According to the data on the relevant website, the value of the global magnesium oxide nanoparticle market in 2014 was 1.69 billion US dollars, and it is expected to reach 3.45 billion US dollars in 2023. It will grow at a compound annual growth rate of 8.3% from 2015 to 2023.
Magnesium oxide nanoparticles are processed by using magnesium ore as raw material, and the preparation thereof is a very complicated process. Magnesium hydroxide is calcined at high temperature to produce magnesia, and magnesia obtained by calcination has high heat. Stability and chemical stability for the production of flame retardant coatings. It is also suitable for refractory linings for furnaces and boilers. The magnesium oxide nanoparticles have a larger specific surface area than the particle size. This makes it useful in the construction industry. Magnesium oxide nanoparticles have been widely used in electronics and electrical fields due to their excellent insulating properties. Magnesium oxide nanoparticles are also used as corrosion inhibitors in fields such as fuel additives.
Furnaces and boilers are the largest end-user market for the magnesium oxide nanoparticle market, accounting for more than 45% of the market in 2014. Due to its high thermal stability, magnesium oxide nanoparticles are widely used in the research and development of lining refractories to expand the application of magnesium oxide nanoparticles in orthopedic tissue engineering. This will expand the range of applications in the healthcare industry. Magnesium oxide nanoparticles are used as the dispersed phase of the polymer composite for the recovery of tissue after joint reconstruction surgery. However, magnesium can become very hot, producing fumes when burned in the open air, and causing metal fumes if inhaled, so precautions must be taken during its manufacture and storage. As health problems increase and adverse effects on the environment are expected to hinder market growth.
Demand for the paint and coatings industry has increased due to the development of infrastructure in North America. Therefore, due to the growth of the construction industry, the demand for magnesium oxide nanoparticles as an antibacterial coating is expected to increase.
In addition, due to high demand from the aerospace industry, it is estimated that the European market for magnesium oxide nanoparticles will expand significantly. It is expected that in the near future, the increasing demand for fuel additives and the increase in demand for refractories will also drive the development of the market for magnesium oxide nanoparticles. Due to increasing safety concerns, the demand for magnesium oxide nanoparticles in flame retardant applications is expected to increase. In addition, the development of cost-effective manufacturing processes and the realization of economies of scale are likely to become market opportunities in the near future.
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