San Francisco, 5 December 2018 - The global magnesium stearate market size is projected to reach USD 652.7 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.4% during the forecast period. Surging demand for the product in the pharmaceutical industry is one of the key growth stimulants for the market during the forecast period.
Consumption of the product in the pharmaceutical industry is sparked by an increasing demand for inactive ingredients in drug formulations. It finds extensive usage in the pharmaceutical industry as a lubricant and as binders & fillers. Another factor boosting the demand for the product is rapidly increasing application of magnesium stearate in personal care products. In the personal care industry, the product finds application as a texturizer, non-gelling thickener, and lubricant, among others. Increasing number of online platforms along with distribution channels is fueling the demand for personal care products, thereby spurring the demand for magnesium stearate.
The industry has witnessed a rapid increase in the demand from Asia Pacific, primarily in countries such as China, Japan, and India. Abundant source of raw materials coupled with low labor cost is prompting manufacturers of magnesium stearate to focus on establishing their manufacturing plants in these countries. In addition, promising growth in plastics production, especially in the region, is anticipated to drive a sizeable demand for the product over the forecast period.
China has emerged as the global leader in the market in terms of consumption and production of magnesium stearate. The growth of the pharmaceutical industry in the country has offered significant growth prospects to the magnesium stearate industry. The pharmaceutical industry in the country is also supported by government policies, notably under administrative bodies including the China Food and Drug Administration (CFDA).
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Further key findings from the report suggest:
Grand View Research has segmented the global magnesium stearate market on the basis of application and region.
Magnesium Stearate Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Magnesium Stearate Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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