Market Insight-Global Magnesium Hydroxide Market Overview 2022
The Global Magnesium Hydroxide Market Was Valued at USD 728.05 Million in 2021 and is Expected to Reach USD 1012.36 Million by the end of 2028, Growing at a CAGR of 4.59% between 2022 and 2028– Bossonresearch.com
Magnesium hydroxide is an inorganic alkaline compound manufactured by hydration of magnesia and is also found in nature in the forming mineral (brucite). It is used across environmental applications, such as flue gas desulphurization, wastewater treatment, and flame retardant & smoke suppressants. In the pharmaceutical industry, it is used as laxatives or antacids. Moreover, it is also used as a pulp bleaching, fuel additives, abrasives, leather, etc. Furthermore, other applications include the production of ceramics, salts, lubricating oil, and food additives.
According to Bosson Research, the global Magnesium Hydroxide market size is projected to reach US$ 1012.36 Million by 2028, from US$ 728.05 Million in 2021, at a CAGR of 4.59% during 2022-2028.
Figure Global Magnesium Hydroxide Market Size
Source: Bossonresearch.com, 2022
Market Drivers
Growing usage of magnesium hydroxide in flame retardant in order to replace the halogenated flame retardants due to rising health concerns are predominantly fueling the market growth of magnesium hydroxide. According to the Coherent Market Insights, brominated flame retardant additives are banned in most of the markets such as Europe, Asia, and North America due to neurodevelopmental toxicity, thyroid effects, and other side-effects on human health and magnesium hydroxide are projected to see a rise in demand as an alternative additive in these regions.
Growing usage of magnesium hydroxide in flue gas desulphurization for extracting high-quality petroleum products is estimated to augment the market growth of magnesium hydroxide. Deployment of the SO3 removal system is necessary across power plants and other industries in order to remove sulfur content in fuel which can cause corrosion of machinery and impact the performance of machines. Therefore, rising demand need for the removal of sulfur content from the fuel is expected to propel the market growth of magnesium hydroxide.
Regionally, Asia-Pacific dominated the global magnesium hydroxide market in 2021, reporting 56.66% market share in terms of revenue, followed by Europe and North America, respectively.
Market Competition Landscape
Key players operating in the magnesium hydroxide market include Ube Materials, Martin Marietta, Russian Mining Chemical, Kyowa Chemical, Nedmag, ICL Group, Huber, Konoshima Chemical, Naikai Salt, SPI Pharma, Xinyang Minerals, Yantai FR Flame Retardant, etc. Among them, Ube Materials is the largest one with the percentage of 19.34% in 2021.
Figure Magnesium Hydroxide Sales Share by Manufacturers in 2021
Source: Above companies; Secondary Sources, Expert Interviews and Bosson Research, 2022
Key players in the Magnesium Hydroxide Market include:
Ube Materials
RHI Magnesita
Martin Marietta
Qinghai West Magnesium
Yantai FR Flame Technology
Xinyang Minerals
Huber
Russian Mining Chemical
ICL
Kyowa Chemical
Nedmag
Konoshima Chemical
Naikai Salt
Liaoning Deer
Qinghai West Magnesium
ShanDong LuHua
Zhejiang Lianda
SPI Pharma
Dandong Yungsing
Weifang Haililong
Weifang Yuandong
Lianyungang Nippo Group
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