The global magnesium hydroxide market 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 the expanding pharmaceutical as well as healthcare industries. Businesses may profit from the changing healthcare requirements and aging population by providing magnesium hydroxide for pharmaceutical formulations.
The demand for magnesium hydroxide is being driven by rising strict environmental restrictions worldwide in uses, including wastewater treatment and flue gas desulfurization (FGD). Businesses that offer eco-friendly solutions can profit from these legislative motivators and market themselves as eco-friendly suppliers.
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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 a 31.1% share of the global market for magnesium hydroxide in 2023.
- By the end of 2023, Japan’s magnesium hydroxide market will hold a 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 used 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,” – says FMI analyst.
Competitive Landscape
Many businesses try to diversify their product lines by offering a variety of magnesium hydroxide grades as well as formulations suited to various sectors and uses. They can get a bigger market share and produce more substantial income through catering to 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.
Key companies profiled
- 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.
- Ube Industries Ltd.
- Nabaltec AG
- Konoshima Chemicals Co. Ltd.
- Lehmann & Voss & CO. KG
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Segmentation Analysis of the Magnesium Hydroxide Market
By Grade:
- Food/Pharma
- Technical/Industrial
By Application:
- Environmental
- Flue-gas Desulphurisation
- Wastewater Treatment
- Pharmaceuticals
- Chemicals & Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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