by Magnesium hydroxide is an inorganic compound widely used as a flame retardant in plastics, rubber, and resin systems. It is also used as an antacid in pharmaceutical preparations for heartburn relief and indigestion. Magnesium hydroxide plays a crucial role in preventing fires by releasing water vapor when exposed to high heat or flames. It works by diluting combustible gases around burning materials and absorbing heat. The flame retardant properties have increased the use of magnesium hydroxide in electronic equipment, building insulation, wire sheathing, cable compounds, and furniture. In the pharmaceutical industry, magnesium hydroxide acts as an acid neutralizer and protects the esophagus and stomach lining from acid. Rising health concerns and demand for flame retardant materials in various end-use industries are driving the global Magnesium Hydroxide Market.
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 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of Magnesium Hydroxide Market is the rising demand from flame retardants industry. Magnesium hydroxide is widely used as an effective and economical flame retardant in plastics, rubber, electrical insulation, and other materials. Stringent fire safety regulations across industries such as construction, automotive, and electronics have increased the consumption of flame retardant compounds containing magnesium hydroxide. According to European Flame Retardants Association, Europe accounted for over 25% of global demand for flame retardants in 2020. Furthermore, growing use of electronic devices and appliances has also augmented the use of magnesium hydroxide as a fireproofing agent in wire sheathing and cable compounds.
Rising health concerns such as heartburn, acidity and indigestion have further propelled the demand for antacid products containing magnesium hydroxide. As per United European Gastroenterology report, 250 million people worldwide suffer from gastroesophageal reflux disease (GERD) annually. Magnesium hydroxide acts as an antacid and protects the stomach lining from acid damage. Increasing spending on healthcare and demand for over-the-counter drugs provides impetus to the production of pharmaceutical-grade magnesium hydroxide.
Segment Analysis
The global Magnesium Hydroxide Market is dominated by the flame retardants sub-segment, which holds around 70% share. Magnesium hydroxide is extensively used as a flame retardant in several industries like construction, automotive, wires & cables, etc. owing to its non-toxic nature and effectiveness. It displays compound action of cooling and barrier protection during combustion.
PEST Analysis
Political: The government regulations regarding usage of environment-friendly, non-toxic flame retardants in different industries have boosted the demand for magnesium hydroxide.
Economic: Rising spending on infrastructure projects across developing nations have augmented the consumption of magnesium hydroxide based flame retardants in construction materials.
Social: Increasing awareness towards safety and fire protection standards among individuals have prompted higher use of magnesium hydroxide containing products.
Technological: Continuous R&D towards developing advanced and more efficient flame retardant solutions have helped manufacturers improve the performance characteristics of magnesium hydroxide. New application areas in electrical equipment are also emerging.
Key Takeaways
Global Magnesium Hydroxide Market Size is expected to witness high growth over the forecast period owing to expanding end-use industries and stringent fire safety norms. The Asia Pacific region currently dominates the market and is projected to maintain its lead till 2030. China, India and Southeast Asian countries are anticipated to witness fastest growth on account of rising industrial and construction activities.
Key players operating in the Magnesium Hydroxide Market are Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., and ELG Haniel Group. These major players are focusing on expanding their production capacities and regional presence through partnerships and mergers & acquisitions to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
