Magnesium oxide board (MgO board), commonly known as glass magnesium board, is a new type of multifunctional building material. It is mainly composed of a ternary system of MgO, magnesium chloride, and water, and is formulated through special production processes and modifiers. It is a stable magnesium based cementitious material.
Overview of Market Development
In recent years, thanks to the rapid development of the global construction industry and the excellent performance of MgO boards in fire prevention, insulation, and other aspects, the global MgO board market has shown a stable growth trend. According to our research data, the estimated global MgO board market size in 2024 is $674 million, an increase of 5.23% compared to 2023, and is expected to continue to increase to $872 million by 2029. The CAGR for 2024-2029 is estimated to be 5.29%.
Analysis of Downstream Application Pattern
MgO board is a new type of non-combustible decorative material, reinforced with medium alkaline fiberglass mesh and filled with lightweight materials. From the perspective of downstream application patterns, MgO boards are widely used in various fields such as residential buildings, commercial buildings, and industrial buildings due to its excellent performance. Among them, the commercial building sector holds the highest share in the downstream application market, estimated to be 58.09% in 2024.
Global MgO Board Market Size and Market Share by Application Forecast
Source: www.globalmarketmonitor.com
Market Analysis of Major Regions/Countries
From a regional distribution perspective, the global MgO board market is dominated by three major regions: North America, Europe, and Asia Pacific. Among them, the Asia Pacific region is the largest consumer market, with its MgO board consumption accounting for nearly 60% of the global total consumption. From a national perspective, China is the largest consumer country. The data shows that the estimated consumption of MgO board in China in 2024 is 70.93 million square meters, and the proportion of consumption is expected to reach 36.45%. It is expected that in the coming years, the Chinese market will continue to maintain rapid growth and become an important driving force for the global MgO board market.
Global MgO Board Consumption and Proportion by Region/Country Forecast in 2024
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Regions/Countries
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Consumption (Million Sqm)
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Proportion
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North America
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34.44
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17.70%
|
|
Europe
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36.35
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17.65%
|
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China
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70.93
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36.45%
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|
Japan
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9.18
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4.72%
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India
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15.39
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7.91%
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South America
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6.45
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3.31%
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Middle East & Africa
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11.59
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5.96%
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Source: www.globalmarketmonitor.com
For more industry information, please refer to our latest released "2023 Global MgO Boards Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".
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