by Magnesium hydroxide is a salt material produced through electrolysis of seawater or brine solutions. Its applications include as a flame retardant in plastics, construction materials and electric wire insulation. It acts as an intumescent material along with forming an endothermic decomposition layer that shields the underlying material from heat.
The global Magnesium Hydroxide Market is estimated to be valued at US$ 826.34 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increasing use of magnesium hydroxide as a flame retardant is one of the key drivers propelling the market growth. It is widely used as a flame retardant in building insulation materials, plastics, rubber, cables, and wires to reduce flammability. According to research, around 40-45% of the total magnesium hydroxide produced is consumed by the construction industry as a flame retardant. Strict fire safety regulations are also boosting the demand for flame retardant materials like magnesium hydroxide.
SWOT Analysis
Strength: Magnesium hydroxide has applications in various end-use industries such as flame retardant, industrial wastewater treatment, pharmaceutical industry. It acts as an excellent fire retardant with low smoke density and non-toxicity.
Weakness: Supply chain disruptions globally can hamper the availability of raw materials for magnesium hydroxide production. Significant dependence on Chinese suppliers for raw materials.
Opportunity: Growing demand from the construction industry for flame retardant applications is expected to offer new growth opportunities. Increasing industrial wastewater treatment activities also presents opportunities.
Threats: Fluctuations in prices of raw materials used for magnesium hydroxide production can increase production costs. Stringent environmental regulations pertaining to industrial effluents pose challenges.
Key Takeaways
Global Magnesium Hydroxide Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis – Asia Pacific currently dominates the global market and is expected to maintain its lead position over the forecast period. Growing construction activities along with increasing industrial wastewater volumes are fueling demand in the region.
Key players – Key players operating in the Magnesium Hydroxide Market are Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., ELG Haniel Group. These players are focusing on capacity expansion and new product launches to strengthen their market position.
The global Magnesium Hydroxide Market size for 2023 is US$ 826.34 Bn. Magnesium hydroxide finds application as a flame retardant in various end-use industries like construction and wiring & cable. Its use is also growing in industrial wastewater treatment plants due to its excellent neutralizing properties. The market is expected to witness a CAGR of 8.5% during the forecast period of 2023 to 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
