by Magnesium hydroxide is an inorganic compound with chemical formula Mg(OH)2. It is a white powdery substance that is insoluble in water and alcohol. Magnesium hydroxide has high alkalinity and is commonly used as an antacid in pharmaceutical products for acid indigestion and heartburn relief. It is also used as a flame retardant in plastics, rubber, and construction materials. As a flame retardant, magnesium hydroxide endows thermoplastic and thermoset polymers with flame retardancy through an endothermic decomposition process that releases water vapor, which dilutes combustion gases and lowers the temperatures in developing fires.
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 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the magnesium hydroxide market is the growing demand from flame retardants industry. Magnesium hydroxide is an important flame retardant additive used in plastics, rubber, electrical & electronic equipment, and construction materials. Stringent fire safety regulations across industries are propelling the need for effective flame retardants. Magnesium hydroxide offers advantages such as good dispersion, non-halogenated properties and compatibility with thermoplastics. The construction industry is a major end-user of magnesium hydroxide for applications such as sealants, cables, mortars, and wood coatings. Rising construction activities worldwide along with the need to meet various flame retardancy standards are fueling demand for magnesium hydroxide.
Porter’s Analysis
Threat of new entrants: New players will face high production costs for establishing manufacturing units of magnesium hydroxide due to need for specialized equipment and technical expertise.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and fragmented demand from various end-use industries.
Bargaining power of suppliers: A few companies globally produce raw materials required for magnesium hydroxide providing them high bargaining power over buyers.
Threat of new substitutes: Substitutes like calcium hydroxide and aluminum hydroxide offer competition; however properties of magnesium hydroxide make it difficult to completely replace.
Competitive rivalry: The global magnesium hydroxide market is moderately competitive due to presence of large players.
Key Takeaways
The Global Magnesium Hydroxide Market Demand Is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing consumption from flame retardants industry. The flame retardants segment accounted for over 30% share of the global market in 2023.
Regionally, Asia Pacific dominated the global market with over 40% share in 2023 owing to large production of magnesium hydroxide in China. China represents the world’s largest producer and consumer of magnesium hydroxide. Growing construction activities in China and India is expected to drive the regional market during forecast period.
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 market is moderately consolidated in nature.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
