Magnesium hydroxide or milk of magnesia is a white solid substance that is used predominantly as a flame retardant and smoke suppressant in plastics, rubber vulcanization, and other applications. It gives protection against fire, acid neutralization and regulation of pH levels.
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 its increasing usage as a flame retardant. Magnesium hydroxide acts as an effective flame retardant by releasing endothermic water vapors when exposed to high temperatures, thereby cooling combustion and interfering with the flame propagation. It is used as a flame retardant in various applications such as wires and cables, thermoplastics, rubber, colorants and fillers. Additionally, growing demand from the plastic industry for flame retardant compounds is expected to drive the usage of magnesium hydroxide. An estimated 60% of plastic products require flame retardants for safety and regulatory compliance. Thus, increased plastic production and usage will subsequently boost the need for magnesium hydroxide as a flame retardant.
SWOT Analysis
Strength: Magnesium hydroxide is widely used as an effective fire retardant in plastics and rubber industries due to its chemical properties. It also acts as a flame retardant in many consumer products.
Weakness: Highly dependent on imports as China dominates the global production of magnesium hydroxide. Any supply shortage from China can significantly impact the market.
Opportunity: Growing usage of magnesium hydroxide in pharmaceutical applications as an antacid and in wastewater treatment plants is creating new opportunities. Increasing healthcare and infrastructure spending will boost its demand.
Threats: Volatility in raw material prices and stringent environmental regulations associated with mining activities can threaten the steady growth of the market. Substitute products also pose challenges.
Key Takeaways
The Global Magnesium Hydroxide Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing use as a flame retardant in plastics and rubbers. Asia Pacific dominates the global magnesium hydroxide market with largest consumption in China and India. Growth in the construction and automotive industries is driving its demand in the region.
Regional analysis: North America is the second largest market for magnesium hydroxide owing to its wide application in construction materials, particularly dry-mixed mortars and concrete, in the region. The market in Europe is anticipated to grow at a substantial rate during the forecast period due to growing rubber and plastics industry.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.