MAGNESIUM HYDROXIDE MARKET ANALYSIS

Magnesium Hydroxide MarketSize and Trends

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.

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

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

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.

• 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- 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.