The global Magnesium Hydroxide Market is estimated to be valued at US$ 826.34 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Magnesium hydroxide is an inorganic compound used as an antacid, a flame retardant and an industrial desiccant. It is widely used as a flame retardant in plastics, rubber, cable sheathing, and coatings. It is also used as an acid neutralizer in plastics and polyolefin compounds. Its low density, processing versatility, and neutralizing properties make magnesium hydroxide an effective and eco-friendly flame retardant. It offers excellent flame retardancy when used alongside halogen-free additives or synergists.
Market key trends:
One of the key trends in the magnesium hydroxide market is the growing demand from the flame retardant application. Magnesium hydroxide is increasingly being used as an environment-friendly and non-halogen flame retardant in plastics, rubber, construction materials, coatings and textiles. It offers several advantages over halogenated flame retardants including lower toxicity. Stringent environmental regulations restricting the use of halogenated flame retardants is driving increased adoption of magnesium hydroxide. Furthermore, the rising fire safety standards is also augmenting the demand for effective flame retardants like magnesium hydroxide. The market is also witnessing an increased focus on development of nanoscale magnesium hydroxide with enhanced flame retardant properties for superior fire resistance in polymers.
Porter's Analysis
Threat of new entrants: Low capital requirements and the availability of raw materials make entry easier in this market. However, established players have significant brand recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and the commodity nature of the product. However, compliance with regulatory standards provides some differentiation.
Bargaining power of suppliers: A few major suppliers exist for key raw materials, giving them some power in negotiating prices. However, the availability of alternatives curbs the exercise of power.
Threat of new substitutes: Substitutes exist, like calcium, but they are more expensive and not as effective for specific end-use applications like flame retardancy. This keeps threat of substitution moderate.
Competitive rivalry: The market is moderately competitive due to the presence of numerous international and regional players. Companies compete based on pricing, product differentiation, and customer service.
Key Takeaways
The Global Magnesium Hydroxide Market Demand is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand from end-use industries like environmental protection, construction materials, and flame retardancy.
The Asia Pacific region dominates the global Magnesium Hydroxide market share and is expected to exhibit the fastest growth during the forecast period. This is mainly attributed to growth in the construction and flame retardants industries in emerging economies like China and India.
Key players operating in the Magnesium Hydroxide market are Nedmag Industries Mining & Manufacturing B.V., Nabaltec AG., Huber Engineering Materials, Kyowa Chemical Industry Co. Ltd., Konoshima Chemicals Co. Ltd., Tateho Chemical Industries Co., Ltd., Baymag Inc., Sakai Chemical Industries Co. Ltd., Lehmann & Voss & CO. KG., Martin Marietta Materials Inc., Xinyang Mineral Group, Premier Periclase Ltd., Israel Chemicals Ltd., and Premier Magnesia LLC.
The Magnesium Hydroxide Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
KG., Martin Marietta Materials Inc., Nabaltec AG., Nedmag Industries Mining & Manufacturing B.V., Premier Magnesia LLC., Premier Periclase Ltd., Sakai Chemical Industries Co. Ltd., Tateho Chemical Industries Co., Ltd, and Xinyang Mineral Group.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Magnesium Hydroxide Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/magnesium-hydroxide-market/download-sampleMarket DynamicsRising demand for magnesium hydroxide across wastewater treatment and chemical industries coupled with the increasing usage in flame retardant is the prominent factor fueling the market demand.
Growing application of magnesium hydroxide as a cellulose protector in pulp and paper industry coupled with the rising consumption of magnesium hydroxide for environmental and pharmaceutical application is also expected to propel the market growth.
On the other hand, side-effects associated with the magnesium hydroxide is likely to hamper the market growthThis detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
