Magnesium Hydroxide Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Magnesium Hydroxide Market Analysis
The magnesium hydroxide market is expected to register a CAGR of more than 7% during the forecast period.
During the COVID-19 pandemic period, the demand for different chemical products reduced drastically because of the nationwide lockdown and stringent social distancing mandate, which caused the closure of markets. However, the market is expected to grow steadily owing to increasing demand from the pharmaceutical industry.
- The primary factor driving the market is the demand for pharmaceuticals, industrial chemicals, and intermediaries.
- The availability of alkaline bulk chemicals such as sodium and calcium hydroxide will hinder market growth.
- The increasing demand for wastewater treatment chemicals is the key market opportunity.
- Asia-Pacific dominated the global market, with the most significant consumption in China and India.
Magnesium Hydroxide Market Trends
This section covers the major market trends shaping the Magnesium Hydroxide Market according to our research experts:
Increase in Demand from Industrial Manufacturing Industry
- Magnesium hydroxide is significantly used in desulphurization and wastewater treatment in industrial manufacturing units. Furthermore, magnesium hydroxide is majorly used as an antacid in the pharmaceutical segment.
- Magnesium hydroxide is also used in petrochemicals, electronic coatings, and others.
- The expansion of the industrial sector across the world is likely to boost the demand for magnesium hydroxide to offer wastewater treatment and desulphurization and improve the performance and efficiency of industrial processes.
- Asia-Pacific region's continuing economic strength and corresponding increasing need for infrastructure, machinery, manufacturing units, and others are likely to propel the demand for industrial chemicals in the region. In addition, expanding production units and increasing investments in the area are expected to offer newer opportunities in the end-user industries such as iron and steel, chemical, oil and gas, manufacturing, construction, and others.
- A growing number of global companies are moving production to other Asian-Pacific countries, such as Taiwan, India, Malaysia, Philippines, Thailand, Singapore, and Indonesia. These countries have gained a reputation for manufacturing, with foreign direct investment (FDI) in various sectors. In addition, the government policies in the countries attract foreign players and facilitate the setup of plants.
- Europe is home to many large paint industries, with the four largest mainland economies, including Germany, France, Italy, and Spain. The presence of several well-established players in the region is projected to expand the industrial coatings segment over the forecast period. Development of the industrial sector is anticipated to benefit the demand for magnesium hydroxide in the industrial sector to enhance the performance of industrial equipment and other machinery.
- The Middle East and Africa are anticipated to witness strong demand for industrial chemicals due to the region's increasing structural reforms. In addition, the announcement of Vision 2030, coupled with the associated National Transformation Plan (NTP), and increased investments in various sectors, including healthcare and education in Saudi Arabia, are likely to propel the demand for magnesium hydroxide over the forecast period.
- Therefore, owing to the abovementioned factors, industrial chemicals are likely to affect the demand for the market.
Asia Pacific to Dominate the Market
- In the Asia-Pacific region, China's real GDP grew by 2.2% in 2020 and by 8.1% in 2021, largely driven by consumer spending rebound post-pandemic.
- China has doubled the amount, it had been pouring into public hospitals in the last five years, to USD 38 billion. It aims to raise the healthcare industry's value to USD 2.3 trillion by 2030, more than twice its size now.
- Furthermore, the Chinese government has started policies to support and encourage domestic medical device innovation providing opportunities for the market studied. The 'Made in China 2025' initiative improves industry efficiency, product quality, and brand reputation, which will spur the development of domestic pharmaceutical manufacturers and will increase competitiveness.
- China is the second-largest healthcare market in the world. However, the country imports technologically high-end implants from advanced economies. The public hospitals in the country are leading consumers of medical devices in the country. In 2021, the public expenditure done on healthcare was Yuan 1.92 trillion.
- According to the International Monitory Fund (IMF) projections, the GDP of India grew by 8.9% by 2021. The country has resumed its industrial activities which are expected to drive economic growth during the latter part of the forecast period. The GDP for the year 2022 is expected to reach 8.2%.
