR of 5.35% over the forecast period of 2024-2032.
Magnesium Oxide Board (MgO board), additionally known as magnesium cement board or magnesia board, is a popular alternative to traditional gypsum plasterboard and cement-based boards. It is well-known in the building and interior design industries for its resilience to fire, strength, and adaptability.
MgO boards are typically composed of magnesium oxide, magnesium chloride (MgCl2), and a variety of fillers and reinforcing chemicals. Under tremendous pressure, these components are combined together and shaped into sheets.
These boards can be used for wall cladding, ceiling coverings, flooring, architectural panels, partitioning, and even as a substrate for tile and stone installations. MgO boards offer high strength and load capacity, allowing them to be employed as structural elements in a variety of building applications.
MgO boards are well-known for their toughness and resistance to moisture, mould, and dampness. They remain intact when exposed to water, therefore they are appropriate for usage in places with high humidity or probable water exposure.
KEY DRIVERS
Increasing use in the advertising industry as an alternative to materials such as vinyl banners and foam board signs
Increased investment in environmentally friendly materials will fuel expansion
MgO boards are derived from natural minerals and have a lower carbon footprint than other standard building materials, which aligns with sustainability objectives. These are free of hazardous chemicals and volatile organic compounds (VOCs), making them suitable for indoor use and improving indoor air quality. This product is recyclable and repurposed, reducing waste and fostering a circular economy. Because of its eco-friendliness, MgO boards are compatible with sustainable building practices and green building certifications. As a result, government and regulatory authorities all around the world advocate this product.
RESTRAIN
Fluctuation in prices may hamper the market growth
Fluctuations in the pricing of raw materials used in the production of MgO boards, such as magnesium oxide and magnesium chloride, can have an impact on overall manufacturing costs and, as a result, the price of the product. Pricing for MgO boards can be influenced by changes in market demand. Also, disruptions in the supply chain, such as transportation issues, raw material shortages, or manufacturing pauses, can have an impact on production costs and potentially lead to price changes. Changes in environmental rules, safety standards, or other regulatory requirements might cause changes in manufacturing processes.
OPPORTUNITY
Increasingly popular among DIY enthusiasts and home builders due to their ease of installation and low cost
Rising demand for MgO boards in the construction and infrastructure sectors.
MgO boards are highly fire-resistant and can withstand high temperatures, making them suitable for fireproofing applications and also, resistant to moisture and mould growth, making them suitable for areas prone to dampness. MgO boards have specifications like durable, thermal insulation properties, non-toxic, and safe for indoor use. They are often considered environmentally friendly as they are made from natural materials. MgO boards can be used in Roofing Underlayment, Interior Wall Panels, Subflooring, Decorative Elements, Prefabricated Panels, and many others. Rising construction activity in developing countries is anticipated to drive market growth.
CHALLENGES
High moist environment affects the durability of MgO boards
Excessive moisture absorption can cause MgO boards to swell, warp, or distort, which can lead to structural instability and aesthetic problems. Moisture also caused the bonding agents to deteriorate, diminishing their strength and integrity. While MgO boards are mould-resistant, extended exposure to high moisture levels can still stimulate mould and mildew growth, particularly if the surface is not properly maintained.
IMPACT OF RUSSIAN UKRAINE WAR
Russia Ukraine war had a negative impact on nearly every industry. The impact of the Russia-Ukraine war on construction was most visible in the building materials sector. The war, as well as the ensuing sanctions imposed on Russia, disrupted the supply chains between countries the indirect supply networks to Asia via Russia were also affected. This disruption led to a surge in prices of materials used in the construction sector in the final days of February 2022, reaching all-time highs in the weeks after the start of the conflict. As the construction sector suffered indirectly affected the MgO board market. With shortages and high costs of raw materials like magnesium oxide, the energy crisis is clearly having a significant influence on an already stressed construction sector.
IMPACT OF ONGOING RECESSION
During a recession, demand for new construction projects has dropped, and prices of raw material including cement, bricks, magnesium oxide boards, and other materials is high due to inflation. However, during a recession, home renovations are usually more economical. Despite increased material costs, contractors frequently charge less for your home renovation during an economic downturn. This is mostly due to increased competition and fewer accessible projects for bidding. Builders and developers may use cost-cutting techniques, which may reduce the use of premium materials such as MgO boards. During a recession, builders and developers may choose more cost-effective or standard materials, perhaps leading to a shift away from speciality items like MgO boards.
By Product Type
Thin (8 mm)
Medium (8-15 mm)
Thick (>15 mm)
By Application
Commercial
Residential
Industrial
Asia Pacific is expected to be the fastest-growing market, owing to rising demand from end-use industries such as building and construction and automotive. Rapid urbanization and new construction projects in emerging countries such as India, Japan, China, and others are expected to drive product demand.
