Magnesium hydroxide is an inorganic compound widely used as an industrial buffer, igniter for oxy/acetylene torches, pharmaceutical excipient, raw material for production of magnesium oxide and fire proofing agent. It has high pH value and inhibits corrosion by neutralizing acids and other industrial compounds. Growing demand from construction industry as a flame retardant and fireproofing material has propelled the global magnesium hydroxide market.
The Global magnesium hydroxide market is estimated to be valued at US$ 883.36 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the magnesium hydroxide are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere & Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI & Co., Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH & Co. KG, Mahindra & Mahindra Ltd., MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc.
The increasing Magnesium Hydroxide Market Trends for flame retardant material from construction and electrical & electronic industries provides significant growth opportunities for market players. Asia Pacific holds the largest share in the global magnesium hydroxide market owing to presence of major construction and automotive industries in China, India, Japan and other Asian countries.
North America and Europe are also expected to witness significant growth due to stringent regulations regarding use of bio-based flame retardants.
Market Drivers
The major driver for magnesium hydroxide market is the mandatory provisions for use of fireproof material in various industrial and construction applications. Regulations such as EU Construction Product Regulation have boosted the use of magnesium hydroxide as a non-combustible compound in buildings, tunnel construction and other fire prone areas. Moreover, demand from plastic and rubber industries as an environment friendly flame retardant additive will continue to drive the market during the forecast period.
PEST Analysis
Political: The magnesium hydroxide market is affected by several environmental regulations as magnesium hydroxide is widely used for wastewater treatment. Several countries have implemented strict guidelines regarding industrial effluent discharge and waste management.
Economic: The growth of the construction industry globally is driving the demand for magnesium hydroxide as it is used in floor screeds and wall panels. Additionally, rise in pharmaceutical and food industries has amplified its usage.
Social: Increase in health awareness among people has positively impacted the consumption of magnesium hydroxide supplements. It is also being used in personal care products due to its deodorizing and antiperspirant properties.
Technological: Nanotechnology has enabled the production of ultrafine magnesium hydroxide particles. Their higher surface area allows for improved absorption potential in end-use industries such as flame retardants, water treatment, and pharma.
Geographical Regions of Concentrated Market Value
The Asia Pacific region holds the major share of the global magnesium hydroxide market in terms of value owing to large production bases and growing construction activities in countries like China and India. Europe and North America are other lucrative regions due to stringent environmental and industrial norms requiring wastewater treatment.
Fastest Growing Regional Market
The magnesium hydroxide market in Latin America is expected to witness the highest growth during the forecast period. This can be attributed to rapidly expanding pharmaceutical, chemical, and construction industries along with favorable government initiatives for foreign investments in countries like Brazil and Mexico.
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