The global magnesium hydroxide industry was projected to reach US$ 992.5 million in 2022. The market will probably be valued at US$ 1,050.07 million by the end of 2023. By 2033, the magnesium hydroxide market is projected to grow at a 5.8% CAGR and reach a value of US$ 1,845.32 million.
Companies that provide high-quality magnesium hydroxide for medical and therapeutic purposes have potential due to to the expanding pharmaceutical as well as healthcare industries. By providing magnesium hydroxide for pharmaceutical formulations, businesses may profit from the changing healthcare requirements and aging population.
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The demand for magnesium hydroxide is being driven by rising strict environmental restrictions throughout the world in uses including wastewater treatment as well as flue gas desulfurization (FGD). Businesses that offer eco-friendly solutions can profit from these legislative motivators and market themselves as eco-friendly suppliers.
Key Takeaways from the Market Study
- The market for magnesium hydroxide expanded at a CAGR of 3.3% from 2018 to 2022.
- The United States market for magnesium hydroxide will account for 34.8% of the market by 2023.
- China is predicted to take 31.1% share of the global market for magnesium hydroxide in 2023.
- By the end of 2023, the Japan market for magnesium hydroxide will hold 16.2% share of the global market.
- By 2023, the market for magnesium hydroxide in France is expected to grow by 8.3%.
- By 2023, it is anticipated that the magnesium hydroxide market in the United Kingdom will have a 7.4% market share.
- Industrial magnesium hydroxide is anticipated to increase its market share to 25.8% in 2023.
- In 2023, it is anticipated that this magnesium hydroxide use in the environment will have a 42% market share.
Significant businesses in this market are developing global supply chains and alliances to meet the growing demand for magnesium hydroxide, especially in emerging economies where industrial and environmental rules are changing, remarks an FMI analyst.
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Competitive Landscape
Offering a variety of magnesium hydroxide grades as well as formulations suited to various sectors and uses is one way that many businesses try to diversify their product lines. They can get a bigger market share and produce more substantial income through catering for a variety of customer requirements.
Product Portfolio
- China-based Xinyang Mineral Group is an expert in creating different magnesium-based compounds. Along with magnesium hydroxide and magnesium hydroxide, this also includes magnesium carbonate and magnesium sulfate. Construction, agriculture, and the pharmaceutical sectors all use these compounds.
- One of the top manufacturers of magnesium products is Premier Magnesia. Magnesium hydroxide, magnesium hydroxide, and magnesium carbonate are just a few of the many compounds made from magnesium that they provide. Applications for these substances include environmental remediation, wastewater treatment, and industrial procedures.
Top Key Players in the Global Industry
- Xinyang Mineral Group
- Martin Marietta Materials Inc.
- Premier Magnesia, LLC
- Kyowa Chemical Industry Co. Ltd.
- Nedmag Industries Mining & Manufacturing B.V.
- Huber Engineered Materials
- Israel Chemicals Ltd.
- Tateho Chemical Industries Co., Ltd.
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Key Segmentation
By Grade:
- Food/Pharma
- Technical/Industrial
By Application:
- Environmental
- Pharmaceuticals
- Chemicals & Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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