North America is seeing consistent expansion due to the rising construction industry, technological innovation, and urbanization. Rising living standards drive more demand for home improvement initiatives. Market growth is driven by rising real estate investments, more consumer expenditure, and increased industrial activity.
Europe is important in the building sector because increased demand for homes in the United Kingdom has boosted the adoption of products as a result of newly constructed home sales at low tax rates. Growing demand for a rising population, green buildings, and increased construction activity will drive market expansion in Europe.
Latin America is expected to rise modestly during the forecast period, owing to an increase in the demand for new eco-friendly goods such as magnesium oxide board, which provides thermal insulation, toxin-free. As a result of shifting patterns and increasing urbanization in Latin America, increased construction of commercial structures like multiplexes and retail malls have contributed to the region's market growth.
Rising residential applications are a major driver in the Middle East and Africa. The increasing development of luxury or innovative structures, as well as the widespread availability of ornamental materials such as MgO Board in a variety of sizes, textures, thicknesses, and colours, can broaden the range of applications.
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
KEY PLAYERS
Magnum Board Products, LLC., Ambient Bamboo Products Inc., GemtreeBoard, KUNSHAN ROCKMAX BUILDING MATERIAL CO, Ukrmagnesit, Suparna Building Materials, RPV Industries, Ambient Bamboo Products Inc., North American MgO LLC, Foreverboard California, Inc, and other key players are mentioned in the final report.
RECENT DEVELOPMENTS
Huber Engineered Woods- In 2021 Huber Engineered Woods Introduces new MgO Panels for Multifamily and Light Commercial Flooring, a new branding to complement AdvanTechTM subfloor assembly and ZIP SystemTM building products with EXACORTM MgO Panels
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.64 Bn |
| Market Size by 2032 | US$ 2.62 Bn |
| CAGR | CAGR of 5.35% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Thin (8 mm), Medium (8-15 mm), and Thick (>15 mm)) • By Application (Commercial, Residential, and Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Magnum Board Products, LLC., Ambient Bamboo Products Inc., GemtreeBoard, KUNSHAN ROCKMAX BUILDING MATERIAL CO, Ukrmagnesit, Suparna Building Materials, RPV Industries, Ambient Bamboo Products Inc., North American MgO LLC, Foreverboard California, Inc |
| Key Drivers | • Increasing use in the advertising industry as an alternative to materials such as vinyl banners and foam board signs. • Increased investment in environmentally friendly materials will fuel expansion. |
| Market Restraints | • Fluctuation in prices may hamper the market growth |
Ans. USD 2.62 billion is the projected Magnesium Oxide Board Market size of the market by 2032.
Ans. The CAGR of the Magnesium Oxide Board Market over the forecast period is 5.35%.
Ans. High moist environment affects the durability of MgO boards
Ans. Opportunity are
Ans. USD 1.64 billion was the market size in 2023 for the Magnesium Oxide Board Market
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on major economies
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Magnesium Oxide Board Market Segmentation, By Product Type
8.1 Thin (8 mm)
8.2 Medium (8-15 mm)
8.3 Thick (>15 mm)
9. Magnesium Oxide Board Market Segmentation, By Application
9.1 Commercial
9.2 Residential
9.3 Industrial
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Magnesium Oxide Board Market by Country
10.2.2North America Magnesium Oxide Board Market by Product Type
10.2.3 North America Magnesium Oxide Board Market by Application
10.2.4 USA
10.2.4.1 USA Magnesium Oxide Board Market by Product Type
10.2.4.2 USA Magnesium Oxide Board Market by Application
10.2.5 Canada
10.2.5.1 Canada Magnesium Oxide Board Market by Product Type
10.2.5.2 Canada Magnesium Oxide Board Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Magnesium Oxide Board Market by Product Type
10.2.6.2 Mexico Magnesium Oxide Board Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Magnesium Oxide Board Market by Country
10.3.1.2 Eastern Europe Magnesium Oxide Board Market by Product Type
10.3.1.3 Eastern Europe Magnesium Oxide Board Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Magnesium Oxide Board Market by Product Type
10.3.1.4.2 Poland Magnesium Oxide Board Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Magnesium Oxide Board Market by Product Type
10.3.1.5.2 Romania Magnesium Oxide Board Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Magnesium Oxide Board Market by Product Type
10.3.1.6.2 Hungary Magnesium Oxide Board Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Magnesium Oxide Board Market by Product Type
10.3.1.7.2 Turkey Magnesium Oxide Board Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Magnesium Oxide Board Market by Product Type
10.3.1.8.2 Rest of Eastern Europe Magnesium Oxide Board Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Magnesium Oxide Board Market by Country
10.3.2.2 Western Europe Magnesium Oxide Board Market by Product Type
10.3.2.3 Western Europe Magnesium Oxide Board Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Magnesium Oxide Board Market by Product Type
10.3.2.4.2 Germany Magnesium Oxide Board Market by Application
10.3.2.5 France
