Magnesium Hydroxide Market to Witness Robust Expansion Owing to Increasing Adoption in Various Industries
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Magnesium Hydroxide Market |
Magnesium
hydroxide, commonly known as milk of magnesia, has wide applications in
industries like flame retardants, wastewater treatment, pharmaceuticals, and
many more. It acts as an effective flame retardant due to its endothermic
decomposition property and is thus used in plastics, rubber, and wires &
cables. The rising demand from industries like construction and automotive is
anticipated to fuel the growth of magnesium hydroxide over the next few years.
The Global
Magnesium Hydroxide Market Demand size is estimated to be valued at US$
951.95 million in 2024 and is expected to exhibit a CAGR of 5.0% over the
forecast period 2024 to 2031.
The Global magnesium hydroxide market is driven by the increasing use of
magnesium hydroxide as a flame retardant. Magnesium hydroxide endothermically
decomposes at high temperatures and releases water vapor that dilutes gases in
the zone of combustion and shields materials from heat. It is widely used as a
flame retardant in plastics, rubber, wires & cables, and other
applications. Furthermore, the growing construction industry will also
contribute to magnesium hydroxide market growth as it is used as a fireproofing
and smoke suppressant material in buildings. The wastewater treatment industry
is another major end-user where magnesium hydroxide acts as a flocculating
agent to remove impurities from industrial and municipal wastewater.
Key Takeaways
Key players operating in the Magnesium Hydroxide market 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.,,MascarSpA,,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. These players are focusing on new product launches
and expansions to gain a competitive advantage in the market.
The growing construction and automotive industries present significant
opportunities for magnesium hydroxide market players. Magnesium hydroxide is a
key ingredient in intumescent coating systems that are applied on steel
substrates in buildings. The market can expand by catering to the needs of
rapidly growing construction activities worldwide. Automotive production is
also on the rise annually across regions like Asia Pacific and North America,
creating demand for flame retardant plastics and wires.
Globally, the magnesium hydroxide market players are expanding their production
capacities and distribution networks to cater to the growing demand. China,
being the largest consumers, attracts major investments. Whereas, regions like
North America and Europe are seeing new production plants come up to ensure
adequate supplies. India and Southeast Asian countries also offer lucrative
prospects with their booming manufacturing sectors.
Market Drivers:
increasing use of magnesium hydroxide as an effective and eco-friendly flame
retardant in plastics, rubbers and other polymers. Its endothermic properties
make it suitable for applications where flame resistance is crucial.
Market Restrains:
Presence of substitutes like aluminum hydroxide poses competition to magnesium
hydroxide. Aluminum hydroxide shows comparable flame retardancy and is cheaper
than magnesium hydroxide.
Segment Analysis
The global magnesium hydroxide market is dominated by the flame retardants
sub-segment. This sub-segment accounts for over 50% of the overall market share
due to the extensive usage of magnesium hydroxide in flame retardant
applications in various end-use industries like construction, automotive, and
electrical & electronics. Magnesium hydroxide is a highly effective flame
retardant and offers characteristics like non-toxicity and low smoke emissions.
This helps the flame retardants sub-segment maintain its dominance in the
global market during the forecast period.
Global Analysis
On a regional basis, Asia Pacific is projected to experience the highest CAGR
of over 6% during the forecast period. This is attributed to rapid
industrialization and infrastructure development activities in the region.
Countries such as China, India, and Japan are experiencing strong demand for
magnesium hydroxide from end-use industries like construction, automotive, and
rubber which is fueling market growth. North America is also expected to capture
a significant market share owing to strict fire safety regulations for
industries in the US and Canada which favors the use of magnesium
hydroxide-based flame retardants. Additionally, Europe is forecast to remain
another lucrative region in terms of revenue over the next few years.
Get more insights on this topic: Magnesium
Hydroxide Market
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