Rising healthcare demand and environmental regulations boost prospects for magnesium hydroxide suppliers in pharmaceuticals and eco-friendly solutions markets.
NEWARK, Del, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global market for magnesium hydroxide was projected to reach US$ 992.5 million in 2022. The market will probably be valued at US$ 1,050.07 million by the end of 2023. By 2033, the magnesium hydroxide market is projected to grow at a 5.8% CAGR and reach a value of US$ 1,845.32 million. Mg Hydroxide
Companies that provide high-quality magnesium hydroxide for medical and therapeutic purposes have potential due to the expanding pharmaceutical as well as healthcare industries. Businesses may profit from the changing healthcare requirements and aging population by providing magnesium hydroxide for pharmaceutical formulations.
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The demand for magnesium hydroxide is being driven by rising strict environmental restrictions worldwide in uses, including wastewater treatment and flue gas desulfurization (FGD). Businesses that offer eco-friendly solutions can profit from these legislative motivators and market themselves as eco-friendly suppliers.
Key Takeaways from the Market Study
The market for magnesium hydroxide expanded at a CAGR of 3.3% from 2018 to 2022.
The United States market for magnesium hydroxide will account for 34.8% of the market by 2023.
China is predicted to take a 31.1% share of the global market for magnesium hydroxide in 2023.
By the end of 2023, Japan's magnesium hydroxide market will hold a 16.2% share of the global market.
By 2023, the market for magnesium hydroxide in France is expected to grow by 8.3%.
By 2023, it is anticipated that the magnesium hydroxide market in the United Kingdom will have a 7.4% market share.
Industrial magnesium hydroxide is anticipated to increase its market share to 25.8% in 2023.
In 2023, it is anticipated that this magnesium hydroxide used in the environment will have a 42% market share.
Significant businesses in this market are developing global supply chains and alliances to meet the growing demand for magnesium hydroxide, especially in emerging economies where industrial and environmental rules are changing, remarks by Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Many businesses try to diversify their product lines by offering a variety of magnesium hydroxide grades as well as formulations suited to various sectors and uses. They can get a bigger market share and produce more substantial income through catering to a variety of customer requirements.
China-based Xinyang Mineral Group is an expert in creating different magnesium-based compounds. Along with magnesium hydroxide and magnesium hydroxide, this also includes magnesium carbonate and magnesium sulfate. Construction, agriculture, and the pharmaceutical sectors all use these compounds.
One of the top manufacturers of magnesium products is Premier Magnesia. Magnesium hydroxide, magnesium hydroxide, and magnesium carbonate are just a few of the many compounds made from magnesium that they provide. Applications for these substances include environmental remediation, wastewater treatment, and industrial procedures.
Kyowa Chemical Industry Co. Ltd.
Nedmag Industries Mining & Manufacturing B.V.
Tateho Chemical Industries Co., Ltd.
Lehmann & Voss & CO. KG
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Future Market Insights offers an unbiased analysis of the global magnesium hydroxide market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the magnesium hydroxide market, the market is segmented based on grade (food & pharma, technical/industrial), application (environmental (flue-gas desulphurisation and wastewater treatment), pharmaceuticals, chemicals & others and flame retardants) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
Segmentation Analysis of the Magnesium Hydroxide Market
The Middle East & Africa
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About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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