10.3.2.5.1 France Magnesium Oxide Board Market by Product Type
10.3.2.5.2 France Magnesium Oxide Board Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Magnesium Oxide Board Market by Product Type
10.3.2.6.2 UK Magnesium Oxide Board Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Magnesium Oxide Board Market by Product Type
10.3.2.7.2 Italy Magnesium Oxide Board Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Magnesium Oxide Board Market by Product Type
10.3.2.8.2 Spain Magnesium Oxide Board Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Magnesium Oxide Board Market by Product Type
10.3.2.9.2 Netherlands Magnesium Oxide Board Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Magnesium Oxide Board Market by Product Type
10.3.2.10.2 Switzerland Magnesium Oxide Board Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Magnesium Oxide Board Market by Product Type
10.3.2.11.2 Austria Magnesium Oxide Board Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Magnesium Oxide Board Market by Product Type
10.3.2.12.2 Rest of Western Europe Magnesium Oxide Board Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Magnesium Oxide Board Market by Country
10.4.2 Asia Pacific Magnesium Oxide Board Market by Product Type
10.4.3 Asia Pacific Magnesium Oxide Board Market by Application
10.4.4 China
10.4.4.1 China Magnesium Oxide Board Market by Product Type
10.4.4.2 China Magnesium Oxide Board Market by Application
10.4.5 India
10.4.5.1 India Magnesium Oxide Board Market by Product Type
10.4.5.2 India Magnesium Oxide Board Market by Application
10.4.6 Japan
10.4.6.1 Japan Magnesium Oxide Board Market by Product Type
10.4.6.2 Japan Magnesium Oxide Board Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Magnesium Oxide Board Market by Product Type
10.4.7.2 South Korea Magnesium Oxide Board Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Magnesium Oxide Board Market by Product Type
10.4.8.2 Vietnam Magnesium Oxide Board Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Magnesium Oxide Board Market by Product Type
10.4.9.2 Singapore Magnesium Oxide Board Market by Application
10.4.10 Australia
10.4.10.1 Australia Magnesium Oxide Board Market by Product Type
10.4.10.2 Australia Magnesium Oxide Board Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Magnesium Oxide Board Market by Product Type
10.4.11.2 Rest of Asia-Pacific APAC Magnesium Oxide Board Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Magnesium Oxide Board Market by Country
10.5.1.2 Middle East Magnesium Oxide Board Market by Product Type
10.5.1.3 Middle East Magnesium Oxide Board Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Magnesium Oxide Board Market by Product Type
10.5.1.4.2 UAE Magnesium Oxide Board Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Magnesium Oxide Board Market by Product Type
10.5.1.5.2 Egypt Magnesium Oxide Board Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Magnesium Oxide Board Market by Product Type
10.5.1.6.2 Saudi Arabia Magnesium Oxide Board Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Magnesium Oxide Board Market by Product Type
10.5.1.7.2 Qatar Magnesium Oxide Board Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Magnesium Oxide Board Market by Product Type
10.5.1.8.2 Rest of Middle East Magnesium Oxide Board Market by Application
10.5.2 Africa
10.5.2.1 Africa Magnesium Oxide Board Market by Country
10.5.2.2 Africa Magnesium Oxide Board Market by Product Type
10.5.2.3 Africa Magnesium Oxide Board Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Magnesium Oxide Board Market by Product Type
10.5.2.4.2 Nigeria Magnesium Oxide Board Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Magnesium Oxide Board Market by Product Type
10.5.2.5.2 South Africa Magnesium Oxide Board Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Magnesium Oxide Board Market by Product Type
10.5.2.6.2 Rest of Africa Magnesium Oxide Board Market by Application
10.6 Latin America
10.6.1 Latin America Magnesium Oxide Board Market by Country
10.6.2 Latin America Magnesium Oxide Board Market by Product Type
10.6.3 Latin America Magnesium Oxide Board Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Magnesium Oxide Board Market by Product Type
10.6.4.2 Brazil Africa Magnesium Oxide Board Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Magnesium Oxide Board Market by Product Type
10.6.5.2 Argentina Magnesium Oxide Board Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Magnesium Oxide Board Market by Product Type
10.6.6.2 Colombia Magnesium Oxide Board Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Magnesium Oxide Board Market by Product Type
10.6.7.2 Rest of Latin America Magnesium Oxide Board Market by Application
11 Company Profile
11.1 Magnum Board Products, LLC
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Ambient Bamboo Products Inc.
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 GemtreeBoard
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Ukrmagnesit
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 KUNSHAN ROCKMAX BUILDING MATERIAL CO
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Suparna Building Materials
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 RPV Industries
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Ambient Bamboo Products Inc.
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 North American MgO LLC
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Foreverboard California, Inc
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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