MAGNESIUM HYDROXIDE MARKET ANALYSIS

Global magnesium hydroxide  market was valued at US$ 773.0  Billion in 2022, exhibiting a CAGR of 6.9 %, in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1,319.6  Billion by 2030.

The mineral brucite naturally contains magnesium hydroxide. It is found in antacids such as milk of magnesia. Superior adsorption, high activity, non-cohesive, non-precipitating, exceptional fluidity, and simplicity of pumping, storing, using, and modifying are few of magnesium hydroxide's characteristics. As a result, magnesium hydroxide is used for a variety of purposes such as the treatment of water, food additives, flame retardants, and others. Expansion of wastewater treatment facilities is expected to drive the market growth. Magnesium hydroxide is a short-term therapy for constipation in children and adults. It is available in form of chewable tablet, tablet, and oral solution (liquid). Magnesium hydroxide is also used along with other medications as an antacid to treat heartburn, acid reflux, and upset stomach. It is used as an alloying agentto enhances the mechanical, fabrication, and welding properties of aluminium.

Global Magnesium Hydroxide Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak have impacted the global Magnesium Hydroxide  market negatively, owing to the strict lockdown and stringent regulations that led to decrease in demand for magnesium hydroxide. Moreover, the production process of the magnesium hydroxide  is disrupted due to social distancing and lack of manpower. However, governments all over the world implemented harsh controls in 2020, to stop the spread of the COVID-19 pandemic including limitations on construction operations, halt of production activities, and others. The supply chain was restored in 2021 as a result of the rule-easing, which encouraged the growth of the magnesium hydroxide industry. Growing food sector is boosting demand for magnesium hydroxide.

Global Magnesium Hydroxide  Market- Growth Drivers

• Increasing Usage of Magnesium Hydroxide in Flame Retardant

Increasing usage of magnesium hydroxide in flame retardant, in order to replace the halogenated flame retardants due to rising health concerns is expected to drive 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 Pacific, and North America due to neurodevelopmental toxicity, thyroid effects, and other side-effects on human health, and thus, there is huge demand for magnesium hydroxide as an alternative additive in these regions.

• Rising Need for the Removal of Sulfur Content from the Fuel

Increasing usage of magnesium hydroxide in flue gas desulphurization for extracting high-quality petroleum products is estimated to drive the market growth. Deployment of the SO₃ removal system is necessary in power plants and other industries, in order to remove sulfur content in fuel that causes corrosion of machinery and impacts the performance of machines. Therefore, rising need for the removal of sulfur content from the fuel is expected to drive the market growth.

Figure 1. Global Magnesium Hydroxide Market, By Application, 2022

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Global Magnesium Hydroxide  Market- Restraints

• Availability of Substitutes

The availability of substitutes such as caustic soda as it is an ideal neutralizing agent is expected to hinder the market growth. Most of the neutralizing systems installed in the industry uses caustic soda as it has a higher reaction rate. However, magnesium hydroxide system  is expensive. These  factors are expected to restrict the market growth. However, the growing demand for the magnesium hydroxide is expected witness significant growth in the upcoming forecast period.

• Side Effects Associated with Excessive Consumption of Magnesium

Excessive consumption of magnesium causes diarrhea and other side effects such as vomiting and cramping. This factor is expected to restrict the consumption of magnesium hydroxide, and thus, is expected to hinder the market growth. Moreover, high level of magnesium hydroxide in the blood can weaken muscles, leads to irregular heart rate, and difficulty in breathing & mood swings. Such side effects associated with the magnesium hydroxide is expected to hinder  the market growth negatively. However rising demand for mangnesium hydroxide from steel industry is expected to witness significant oppournity among global magnesium hydroxide market players.

Global Magnesium Hydroxide  Market- Market Opportunities

• Rising Demand for Magnesium Hydroxide from the Steel Industry 

Growing usage of magnesia in the steel industry as a refractory brick that is impregnated with carbon to offer excellent properties of corrosion resistance to the environment is expected to drive the market growth. Moreover, sprayable and castables based on magnesia are broadly used as a basic refractory lining for steel transfer applications. Therefore, rising demand for magnesium hydroxide from the steel industry as a refractory brick is expected to drive the market growth over the forecast period.

• Rising Usage of Magnesia Powder

Rising usage of magnesia powder as filling for electrical heating materials is expected to drive the market growth of magnesium hydroxide. Fused magnesia has both thermal conductivity and electrical resistance. As it forms a layer between the element and the outer sheath. Moreover, magnesia is also used as mineral insulation in cables application. Therefore, emerging usage of magnesia powder is expected to drive the market growth of magnesium hydroxide.

