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Europe Magnesium Oxide Boards Market - Forecast(2023 - 2028)
Europe Magnesium Oxide Boards Market Overview
Europe Magnesium
Oxide Boards Market size is expected to be valued at US$351.5 million by the
end of the year 2026 and is set to
grow at a CAGR of 4.3% during the forecast period from 2021-2026. Magnesium
oxide is very environmental-friendly and is produced without any wastage of
substances that is harmful to the environment. It does not release carbon-dioxide
into the air, which is a very dangerous substance. Magnesium oxide boards are
extensively used in gypsum drywall, ceiling covering, flooring, insulated
systems (wiring, electric motors and others) and generally in the building and
construction industry. Magnesium oxide board also possess low thermal
conductivity, which helps in protecting the materials from heat and
electricity. It also helps in saving the
overall costs of the business, driving the magnesium oxide board in the
European market.
COVID-19 impact
During the
Covid-19 pandemic, the magnesium oxide boards market in Europe witnessed a huge
turmoil. The economic shutdown owing to the Covid-19 pandemic was a big hurdle
to the development of the magnesium oxide boards market, which eventually has also affected the production, sales, distribution and marketing of the magnesium
oxide board market in the European region too. The Europe magnesium boards market was hugely
affected during the Covid-19 pandemic. However, the magnesium oxide boards
industry in Europe saw a gradual increase during the end of the year 2020 and is also
set to improve in the coming months of the year 2021.
Report Coverage
The report: “Europe Magnesium Oxide Boards Market –
Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the
following segments of the Europe Magnesium Oxide Boards Industry.
Key Takeaways
- The advantages offered by magnesium oxide such as less pollution, less release of harmful substances and cost reduction is driving the Europe Magnesium Oxide Market.
- The increase in the construction activities such as roofing, flooring and others., and the demand for gypsum drywall owing to the growth of the construction industry is driving the Europe Magnesium Oxide Boards market in Europe.
- Amid the Covid-19 pandemic, the Europe magnesium oxide boards market witnessed various hurdles which caused losses to the market. It is however set to improve by the year end 2021.
FIGURE: Europe Magnesium Oxide Boards Market Revenue, 2020-2026 (US$ Million)
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Europe Magnesium Oxide Boards Market Segment Analysis – By Material Type
Gypsum drywall held the largest share of 34% in
the Europe magnesium oxide boards market in the year 2020. Gypsum drywall has
various advantages such as easy installation, affordable, fire resistance,
sound control and rigid which makes it a preferred product of magnesium oxide
in the Europe magnesium oxide boards market. According to Eurogypsum (European Federation
of National Associations of Gypsum Product Manufacturers) the European market
witnesses an annual turnover of almost US$9.44 billion (7.7 billion Euros). Gypsum
drywall is used in both residential and non-residential construction and for
refurbishments as well. The various gypsum drywall related products used in the
construction industry is plasterboard, gypsum fireboard, decorative plaster,
plaster block and others. This is driving the demand for magnesium oxide in the
gypsum drywall segment of the Europe magnesium oxide boards industry.
Europe Magnesium Oxide Boards Market Segment Analysis – By Application
Roofing segment
held the largest share of 53% in the Europe magnesium oxide boards market in
the year 2020. The increase in the number of construction activities in the
European Union countries such as refurbishments, maintenance & repair (ceiling
covering), insulation systems (electric wire, motors and others), roofing,
flooring and others is highly driving the roofing segment in the Europe
magnesium oxide boards market. Magnesium oxide boards are extensively used in
many buildings for their ceiling coverings. The use magnesium oxide boards for
the ceiling covering are increasing in the present years owing to the
properties of magnesium oxide boards such as easy maintenance, cheaper and
customization. These factors are driving the roofing (ceiling covering) segment
in the Europe magnesium oxide boards market.
