Magnesium hydroxide is a white crystalline solid that is highly soluble in water. It has a wide range of uses such as an important raw material for manufacturing refractories, ceramics, antacids, flame retardants, and animal feed supplements. Magnesium hydroxide is particularly critical in flame retardancy applications where it retards the production of hazardous gases and smoke during combustion. It also facilitates the generation of a protective carbonate layer that hinders heat transfer. These properties have increased its demand in the building & construction industry for applications in drywall, plastics, and cable insulation.
The Magnesium Hydroxide Market is estimated to be valued at US$ 826.34 Bn or Mn 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 Dynamics:
There are two primary drivers of the magnesium hydroxide market. Firstly, the growing building & construction industry has bolstered the consumption of magnesium hydroxide as a flame retardant additive in several building materials like drywall and insulation. Rapid urbanization and the rising number of infrastructure projects globally are propelling the demand from this industry. Secondly, the increasing usage of magnesium hydroxide in plastic applications owing to stringent fire safety regulations has augmented its market growth. Magnesium hydroxide improves the fire resistance of plastics used in wire and cable insulation. The rising need for safely conducting and transmitting electricity will continue spurring adoption in the plastic industry.
Segment Analysis
The global magnesium hydroxide market is dominated by the flame retardants segment. This segment accounts for over 40% of the total market share due to widespread use of magnesium hydroxide as a flame retardant in plastics like polyethylene and polyvinyl chloride as it restricts propagation of fire. Magnesium hydroxide decomposes on heating and releases water vapor that dilutes flammable gases and interrupts the chain reaction of fire.
PEST Analysis
Political: Regulations regarding use of environment-friendly flame retardants are encouraging use of magnesium hydroxide. The EU’s restriction of halogenated flame retardants boosts demand.
Economic: Rapid infrastructure growth and rising disposable incomes in developing nations are driving consumption in construction and plastics industries, propelling market growth.
Social: Increasing safety standards and regulations coupled with rising health concerns regarding halogenated flame retardants are augmenting product adoption.
Technological: Novel production techniques lower costs and support large-scale manufacturing to cater to the rising global demand.
Key Takeaways
The Global Magnesium Hydroxide Market Growth is expected to witness high, exhibiting CAGR of 6.9% over the forecast period, due to increasing usage in flame retardants.
The global magnesium hydroxide market size for 2023 is estimated to be US$ 826.34 Bn. Asia Pacific region dominates the market and is expected to grow at the fastest rate during the forecast period due to rapid industrialization and infrastructure development in China and India.
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