by The Magnesium Hydroxide market is estimated to be valued at US$ 826.34 Bn 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 a white precipitated product used in various applications such as flame retardants, pharmaceuticals, environmental applications, and others. It is mainly used as a flame retardant in plastics, rubber, and cable sheathing. The growth of construction, electronics and automotive industries is fueling the demand for flame retardants which in turn is driving the magnesium hydroxide market.
Market Dynamics:
The magnesium hydroxide market is witnessing high growth owing to increasing demand from flame retardant applications. Magnesium hydroxide acts as an effective flame retardant due to its endothermic decomposition properties. It provides flame retardancy to plastics, rubber and other polymers without negatively impacting their mechanical and physical properties. Additionally, stringent fire safety regulations across building and construction industries are mandating higher use of flame retardant materials. This is promoting use of magnesium hydroxide and boosting market growth. Furthermore, growth in the automotive industry and rising electrical and electronics consumption are some other factors fueling the demand. However, availability of substitutes like aluminum hydroxide is a major challenge for market growth.
SWOT Analysis
Strength: Magnesium hydroxide is widely used as flame retardant, which increases its demand from various end-use industries like construction and automotive. It exhibits high resistance to heat and fire. It is non-corrosive in nature and compatible with other materials.
Weakness: Availability of low-cost substitutes like aluminum hydroxide and dependence on natural resources for raw materials are key challenges. Production of magnesium hydroxide requires high capital and energy, raising overall costs.
Opportunity: Growth in construction industry along with stringent fire safety regulations will boost its use in wood paneling, flooring, and insulation. Rising electronics industry offers scope for usage in printed circuit boards and wires & cables insulation.
Threats: Volatility in raw material prices especially magnesium can hamper profit margins. Stringent environmental regulations around mining and production processes increase compliance costs.
Key Takeaways
The Global Magnesium Hydroxide Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing usage in construction chemicals. Rapid urbanization and infrastructure development positively impact the market.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead, owing to large construction spending in China, India. Growing electronics industry in the region also drives the demand. Europe and North America collectively hold a significant share due to stringent fire safety norms in construction sector.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
