Rapid Industrialization to Propel Asia Pacific at the Forefront of Market Growth
In the global magnesium oxide nanopowder market, Asia Pacific is expected to emerge as a leading regional segment. The region is estimated to rise at a robust CAGR over the tenure of assessment, thanks to rapid industrialization in the region. Expansion of various industries like electronic, coatings, cement, and steel in countries like China, India, and Japan is likely to work in favor of the global magnesium oxide nanopowder market.
Favorable foreign direct investment (FDI) policies by Indian government encourage investors to invest in metal and chemical processing industry thereby boosting overall growth of the industry. In China, various metal and steel industry has a very strong presence, which is expected to propel demand for furnaces. Increased demand for furnaces is expected to boost the Asia Pacific magnesium oxide nanopowder market in years to come.
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Excellent Insulating Properties Make it Ideal for Use in Electronics Industry
The global magnesium oxide nanopowder market is anticipated witness stellar growth due to augmented use of the product in various end-use applications such as fuel additives, ceramics, pharmaceuticals, cement, and food additives.
Calcinations lead to production of magnesium oxide, which comes with chemical and thermal stability. It, as such, finds use in the making of flame retardant coatings and paints. Magnesium oxide nanopowder also finds use in refractory linings that are applied in boilers and furnaces. Increased use in boilers and furnaces is expected to stimulate growth of the global magnesium oxide nanopowder market in years to come.
In addition, large surface powder has large surface area in comparison with particle size, which makes it useful in the construction industry. Furthermore, outstanding insulating properties make it ideal for use in the electrical and electronics industry. With use in such a wide variety of industries, the global magnesium oxide nanopowder market is estimated to witness considerable growth over the tenure of assessment, from 2015 to 2023.