Magnesium Hydroxide Market Size Is Expected to Reach US$ 1083.7 Million at a CAGR of 5.8% By 2027 | CMI

Magnesium Hydroxide Market 2017-2027

Magnesium hydroxide is an inorganic alkaline compound that is manufactured by hydration of magnesia and is also found in nature in the forming mineral (brucite). It has applications in flue gas desulphurization, wastewater treatment, and flame retardant & smoke suppressants. In the pharmaceutical industry, it is used as laxatives or antacids. Moreover, it is also used as a pulp bleaching, fuel additives, abrasives, leather, and others. Furthermore, other applications include production of ceramics, salts, lubricating oil, and food additives.

The global magnesium hydroxide market is estimated to reach US$ 1,083.7 million by the end of 2027, in terms of revenue, exhibiting a CAGR of 5.8% over the forecast period (2019 to 2027).

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Drivers

The increasing usage of magnesium hydroxide in flame retardant, in order to replace the halogenated flame retardants due to rising health concerns are expected to fuel the market growth. For instance, according to the Coherent Market Insights, brominated flame retardant additives are banned in most of the markets such as Europe, Asia, and North America due to neurodevelopmental toxicity, thyroid effects, and other side effects on human health and this is expected to drive demand for magnesium hydroxide as an alternative additive in these regions.

Growing usage of magnesium hydroxide in flue gas desulphurization for extracting high-quality petroleum products is expected to augment the market growth of magnesium hydroxide over the forecast period. Deployment of the SO₃ removal system is necessary across power plants and other industries in order to remove sulfur content in fuel which can cause corrosion of machinery and impact the performance of machines. Therefore, rising demand need for the removal of sulfur content from the fuel is expected to propel the market growth of magnesium hydroxide over the forecast period.

Among regions, Asia Pacific held a dominant position in the global magnesium hydroxide market in 2018, reporting 38.8% market share in terms of revenue, followed by Europe and North America, respectively.

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Figure 1. Global Magnesium Hydroxide Market, Revenue Share (%), By Region, 2018

Market Restraints

The availability of substitutes such as caustic soda, as it is an ideal neutralizing agent is expected to hinder the market growth. Most of the neutralizing systems installed in the industry are intended to use caustic soda, as it has higher reaction rate. However, using magnesium hydroxide system has to be reconfigured and this can be expensive. The aforementioned factors are expected to restrict the market growth of magnesium hydroxide over the forecast period.

Excessive consumption of magnesium may cause diarrhea and other side effects such as vomiting and cramping. This factor is expected to restrict the consumption of magnesium hydroxide, which in turn, is further expected to hinder the market growth. Moreover, high level of magnesium hydroxide in the blood may weaken muscles, leads to irregular heart rate and difficulty in breathing & mood swings. Such side effects associated with the magnesium hydroxide is expected to impact the market growth negatively.

Market Opportunities

The growing application of magnesia in the steel industry as a refractory brick, which is infused with carbon to offer excellent properties of corrosion resistance to the environment are expected to propel the market growth. Moreover, sprayable and castables based on magnesia are broadly used as a basic refractory lining for steel transfer applications. Therefore rising demand for magnesium hydroxide from the steel industry as a refractory brick is expected to foster the market growth over the forecast period.

The rising usage of magnesia powder as filling for electrical heating materials is expected to propel the market growth. Fused magnesia has an excellent combination of thermal conductivity and electrical resistance, as it forms a layer between the element and the outer sheath. Moreover, magnesia is also used as mineral insulation across cables application. Therefore, emerging aforementioned application of magnesia is expected to augment the market growth of magnesium hydroxide.

Figure 2. Global Magnesium Hydroxide Market – Opportunity Analysis

Market Trends

Growing number of partnerships among key players, in order to strengthen the distribution and production of magnesium hydroxide is expected to augment the market growth over the forecast period. For instance, in March 2019, Magnesium Producers NEDMAG and TIMAB MAGNESIUM entered into a strategic partnership for development and commercialization of magnesium hydroxide in marine gas scrubber systems. Therefore, rising adoption such strategies among players is expected to accelerate the market growth of magnesium hydroxide.

Growing investment in the storage and production of magnesium hydroxide by the manufacturer is projected to foster market growth over the forecast timeframe. For instance, in June 2015, Nedmag Industries in Veendam, The Netherlands, will be expanding its magnesium hydroxide storage capacity. With the expansion of the magnesium hydroxide storage capacity, Nedmag forecast to meet the increasing demand for its magnesium hydroxide, especially in the pulp and paper industry.

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Figure 3. Global Magnesium Hydroxide Market, Revenue Share (%), By Application, in 2018

On the basis of application, in 2018, environmental accounted the largest market share of 47.5% in terms of revenue, followed by flame retardant and pharmaceutical, respectively.

Figure 4. Global Magnesium Hydroxide Market – Value Chain Analysis

Competitive Section

Key players operating in the magnesium hydroxide 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.

Few Recent Developments

Nedmag Industries Mining & Manufacturing B.V.

• In June 2015, the company entered into a strategic alliance with Imerys S.A. to co-develop magnesium hydroxide bleaching technology and products to serve pulp and paper market

Nabaltec Ag

• In February 2016, the company established its first fully own subsidiary, Nabaltec Asia Pacific K.K. in Tokyo, Japan to be engaged in marketing and sales of its entire product folio in the Asia market

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