by Magnesium hydroxide is used as a flame retardant in plastics, rubber and wire and cable insulation. It is also used as an antacid in pharmaceuticals to relieve heartburn, acid indigestion and sour stomach. The global magnesium hydroxide market has numerous applications including flammability reduction, pH control, bulk metal production and desulfurization. Magnesium hydroxide has superior flame retardant properties and is used to manufacture fireproof cables and plastics. It enhances the durability and strength of concrete which further increases its use in construction activities.
The global Magnesium Hydroxide Market is estimated to be valued at US$ 951.95 Th in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global Magnesium Hydroxide Market Size is its increasing use in construction chemicals. Magnesium hydroxide is extensively used in chemicals that provide important functional properties to cement and concrete. It acts as a retarding and water-reducing admixture in concrete, allowing better rheology control and improved workability. Magnesium hydroxide also enhances the mechanical strength and chemical resistance of concrete structures. The booming construction industry around the world is driving greater consumption of magnesium hydroxide in various construction chemicals and applications. Developing regions with rapidly growing construction activities such as Asia Pacific and Latin America are expected to boost the demand for magnesium hydroxide over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for raw material production facilities and distribution channels. The presence of established players also acts as a deterrent.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several suppliers and product substitutes in the market.
Bargaining power of suppliers: Few global players dominate the raw material supply. This gives them significant influence over pricing.
Threat of new substitutes: Substitutes like calcium hydroxide, aluminum hydroxide, and brucite are available but magnesium hydroxide has distinct functional advantages.
Competitive rivalry: The global market is consolidated with major players having an established presence worldwide.
Key Takeaways
The global magnesium hydroxide market is expected to witness high growth over the forecast period.
Asia Pacific dominates the market currently owing to the large production facilities and demand from end-use industries in China, Japan, and India. Key players operating in the magnesium hydroxide market are AGCO Corporation, Flieg and Nedmag.
Asia Pacific is expected to remain the fastest growing and largest market during the forecast period due to rapid industrialization and growth of end-use industries in major economies. China dominates Asia Pacific due to low production costs and presence of manufacturers.
Key players operating in the magnesium hydroxide market are AGCO Corporation, Flieg and Nedmag. AGCO Corporation is a leading player focused on expanding production capacity. Flieg and Nedmag have dedicated production units and a strong distribution network across key regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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