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.
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.
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.
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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.
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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.
● ERG Inc
● Chemisch Thermische Prozess Technik GmBH
● Atech Innovation GmBH
● Anguil Environmental Systems Inc.
● Fluxana GmbH Co. KG
● Metrohm AG
● Aquobex Ltd.
● General Oceanics Inc.
● Tekran Instruments Corporation
● New Terra Limited
● ECO Physics AG among others.
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.
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.
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