April 17, 2024
Magnesium Hydroxide Market

Magnesium Hydroxide Market is Estimated to Witness High Growth Owing to its Increasing use as Flame Retardants

The magnesium hydroxide market has seen significant growth in recent years due to the increasing demand for flame retardants across various end use industries such as construction, automotive, and wires & cables. Magnesium hydroxide is an inorganic compound that acts as an effective flame retardant by releasing endothermic water vapor when heated, helping to dilute combustible gases and suppress fire growth. It is also used as an acid-neutralizing agent, desulfurizing agent, antacid, and deodorant.

The Global Magnesium Hydroxide Market Demand 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 from 2024 to 2031.

Key Takeaways

Key players – 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.

Key opportunities – Rising construction activities in developing countries due to rapid urbanization and infrastructure development projects present significant growth opportunities. Also, growing automotive production especially in Asia Pacific region will augment the market growth over the forecast period.

Global expansion – Leading players are investing in R&D to develop innovative product grades and expanding their production facilities globally especially in Asia Pacific and Middle East & Africa to cater to the burgeoning demand. Additionally, growing partnerships and joint ventures among international players and regional manufacturers will further support the global expansion of magnesium hydroxide market.

Market drivers – Stringent regulations on fire safety across industries along with ban on hazardous halogenated flame retardants are the major factors augmenting the demand for non-toxic and eco-friendly flame retardants like magnesium hydroxide. Its properties like moisture resistance, pH buffering and acid neutralizing also widens its end use application scope thereby propelling the market growth.

PEST Analysis

Political: Magnesium hydroxide production and sales are regulated by environmental laws in many countries. Stricter norms related to emissions could impact the industry.

Economic: Rising costs of raw materials and transportation could put upward pressure on magnesium hydroxide prices in the coming years. Fluctuations in global economic growth may boost or slow down demand from end-use industries.

Social: Growing health and safety concerns are driving demand for magnesium hydroxide use as a flame retardant and in personal care products. Increasing regulations support its use as a non-toxic and environment-friendly alternative to other chemicals.

Technological: New production technologies allow manufacturers to reduce costs and environmental impact. Advances in applications also help magnesium hydroxide gain acceptance as a substitute for legacy products in industries like construction.

Regions with High Consumption

North America accounts for the largest share of the global magnesium hydroxide market in terms of value, led by the United States where it finds wide usage as a flame retardant and in construction applications. Asia Pacific is another major region concentrated with consumption, driven by growth in industrial activities, infrastructure development and consumption of personal care products in China, India and other developing economies.

Fastest Growing Region

Asia Pacific region is projected to witness the fastest growth in demand for magnesium hydroxide over the forecast period owing to rapid industrialization and infrastructure growth in developing countries. Rising industrial and construction spending, coupled with a growing population and increasing disposable incomes, are fueling the consumption of magnesium hydroxide in various end-use applications across the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it