May 27, 2024
Magnesium Hydroxide Market

The Magnesium Hydroxide Market is Primed for Growth through Expanding Pharmaceutical Applications

The magnesium hydroxide market is a versatile industry that has grown substantially in recent years and is poised for further expansion going forward. Magnesium hydroxide is a versatile compound that has wide applications ranging from pharmaceuticals to environmental uses. It is commonly used as an antacid to treat heartburn and as a laxative. Magnesium hydroxide has also gained importance as a flame retardant owing to its ability to release water vapor when heated.

The Global Magnesium Hydroxide Market Demand is estimated to be valued at US$ 951.95 million in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031.

As a versatile chemical compound, magnesium hydroxide has various practical applications. It is predominantly used as an antacid in pharmaceutical formulations to neutralize stomach acid. Magnesium hydroxide also finds widespread use as a flame retardant additive for plastics, rubber, and construction materials due to its endothermic decomposition properties. Further, it is employed as an environmentally friendly flame retardant and smoke suppressant. The compound has also emerged as a popular desiccant for removing moisture from various industrial processes.

The Global Magnesium Hydroxide Market is driven by the expanding pharmaceutical industry and growing consumption of flame retardant materials. Key players operating in the magnesium hydroxide market are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MascarSpA, MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB,Valmont Industries, Inc.

Key Takeaways

Key players: The major players in the magnesium hydroxide market include Nedmag B.V., Huber Engineering Materials, Kyowa Chemical Industry Co. Ltd., Lehmann & Voss & Co. KG., Ube Materials Industry Co. Ltd., and Konoshima Chemical Co. Ltd.

Growing demand: The demand for magnesium hydroxide is increasing from the pharmaceutical industry for its applications in antacids and laxatives. Its use is also growing as a flame retardant in plastics, construction materials, and wire and cable insulation.

Global expansion: Leading manufacturers are expanding their production capacities and geographical presence to cater to the growing global demand. Strategic investments and acquisitions are helping companies enhance their foothold.

Market key trends

One of the key trends in the magnesium hydroxide market is the shifting focus towards environment-friendly flame retardants. Stringent regulations regarding the use of halogenated flame retardants are driving research on magnesium hydroxide and other aluminum hydroxide-based flame retardants. Their endothermic decomposition and moisture release properties make them suitable green alternatives. Manufacturers are developing new grade tailored specifically for flame retardant polymer applications.

Porter’s Analysis
Threat of new entrants: The magnesium hydroxide market is relatively consolidated with a few large players dominating the market. Hence, the threat of new entrants is relatively low as it requires substantial investment and R&D to enter this market.

Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers have a reasonable option of substitutes; however, switching costs make it difficult for them to shift between suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is also moderate. While raw material prices are volatile, suppliers still depend on manufacturers for off-take.

Threat of new substitutes: Threat from substitutes is low as magnesium hydroxide has certain inherent functional properties that are difficult to substitute.

Competitive rivalry: Market competition is high among the top players to gain market share and use differentiation as a competitive advantage.

Geographical Regions
North America accounts for the largest share of the magnesium hydroxide market currently, owing to high consumption from end-use industries like flame retardants and wastewater treatment in the U.S. and Canada. Asia Pacific is expected to be the fastest growing market during the forecast period due to rapid industrialization and infrastructure development in China, India, Indonesia, and other developing nations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it