Magnesium Hydroxide Market to Witness Lucrative Growth at a Steady CAGR of 3.9% by 2030 | Markntel Advisors
Magnesium Hydroxide owing to its versatile properties has extensive application across industries. Magnesium hydroxide or Mg(OH)2 is a white-looking, non-poisonous, inorganic compound with low solubility in water and can be determined in nature as a brucite mineral. It is slightly basic and has substantial thermal stability. Due to its properties, it is extensively used across various industries in powder and slurry for applications like flue-gas desulfurization, wastewater treatment, laxatives, antacids, flame retardants, food and fuel additives, etc.
One of the recently published reports by Markntel Advisors provides a useful and in-depth analysis of the Global Magnesium Hydroxide Market. According to the report, the Global Magnesium Hydroxide Market size was valued at around USD 1.1 billion in 2023 & is estimated to grow at a CAGR of around 3.9% during the forecast period, i.e., 2024-30. The industry growth is further attributed to the growth in industrial applications and a growing need for alternatives that are more environmentally friendly.
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Key Findings in Magnesium Hydroxide Market
• Historical Years- 2019-22
• Base Years- 2023
• Market Forecast Years-2024-30
• CAGR- 3.9%
• Largest Region-Asia-Pacific
• By Application- Environmental Protection
• By Grade- Industrial grade
Top Drivers-
• Increasing Industrial Use of Mg(OH)2
• Growing Demand for Environmentally Friendly Flame Retardant
• Increasing Adoption in Pharmaceutical and Food Industries
Top Trends-
• Focus on Sustainability and Environmental Protection
• Expanding Application in Wastewater Treatment
Top Challenges-
• Threat of Substitutes
• High Production Costs
• Availability of Alternative
Growth Opportunities-
• Rapid Growth in Emerging Economies
• Innovation in Production Methods Expanding Industry
Environmental protection segment acquires the largest market shares and is expected to maintain its performance in upcoming years. The environmental protection is segmented into flue-gas desulfurization and wastewater treatment. Magnesium Hydroxide is used for the de-acidification of wastewater which prevents the equipment of the treatment plants from corroding and allowing the effective treatment of the wastewater.
Based on Grade, Industrial grade Mg(OH)2 dominates the industry with the largest shares. The growth is further driven by the extensive use of magnesium hydroxide in industrial applications such as wastewater treatment, flame retardants, and chemicals. Simultaneously, the fastest-growing category is pharmaceutical grade, owing to the growing demand for high-quality magnesium hydroxide in the pharmaceutical industry, where it is used in formulations and various medicinal applications, aligning with the expanding healthcare sector and stringent quality standards.
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Key Segmentation
• Application: Environmental Protection, [Flue-Gas Desulphurization, Wastewater Treatment], Medicinal Compounds, Flame Retardants, Fuel Additives, Food Additives, and Others (Cosmetics, Pulp Bleaching, etc.)
• Form: Slurry, Powder, and Others
• Grade: Industrial, Food, and Pharmaceuticals
Competitive Landscape in the Magnesium Hydroxide Market
The magnesium hydroxide market is characterized by intense competition among global players, focusing on innovation and regional expansion. Key companies in the market include:
• Xinyang Minerals Group,
• Premier Magnesia, LLC,
• NikoMag,
• Nedmag B.V.,
• Tateho Chemical Industries Co., Ltd.,
• Konoshima Chemical Co. Ltd.,
• Osian Marine Chemicals Pvt. Ltd.,
• Elementis,
• Timab Magnesium,
• Israel Chemicals Ltd.,
• Huber Advanced Materials,
• Nabaltec AG,
• Lehmann&Voss&Co.,
• Martin Marietta Magnesia Specialties, LLC,
• Kisuma Chemicals B.V., and Others
Conclusion
As per the analytical report published by Markntel Advisors, the Magnesium hydroxide industry is anticipated to grow & flourish during the forecast period as the above-stated factors are changing the market landscape and opening doors to the market players. Market players can enhance their market size & revenue by meeting the changing market dynamics and evolving consumer expectations. Additionally, market players with the help of SWOT analysis can adjust their existing settings about the evolving market trends, which would ultimately augment the size & volume of the entire industry at the global level.
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