Europe Magnesium Oxide Boards Market Segment Analysis – By End-Use Industry
Building and
construction segment held the largest share of 48% in the Europe magnesium
oxide boards market in the year 2020. The various applications of magnesium
oxide boards in the construction industry is highly driving the need and demand
of magnesium oxide boards in the construction sector in the Europe Union
countries. Magnesium oxide boards are used in the interiors of a building in
various applications, owing to the many advantages associated with the
magnesium oxide boards. According to International Trade Administration, the UK
government announced funds for infrastructural development worth US$6.87
billion in September 2020 which will be primarily be spent on construction of
buildings for public hospitals, schools and other local projects. Furthermore,
according to Germany Trade & Invest (GTAI) (economic development agency of
the Federal Republic of Germany), the construction industry volume increased by
6.74% in the year 2020 from the year 2019. The increase in construction
activities in the region is hugely driving the European magnesium oxide boards in
the construction industry of the Europe market.
Europe Magnesium Oxide Boards Market Segment Analysis – By Country
UK segment held
the largest share of 35% in the Europe magnesium oxide boards market in the
year 2020. The increasing number of construction activities in the UK is one of the
major factors driving the demand for European magnesium oxide boards market.
According to the Office for National Statistics, Europe, the monthly
construction output in the UK grew by 5.8% in March 2021, with an increase of 6.7%
in new works and an increase of 4.4% in repair and maintenance activities Furthermore,
according to
the National Infrastructure Delivery Plan by the UK government, an amount of
US$112.34 billion has been allocated for public infrastructure for the year
2020-2021. This is highly driving the demand for magnesium oxide boards market
in the UK.
Europe Magnesium Oxide Boards Market Drivers
Growth in the Construction Industry
The increase in activities in the construction
industry in Europe, such as roofing, ceiling covering, flooring, insulated
systems (such as wiring, electric motors), setting up of gypsum drywall and
others is driving the Europe magnesium oxide boards market. Magnesium oxide boards
have various applications such as water treatment, waste & recycling, insulating
systems and others. According to Committee for European Construction Equipment
the construction industry in Europe contributes around 9% to the GDP. This is
also increasing the number of activities in the construction industry such as
repair and maintenance, flooring, ceiling covering, gypsum drywalls and others in
which magnesium oxide boards are widely used. This is hugely driving the Europe
magnesium oxide board industry.
Growing Awareness about Environmental-Friendly Products
The increasing awareness about environmental-friendly
products is one of the major factor driving the Europe magnesium oxide board
market. Magnesium oxide does not produce or release any harsh chemicals and
toxic substances such as fuel effluents and carbon-dioxide, which is harmful to
the environment. Therefore, magnesium oxide is considered safe and is
recommended by the government as well as the regulatory bodies around the
world. Magnesium oxide helps in reducing pollution to a great extent and aid in promoting environmental friendly practices. Therefore it is one of the
major factors driving the growth of the magnesium oxide boards market in the
Europe.
Europe Magnesium Oxide Boards Market Challenges
Risk of moisture damage on surfaces of Magnesium Oxide Board
Magnesium oxide absorbs moisture from outside air, which
will cause damage to the object. In certain cases, the object also absorbs
water droplets when it comes in contact with water, causing heavy moisture
damage to the object. Since the magnesium oxide board contains chloride ions,
it reacts with water and causes damage. This causes decomposition to the
product over time, if it comes into contact with air and water for too long. As
per data provided by International RILEM Conference on Materials, Systems and
Structures in Civil Engineering there were reported cases of moisture damage in
many Danish buildings, which was a major challenge to the Europe magnesium
oxide boards.
Europe Magnesium Oxide Boards Industry Outlook
Expansion, collaborations, partnerships, investments, production expansion, acquisitions and mergers are some of the key strategies adopted by players in the Europe Magnesium Oxide Boards Market. The major players in the Europe Magnesium Oxide Boards Market include:
- Focused Photonics Inc.
- Lenntech Water Treatment
- Resin Tech Inc.
- ENVEA
- ERG Inc
- Chemisch Thermische Prozess Technik GmBH
- Atech Innovation GmBH
- Anguil Environmental Systems Inc.
- TECAM
- Fluxana GmbH Co. KG
- Metrohm AG
- Aquobex Ltd.
- General Oceanics Inc.
- Tekran Instruments Corporation
- New Terra Limited
- ECO Physics AG among others.
Acquisitions/Technology Launches
- In April 24, 2019, Knauf, the largest European supplier of drywall, also known as gypsum board/gypsum drywall acquired USG. This acquisition made Knauf a drywall industry giant.