Transparency Market Research has released a new market report titled "Magnesium Oxide Nanopowder Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023".
According to the report, the global magnesium oxide nanopowder market was valued at US$1.69 billion in 2014 and is anticipated to reach US$3.45 billion in 2023, expanding at a CAGR of 8.3% between 2015 and 2023.
Browse the full Magnesium Oxide Nanopowder Market for Furnaces & Boilers, Paints & Coatings, Electronics, Electrical, Construction, and Other End-users - Global Industry Analysis, Size, Share, Growth, and Trends and Forecast 2015 - 2023 report at http://www.transparencymarketresearch.com/magnesium-oxide-nanopowder.html
Magnesium oxide nanopowder is processed using magnesium ore as a raw material. Manufacture of magnesium oxide nanopowder is an energy intensive process, wherein magnesium hydroxide is calcined at high temperature. Magnesium oxide produced as a result of calcination exhibits high thermal and chemical stability; hence, it is used in the manufacture of flame retardant paints and coatings. It is also used in refractory linings applied in furnaces and boilers. Magnesium oxide nanopowder has large surface area as compared to particle size. This makes it useful in the construction industry. Magnesium oxide nanopowder is used extensively in the field of electronics and electrical owing to its excellent insulating properties. Magnesium oxide nanopowder is also employed in applications such as fuel additives, as it acts as corrosion inhibitor.
Furnaces and boilers was the largest end-user segment of the magnesium oxide nanopowder market, accounting for more than 45% share in 2014. Due to high thermal stability, magnesium oxide nanopowder is extensively used in refractories for furnace linings due Research & development is being carried out to extend the usage of magnesium oxide nanopowder in orthopedic tissue engineering. This would increase the scope of application in the healthcare industry. Magnesium oxide nanopowder is used as dispersed phase in polymer composites, which is used post joint reconstruction surgeries for recovery of tissues. However, magnesium gets extremely hot and produce fumes when burned in open air. If inhaled, it can cause metal fume fever. Hence, it is necessary to take precautions during its manufacturing process and storage. Rise in health concerns and adverse impact on the environment are expected to hamper market growth.
Paints & coatings industry has experienced a boost in demand as a result of infrastructural development in North America. The demand for magnesium oxide nanoparticle as an anti-bacterial coating is therefore anticipated to increase, owing to growth in the construction industry.