The global market for magnesium hydroxide was projected to reach US$ 992.5 million in 2022. The market will probably be valued at US$ 1,050.07 million by the end of 2023. By 2033, the magnesium hydroxide market is projected to grow at a 5.8% CAGR and reach a value of US$ 1,845.32 million.
Companies that provide high-quality magnesium hydroxide for medical and therapeutic purposes have potential due to to the expanding pharmaceutical as well as healthcare industries. By providing magnesium hydroxide for pharmaceutical formulations, businesses may profit from the changing healthcare requirements and aging population.
The demand for magnesium hydroxide is being driven by rising strict environmental restrictions throughout the world in uses including wastewater treatment as well as flue gas desulfurization (FGD). Businesses that offer eco-friendly solutions can profit from these legislative motivators and market themselves as eco-friendly suppliers.
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Key Takeaways from the Market Study
● The market for magnesium hydroxide expanded at a CAGR of 3.3% from 2018 to 2022.
● The United States market for magnesium hydroxide will account for 34.8% of the market by 2023.
● China is predicted to take 31.1% share of the global market for magnesium hydroxide in 2023.
● By the end of 2023, the Japan market for magnesium hydroxide will hold 16.2% share of the global market.
● By 2023, the market for magnesium hydroxide in France is expected to grow by 8.3%.
● By 2023, it is anticipated that the magnesium hydroxide market in the United Kingdom will have a 7.4% market share.
● Industrial magnesium hydroxide is anticipated to increase its market share to 25.8% in 2023.
● In 2023, it is anticipated that this magnesium hydroxide use in the environment will have a 42% market share.
Significant businesses in this market are developing global supply chains and alliances to meet the growing demand for magnesium hydroxide, especially in emerging economies where industrial and environmental rules are changing, remarks an FMI analyst.
Competitive Landscape
Offering a variety of magnesium hydroxide grades as well as formulations suited to various sectors and uses is one way that many businesses try to diversify their product lines. They can get a bigger market share and produce more substantial income through catering for a variety of customer requirements.
Product Portfolio
● China-based Xinyang Mineral Group is an expert in creating different magnesium-based compounds. Along with magnesium hydroxide and magnesium hydroxide, this also includes magnesium carbonate and magnesium sulfate. Construction, agriculture, and the pharmaceutical sectors all use these compounds.
● One of the top manufacturers of magnesium products is Premier Magnesia. Magnesium hydroxide, magnesium hydroxide, and magnesium carbonate are just a few of the many compounds made from magnesium that they provide. Applications for these substances include environmental remediation, wastewater treatment, and industrial procedures.
Key companies profiled
Xinyang Mineral Group
Martin Marietta Materials Inc.
Premier Magnesia, LLC
Kyowa Chemical Industry Co. Ltd.
Nedmag Industries Mining & Manufacturing B.V.
Huber Engineered Materials
Israel Chemicals Ltd.
Tateho Chemical Industries Co., Ltd.
Ube Industries Ltd.
Nabaltec AG
Konoshima Chemicals Co. Ltd.
Lehmann & Voss & CO. KG
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global magnesium hydroxide market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the magnesium hydroxide market, the market is segmented on the basis of grade (food & pharma, technical/industrial), application (environmental (flue-gas desulphurisation and wastewater treatment), pharmaceuticals, chemicals & others and flame retardants) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).