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Magnesium Hydroxide Is Fastest Growing Segment Fueling The Growth Of Magnesium Hydroxide Market

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Leena Shedmake
Magnesium Hydroxide Is Fastest Growing Segment Fueling The Growth Of Magnesium Hydroxide Market

Magnesium hydroxide is a white powdered substance that is insoluble in water and is commonly used as an industrial antacid and as a flame retardant. It has high pH scale of 10-11 and is known for its ability to neutralize acids. It is widely used in synthesis of pharmaceuticals, industrial chemicals and in metallurgical industries.

The global Magnesium Hydroxide Market is estimated to be valued at US$ 826.34 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.



Market Key Trends:


One of the key trends in the magnesium hydroxide market is its increasing use as a flame retardant. Magnesium hydroxide acts as an effective flame retardant through an endothermic decomposition process that releases water vapor, which dilutes combustible gases and reduces temperature beneath the combustion point. It is used as a flame retardant in plastics, rubber, wire and cable insulation, and other flammable materials. Magnesium hydroxide has garnered interest as an eco-friendly and non-halogen based alternative to traditional brominated flame retardants. Its growing use as a flame retardant will continue to drive the growth of the magnesium hydroxide market over the forecast period.


Segment Analysis


The global magnesium hydroxide market is segmented by application into environmental protection, flue gas desulfurization, flame retardants, pharmaceutical and food applications, animal feed and others. The flame retardants segment dominated the market in 2022 as magnesium hydroxide is extensively used as a flame retardant in plastics like polyvinyl chloride to improve its flame-retardant properties. It is nontoxic and eco-friendly, providing significant flame retardation at low loading levels. This has further increased its demand from the flame retardants segment.



Key Takeaways


The Global Magnesium Hydroxide Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing demand from end use industries like flame retardants and environmental protection.


Regional analysis:

Asia Pacific is projected to be the fastest growing as well as the largest regional market over the forecast period. This is attributed to high production and consumption of magnesium hydroxide in countries like China, India, and Japan. China is the largest producer and consumer of magnesium hydroxide globally.


Key players:

Key players operating in the magnesium hydroxide market are 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. Nedmag Industries is one of the leading producers of magnesium hydroxide in Europe.

 


Explorer more information on this topic, Please visit - 

https://www.marketwebjournal.com/magnesium-hydroxide-market-share-size-and-growth-share-trends-analysis-demand-forecast/

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