Surging demand for magnesium hydroxide in the steel sector offers significant opportunities for global market participants.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, December 18, 2023 /EINPresswire.com/ -- The global magnesium hydroxide market was projected to reach US$ 992.5 million in 2022. The market will probably be valued at US$ 1,050.07 million by the end of 2023. By 2033, the magnesium hydroxide market is projected to grow at a 5.8% CAGR and reach a value of US$ 1,845.32 million.

Companies that provide high-quality magnesium hydroxide for medical and therapeutic purposes have potential due to the expanding pharmaceutical as well as healthcare industries. Businesses may profit from the changing healthcare requirements and aging population by providing magnesium hydroxide for pharmaceutical formulations.

The demand for magnesium hydroxide is being driven by rising strict environmental restrictions worldwide in uses, including wastewater treatment and flue gas desulfurization (FGD). Businesses that offer eco-friendly solutions can profit from these legislative motivators and market themselves as eco-friendly suppliers.

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Key Takeaways from the Market Study

The market for magnesium hydroxide expanded at a CAGR of 3.3% from 2018 to 2022.

The United States market for magnesium hydroxide will account for 34.8% of the market by 2023.

China is predicted to take a 31.1% share of the global market for magnesium hydroxide in 2023.

By the end of 2023, Japan's magnesium hydroxide market will hold a 16.2% share of the global market.

By 2023, the market for magnesium hydroxide in France is expected to grow by 8.3%.

By 2023, it is anticipated that the magnesium hydroxide market in the United Kingdom will have a 7.4% market share.

Industrial magnesium hydroxide is anticipated to increase its market share to 25.8% in 2023.

In 2023, it is anticipated that this magnesium hydroxide used in the environment will have a 42% market share.

Significant businesses in this market are developing global supply chains and alliances to meet the growing demand for magnesium hydroxide, especially in emerging economies where industrial and environmental rules are changing, - says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.

Competitive Landscape

Many businesses try to diversify their product lines by offering a variety of magnesium hydroxide grades as well as formulations suited to various sectors and uses. They can get a bigger market share and produce more substantial income through catering to a variety of customer requirements.

Product Portfolio

China-based Xinyang Mineral Group is an expert in creating different magnesium-based compounds. Along with magnesium hydroxide and magnesium hydroxide, this also includes magnesium carbonate and magnesium sulfate. Construction, agriculture, and the pharmaceutical sectors all use these compounds.

One of the top manufacturers of magnesium products is Premier Magnesia. Magnesium hydroxide, magnesium hydroxide, and magnesium carbonate are just a few of the many compounds made from magnesium that they provide. Applications for these substances include environmental remediation, wastewater treatment, and industrial procedures.

Key companies profiled

Xinyang Mineral Group
Martin Marietta Materials Inc.
Premier Magnesia, LLC
Kyowa Chemical Industry Co. Ltd.
Nedmag Industries Mining & Manufacturing B.V.
Huber Engineered Materials
Israel Chemicals Ltd.
Tateho Chemical Industries Co., Ltd.
Ube Industries Ltd.
Nabaltec AG
Konoshima Chemicals Co. Ltd.
Lehmann & Voss & CO. KG

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Segmentation Analysis of the Magnesium Hydroxide Market

By Grade:

Food/Pharma
Technical/Industrial

By Application:

Environmental
Flue-gas Desulphurisation
Wastewater Treatment
Pharmaceuticals
Chemicals & Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East & Africa

The chemicals and materials domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Ankush Nikam
Future Market Insights, Inc.
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