- In India, in late 2021, the Union Health Minister announced various plans of the Indian government to improve healthcare facilities in the country. The government plans to invest INR 64,180 crore in healthcare sector over the next six years in the country. The government plans to strengthen the existing 'National Health Mission' by developing capacities of primary, secondary, and tertiary healthcare systems and institutions for detection and cure of new and emerging diseases.
- The increasing demand from various pharmaceuticals due to the COVID-19 outbreak is estimated to drive the market for medical elastomers during the forecast period.
Magnesium Hydroxide Industry Overview
The magnesium hydroxide market is fragmented in nature, with the dominance of a few prominent players and the existence of many local players. Some of the major players in the market include Elementis PLC, Kyowa Chemical Industry, NikoMag, Premier Magnesia, Israel Chemicals Ltd., and others.
Magnesium Hydroxide Market Leaders
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Elementis PLC
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Kyowa Chemical Industry
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NikoMag
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Premier Magnesia
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Israel Chemicals Ltd.
*Disclaimer: Major Players sorted in no particular order
Magnesium Hydroxide Market News
- August 2022: Plastikon Healthcare, LLC issued to include Lot 20076A of Magnesium Hydroxide 1200 mg / Aluminum Hydroxide 1200 mg / Simethicone 120 mg per 30 mL Oral Suspension.
- July 2021: CJSC NikoMag, a member of the Nikokhim group, is planning to increase the magnesium hydroxide plant production capacity from 25,000 to 40,000 tons per year.
Magnesium Hydroxide Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from Industrial Manufacturing Industry
4.1.2 Growing Demand from Pharmaceutical Industry
4.2 Restraints
4.2.1 Availability of Other Alkaline Bulk Chemicals
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Application
5.1.1 Industrial Manufacturing
5.1.2 Pharmaceutical Industry
5.1.3 Other Applications
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Canada
5.2.2.3 Mexico
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Elementis
6.4.2 Huber Engineered Materials
6.4.3 Israel Chemicals Ltd
6.4.4 Konoshima Chemical Co. Ltd
6.4.5 Kyowa Chemical Industry Co. Ltd
6.4.6 Lehmann&Voss&Co
6.4.7 Martin Marietta Magnesia Specialti
6.4.8 NikoMag
6.4.9 Xinyang Minerals Group
6.4.10 Ube Industries Ltd
6.4.11 PremierMagnesia LLC
6.4.12 Tateho Chemical Industries Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Focus on Achieving Absolute Wastewater Treatment By Several Economies
7.2 Other Opportunities
Magnesium Hydroxide Industry Segmentation
Magnesium hydroxide is an alkaline compound formed by the reaction of magnesia and water in controlled conditions. This bulk chemical is widely used in chemical manufacturing for desulphurization and wastewater treatment applications. In the pharmaceutical industry, it is used as an antacid and laxative and as an intermediary for different chemical reactions. The magnesium hydroxide market is segmented into industrial, pharmaceutical, and other chemical industries on basis of application. By geography, the market is segmented into Asia-Pacific, North America, Europe, South America, the Middle East, and Africa. The report also covers the market sizes and forecasts for the Magnesium Hydroxide market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on value (USD Million).
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Magnesium Hydroxide Market Research FAQs
What is the current Magnesium Hydroxide Market size?
The Magnesium Hydroxide Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Magnesium Hydroxide Market?
Elementis PLC, Kyowa Chemical Industry, NikoMag, Premier Magnesia and Israel Chemicals Ltd. are the major companies operating in the Magnesium Hydroxide Market.
Which is the fastest growing region in Magnesium Hydroxide Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Magnesium Hydroxide Market?
In 2024, the Asia-Pacific accounts for the largest market share in Magnesium Hydroxide Market.
What years does this Magnesium Hydroxide Market cover?
The report covers the Magnesium Hydroxide Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Magnesium Hydroxide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Magnesium Hydroxide Industry Report
Statistics for the 2024 Magnesium Hydroxide market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Magnesium Hydroxide analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
