Magnesium Hydroxide Market Expected to Reach $1.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Magnesium Hydroxide Market," The magnesium hydroxide market size was valued at $0.6 billion in 2021, and is estimated to reach $1.1 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

Magnesium hydroxide decreases stomach acid and raises water in the intestines, perhaps causing bowel motions. Magnesium hydroxide occurs naturally as the mineral brucite, as a result of the hydration of magnesium oxide, and as a result of the precipitation of seawater or brine.

The growth of the global magnesium hydroxide market is majorly attributed to its wide applications in environmental protection, flame retardant, pharmaceutical ingredient, and others. Magnesium hydroxide is used across many applications, such as environmental protection, flame retardant, pharmaceutical ingredient, and others. Magnesium hydroxide is an inorganic alkaline chemical that occurs naturally in the form of a mineral (brucite). It is also generated during the precipitation process between magnesium salt and any substance's hydroxide (sodium, potassium, and ammonium).

Magnesium hydroxide has found widespread application in the treatment of industrial metal-laden acidic wastewater. It is also used to treat occasional constipation in children and adults on a short-term basis. It is used in fuel additives, pulp bleaching, leather, abrasives, and others. It is also utilized in the production of ceramics, salts, culinary additives, and lubricating lubricants. It improves the mechanical, fabrication and welding characteristics of aluminum when used as an alloying agent. Magnesium hydroxide provides flame retardance and smoke suppression from a material that is acid and halogen-free and has minimal toxicity. Magnesium hydroxide slurry has been successfully used in aerobic and anaerobic biological treatment systems in meat processing plants, bakeries, and chemical processing plants.

Further, the growth of the pharmaceutical industry is predicted to drive the market growth during the forecast period. Magnesium hydroxide is a short-term treatment for diarrhea in children and adults. Magnesium hydroxide is also used as an antacid with other medications to relieve heartburn, acid indigestion, and upset stomach. Other medicines, such as dasatinib, delavirdine, atazanavir, gabapentin, digoxin, mycophenolate, and phosphate supplements, can be inhibited by magnesium hydroxide. They can also be used to treat these symptoms in individuals suffering from peptic ulcers, gastritis, esophagitis, hiatal hernia, or an excess of acid in the stomach.

However, availability of the substitute is projected to hinder the expansion of the market. Lime slurry and caustic soda are the available substitutes for magnesium hydrochloride in the market. Nevertheless, surge in demand for magnesium hydroxide in the steel industry is expected to offer lucrative growth opportunities for the global magnesium hydroxide industry. In the iron and steel industry, small quantities of magnesium are added to white cast iron to transform graphite into spherical nodules, thereby significantly improving the strength and malleability of the iron. The increasing use of magnesium hydroxide in the steel industry as a refractory brick that is fertilized with carbon to provide corrosion resistance is creating a market opportunity. Magnesium is also demanded in manufacture of high grade steel for constructions, such as large buildings and bridges.

The magnesium hydroxide market is segmented into type, application and region. On the basis of type, the market is categorized into slurry, powder, and others. On the basis of application, the market is categorized into wastewater treatment, flue-gas desulphurisation, flame retardant, pharmaceutical, food additive, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The magnesium hydroxide market share is analyzed across all significant regions and countries. Asia-Pacific is expected to dominate the market in 2021. This growth is due to wide use of magnesium hydroxide as a short-term treatment for occasional constipation in children and adults, as well as an antacid with a gradual neutralizing activity and a modest laxative action.

The major players operating in the global magnesium hydroxide market include, Albemarle Corporation, Elementis,  Huber Engineered Materials, Kisuma Chemicals B.V, Konoshima Chemical Co, Kyuwa Chemicals, Loba Chemie Pvt. Ltd, Martin Marietta Materials Ltd, Nedmag B.V, Osian Marine Pvt Ltd, Premier Magnesia LLC, Tateho Chemicals Industries Co. Ltd,  TIMAB Magnesium, Ube Materials Industries Ltd., and Xinyang Mineral Group. These players have been adopting various strategies to gain higher share or to retain leading positions in the market. Expansion, innovation, acquisition, and collaboration are the most adopted strategies by these players.

For instance, in January 2022, Huber Engineered Materials (HEM) completed acquisition of MAGNIFIN Magnesiaprodukte GmbH & Co. KG (“MAGNIFIN”). MAGNIFIN products are sold globally by Martinswerk GmbH as part of the HEM Fire Retardant Additives (FRA) strategic business unit, which manufactures an extensive range of halogen-free fire retardants, smoke suppressants and specialty aluminum oxides. MAGNIFIN coated and uncoated magnesium hydroxides are environment friendly, halogen-free fire retardants, used in a wide range of polymer applications, primarily thermoplastic materials and elastomers requiring high processing temperatures in excess of 300 °C.

COVID-19 Analysis:

The COVID-19 pandemic had a major impact on the global magnesium hydroxide market. It negatively impacted the supply of electronics gadget as a flame retardant as well as the import and export of chemicals. However, magnesium hydroxide are highly demanded in the pharmaceutical industry for short-term treatment for occasional constipation in children and adults, as well as an antacid with a gradual neutralizing activity and a modest laxative action. Further, increasing levels of magnesium may help COVID-19 patients successfully combat the virus. Thus, the growing demand from pharmaceutical sector is predicted to drive the global magnesium hydroxide market during the pandemic.

Key findings of the study: 

• By type, the slurry segment was the highest revenue contributor to the market in 2021
• By application, the wastewater treatment segment is expected to grow at a CAGR of 5.6%, in terms of revenue, during the forecast period.
• Region-wise, Asia-Pacific was the highest revenue contributor and is estimated to grow with a CAGR of 6.7%.
• China was the highest revenue contributor growing with a CAGR of 7.3%.
• South Korea and Japan are expected to witness considerable CAGRs of 5.8%, and 4.2% respectively, during the forecast period.