Magnesium Hydroxide Market to Reach US$ 773.0 Billion by 2022
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Magnesium Hydroxide Market |
The global Magnesium Hydroxide Market is estimated to
be valued at US$ 773.0 Billion in 2022
and is expected to exhibit a CAGR of
6.9% over the forecast period from 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market Overview:
Magnesium hydroxide is a chemical compound that is widely used in various industries.
It is primarily used as a flame retardant in plastics, rubber, and textiles,
due to its ability to release water molecules when exposed to high
temperatures, thereby suppressing the fire. Additionally, it is used as an
antacid to neutralize stomach acid, and as a laxative to relieve constipation.
The market is driven by the increasing demand for flame retardant materials
across various industries, such as construction, automotive, and electrical
& electronics. The growing concerns regarding fire safety regulations and
the need for advanced fire protection systems are further propelling the market
growth.
Market Key Trends:
One key trend in the magnesium hydroxide market is the increasing adoption of
environmentally friendly flame retardant materials. With growing awareness
about the harmful effects of traditional flame retardants, such as halogenated
compounds, there is a shift towards the use of magnesium hydroxide as a safer
alternative. Magnesium hydroxide offers excellent fire retardant properties
without releasing toxic gases or chemicals when exposed to fire. This trend is
driven by stringent government regulations regarding fire safety and the
increasing emphasis on sustainable and eco-friendly solutions. As a result,
manufacturers are investing in research and development to develop innovative
formulations and applications of magnesium hydroxide in various industries.
Segment Analysis:
The magnesium hydroxide market can be segmented based on application and
end-use industry. In terms of application, the dominant segment is flame
retardants. Magnesium hydroxide is extensively used as a flame retardant in
various industries such as construction, electronics, and automotive. It acts
as an effective flame suppressant by releasing water when exposed to high
temperatures, thereby reducing the spread of fire. The flame retardant segment
is expected to continue dominating the market due to the increasing demand for
fire safety measures across multiple industries.
Key Takeaways:
The global Magnesium Hydroxide Market is expected to witness high growth, exhibiting a
CAGR of 6.9% over the forecast
period from 2023 to 2030. The market is driven by increasing regulations and
safety standards, particularly in the construction and automotive industries.
The use of magnesium hydroxide as a flame retardant helps in preventing fire
accidents and reducing potential damages. Additionally, the growing awareness about
the harmful effects of traditional flame retardants containing bromine and
chlorine has led to a shift towards magnesium hydroxide as a safer alternative.
In terms of regional analysis, the Asia Pacific region is expected to be the
fastest-growing and dominating region in the magnesium hydroxide market. This
can be attributed to the rapid industrialization and urbanization in countries
like China and India, which has led to an increased demand for flame retardant
materials. Moreover, strict regulations regarding fire safety and building
codes in these regions have further contributed to the market's growth.
Key players operating in the magnesium hydroxide market include Nedmag
Industries Mining & Manufacturing B.V., Nabaltec AG., Huber Engineering
Materials, Kyowa Chemical Industry Co. Ltd., Konoshima Chemicals Co. Ltd.,
Tateho Chemical Industries Co., Ltd., Baymag Inc., Sakai Chemical Industries
Co. Ltd., Lehmann & Voss & CO. KG., Martin Marietta Materials Inc.,
Xinyang Mineral Group, Premier Periclase Ltd., Israel Chemicals Ltd., and
Premier Magnesia LLC. These key players focus on research and development
activities to enhance the quality and performance of magnesium hydroxide in
various applications. Additionally, strategic collaborations and acquisitions
are undertaken by these players to expand their market presence and cater to
the increasing demand for flame retardants worldwide.
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