A white crystalline salt which occurs naturally as magnesite and dolomite are often called as carbonates of magnesium. Magnesium carbonate is an odorless, light and insoluble in water and alcohol white powder which is widely used in several endues industries. According to the Future Market Insights report, the global magnesium carbonate market was valued at US$ 225.0 Mn in 2017 and expected to reach US$ 342.0 Mn by the end of 2027. The market is expected to witness profitable growth throughout the forecast period at a moderate CAGR of 4.3%.
What are the market dynamics to drive demand for magnesium carbonate across the globe?
- Surging demand for magnesium carbonate from healthcare and pharmaceutical industry
- Rising adoption of endothermic flame retardants among plastic and rubber industry
- Increasing usage of magnesium carbonate in personal care and cosmetic products
- Increasing production of magnesium alloy used in aerospace and automotive industry
- Growing demand for magnesium carbonate in ceramic industry
However, adverse side effects related to excessive exposure to magnesium carbonate coupled and gradual increase in use of alternative materials is expected to hinder magnesium carbonate market growth avenues during the forecast period.
Which region is expected to offer immense opportunities for magnesium carbonate market?
The Asia-Pacific is anticipated to remain prevalent owing to the increasing demand for magnesium carbonate in this region. Growing population in emerging economies like India and China has led to accelerate the industrial sector in order to meet increasing demand of consumers. Thereby, automotive, pharmaceutical and chemical sectors among others are expected to witness robust growth which eventually proliferate consumption of magnesium carbonate during the forecast period.
Where can manufacturers find substantial growth to drive magnesium carbonate market?
With the rising integration of innovative technologies, market players are highly focusing to introduce new products in highly competitive magnesium carbonate market. The manufacturer are investing heavily in order to adopt advanced technologies, controlling measures and process engineering to modify effective production of magnesium carbonate in the near future. Thus, on the account of reinforcing market position, magnesium carbonate manufacturers are focusing on innovative product development.
Moreover, food and pharmaceutical industries are observed as prominent end use industries to support rising demand for magnesium carbonate. The increasing sales of food grade and pharmaceutical grade magnesium carbonate are expected to account for maximum revenue share in magnesium carbonate market during the forecast period.
One of the most important driving factor to proliferate magnesium carbonate market is production of magnesium oxide. It is identified as the largest end use industry which is anticipated to surge demand for magnesium carbonate. Magnesium oxide is primarily used as a refractory material in steel and cement industries. Being an essential raw material in production of magnesium oxide, magnesium carbonate manufacturers are anticipated to grab tremendous opportunities in this field during the forecast period.
Who are the key stake holders in magnesium carbonate market?
Several manufacturing companies involved in personal care and cosmetic industry are strongly focusing to establish long term relations with the raw material suppliers in order to meet demand for growing global population.
Companies like Naikai Salt Industries Co. Ltd., Gee Gee Kay Pvt Ltd., Hebei Meishen Technology Co., OSIAN MARINE CHEMICALS PVT. LTD., Celtic Chemicals Ltd., NUOVA SIMA Srl., Lehmann&Voss&Co., Kyowa Chemical Industry Co., Ltd., Dr. Paul Lohmann GmbH KG., Israel Chemicals Ltd. and Konoshima Chemical Co., Ltd. among others operating in the security and vulnerability management market.
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