Global Magnesium Hydroxide  Market- Trends

• Increasing Number of Partnerships Among Key Players

Increasing number of partnerships among key market players in order to strengthen the distribution and production of magnesium hydroxide is expected to drive the market growth over the forecast period. For instance, in March 2019, magnesium producers named NEDMAG and TIMAB MAGNESIUM signed a strategic partnership for the development and commercialization of magnesium hydroxide in marine gas scrubber systems. Therefore, rising adoption of  strategies among players is expected to drive the market growth of magnesium hydroxide.

Figure 2. Global Magnesium Hydroxide Market, By Region, 2022

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• Rising Investment in the Storage and Production of Magnesium Hydroxide

Rising investment in the storage and production of magnesium hydroxide by the manufacturer is projected to drive the market growth over the forecast period. For instance, in June 2015, Nedmag Industries in Veendam, The Netherlands, expanded its magnesium hydroxide storage capacity. With the expansion of the magnesium hydroxide storage capacity, Nedmag forecast to meet the increasing demand for its magnesium hydroxide, especially in the pulp and paper industry.

Global Magnesium Hydroxide  Market- Segmentation

By application, the global magnesium hydroxide market is segmented  into chemicals & others, flame retardants, pharmaceuticals, and environmental. The environmental segment held the largest market share in 2022, and is further expected to exhibit highest CAGR during the forecast period, owing to rising demand for environmental concerns.

Moreover, rising demand for wastewater treatment due to need for clean water and increasing concerns about water contamination. Furthermore, heavy metals and other contaminations are removed from the water by using magnesium hydroxide in wastewater treatment.  For instance, in 2021, the Indian government's intentions to upgrade the nation's healthcare infrastructure were disclosed by the Union Health Minister. Over the next six years, the government intends to invest 7831949 US$ in the nation's healthcare system. By enhancing the abilities of primary, secondary, and tertiary healthcare systems and institutions for the diagnosis and treatment of new and emerging diseases, the government intends to boost the current "National Health Mission."​

 Furthermore, the growing environmental application sector is driven by usage of magnesium hydroxide in the flue gas desulfurization process thatis used to remove sulphur dioxide from exhaust gases. The market is driven by rising demand for clean energy and rigorous rules for emission from power plant.

Global Magnesium Hydroxide  Market– Recent Developments

• In January 2022, Huber Engineered Materials (HEM), acquired 50% ownership in MAGNIFIN Magnesiaprodukte GmbH & Co. that belonged to RHI Magnesita (RHIM). This acquisition will increase the company’s market share for magnesium hydroxide.
• In July 2021, CJSC NikoMag, a Nikokhim group company, announced expansion of magnesium hydroxide plant capcity from 25,000 to 40,000 tonnes per year capacity
• In 2022, MAGNIFIN was acquired by Huber Engineered Materials. HEM Fire Retardant Additives (FRA) strategic business unit that manufactures a wide array of halogen-free fire retardants, smoke suppressants, and speciality aluminium oxides, is where Martinswerk GmbH sells MAGNIFIN products on a global scale.
• In August 2022, Plastikon Healthcare, LLC, launched Lot 20076A, an oral suspension containing simethicone 120 mg, magnesium oxide 1200 mg, and aluminium oxide 1200 mg.

Global Magnesium Hydroxide  Market– Regional Insights

Asia Pacific held the largest revenue share of 38.80  % in the global magnesium hydroxide  market in 2022, and is expected to maintain its dominance over the forecast period. Furthermore, Asia Pacific region is projected to be the fastest-growing region in the global magnesium hydroxide market during the forecast period. Moreover, due to technological developments and increasing demand to enhance the customer experience in China and Japan, the Asia Pacific market is expected to have the quickest rate of revenue growth. Expanding pharmaceutical sector is also expected to drive the global magnesium hydroxide market growth.

During the forecast period of 2023–2030, North America is expected to experience the fastest market growth, owing to numerous industry competitors and significant research & development (R&D) efforts power Magnesium Hydroxide is produced.

Global Magnesium Hydroxide  Market– Key Players

Major players operating in the global magnesium hydroxide market include 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.

*Definition: Magnesium hydroxide is an inorganic alkaline compound that is produced by hydration of magnesia, and is found in nature in the forming mineral (brucite). It is used in environmental application, 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, and others. Furthermore, other applications include the production of ceramics, salts, lubricating oil, and food additives.