Rockville, MD, Aug. 05, 2024 (GLOBE NEWSWIRE) -- The global Magnesium Hydroxide Market is calculated at US$ 813.2 million in 2024, as revealed in a recently updated industry research report by Fact.MR, a market research and competitive intelligence provider. Worldwide sales of magnesium hydroxide are approximated to rise at 5.3% CAGR from 2024 to 2034.
In recent years, there has been a noteworthy increase in the demand for chemicals for water treatment, brought on by the increasing water crisis being seen in several regions of the world, which is contributing to the rising sales of magnesium hydroxide.
Magnesium hydroxide has multiple applications in the process used for wastewater treatment. It is used to increase the pH of acidic water, which contributes to its suitability for several applications such as furnaces, municipal water supply systems, cooling towers, etc.
Increasing global population and expanding urbanization and industrialization are damaging the existing resources of freshwater. As such, increasing demand for magnesium hydroxide is being witnessed in wastewater treatment plants. Moreover, rising number of R&D activities for harnessing the complete potential of magnesium hydroxide is contributing to its increased use for other purposes, including wound dressings.
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Key Takeaway from Market Study:
- Worldwide demand for magnesium hydroxide is forecasted to reach a market value of US$ 1.36 billion by the end of 2034.
- East Asia is projected to account for 27.6% share of the global market by 2034-end.
- Sales of magnesium hydroxide in South Korea are approximated to rise at 6.7% CAGR from 2024 to 2034.
- Pharmaceutical-grade magnesium hydroxide is evaluated to occupy a market share of 50.9% by 2034.
- Fuel additives are calculated to capture 19.5% share of global market revenue by the end of 2034.
“Rising demand for magnesium hydroxide is attributed to its use in the healthcare and pharmaceuticals, along with growing awareness about its consumption as environment-friendly flame retardant,” says a Fact.MR analyst.
Leading Players Driving Innovation in Magnesium Hydroxide Market:
Huber Engineered Materials, Anish Chemicals, Israel Chemical Company, Kisuma, Nedmag B.V., Premier Magnesia LLC., Konoshima Chemical Co. Ltd., Xinyang, Minerals Group, Ube Materials Industry, Niknam Chemicals Private Limited, and Kyowa Chemical Industry Ltd. are some of the prominent manufacturers of magnesium hydroxide.
Leading companies in the magnesium hydroxide market are striving for global leadership by offering innovative solutions. They are leveraging their R&D capabilities to expand their product lines and emphasize value-based solutions and commercial excellence. To gain a competitive edge, these companies are focusing on new product development, delivering high-quality products, and efficiently managing supply chain systems.
Stringent Environmental Laws Generating Demand for High-purity Magnesium Hydroxide in Japan:
Demand for magnesium hydroxide in Japan is projected to increase at a CAGR of 4.1% and reach a market value of US$ 108.3 million by the end of 2034. Innovation and accuracy in semiconductor manufacturing in Japan are set to drive up demand for high-purity magnesium hydroxide. It plays a crucial role in CMP (chemical mechanical planarization) techniques. These processes are vital for silicon wafer polishing and smoothing.
Moreover, stringent environmental laws to preserve land, water, and air quality are driving demand for solutions based on magnesium hydroxide due to its high purity and less toxic nature.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the magnesium hydroxide market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on form (liquid, powder), grade (industrial, food, pharmaceutical), and application (wastewater treatment, pharmaceuticals, flame retardants, chemicals & others, fuel additives, food & feed, abrasives), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Magnesium Hydroxide Market Research:
1. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
1. Form
2. Grade
3. Application
2. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Form
1. Liquid
2. Powder
3. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Grade
1. Industrial
2. Food
3. Pharmaceutical
4. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application
1. Wastewater Treatment
2. Pharmaceuticals
3. Flame Retardants
4. Chemicals & Others
5. Fuel Additives
6. Food & Feed
7. Abrasives
Check out More Related Studies Published by Fact.MR Research:
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Magnesium photoengraving plate market is calculated to rise from a value of US$ 204.1 million in 2024 to US$ 386.8 million by 2034.
Magnesium chloride market is expected to be valued at $1.65 billion in 2024 and is projected to grow at a CAGR of 6.3%, reaching $3.05 billion by 2034.
Magnesium nitrate hexahydrate market is valued to be US$ 770.8 million in 2023 and it is estimated to grow at a CAGR of 4.1% to reach US$ 1,152.0 million by the end of 2033.
Nickel hydroxide market is valued to be US$ 3.4 billion in 2023 and it is expected to grow at a CAGR of 6.2% to reach US$ 6.2 billion by the end of 2033.
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Magnesium Hydroxide Market
