Global Magnesium Hydroxide Market Is Estimated To Witness High Growth
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 white, inorganic compound that occurs naturally as the mineral brucite. It is mainly used as a flame retardant in various industries such as construction, automotive, and electronics. In addition, it is also widely used in the pharmaceutical industry as an antacid and laxative. The growing demand for flame retardants and pharmaceuticals is driving the market growth of magnesium hydroxide.
Market Dynamics:
The increasing adoption of magnesium hydroxide as a flame retardant in the construction and automotive industries is one of the major drivers for market growth. The compound acts as an effective flame retardant by releasing water molecules when exposed to high temperatures, thus suppressing the spread of flames. Additionally, the rising demand for pharmaceuticals, especially antacids and laxatives, is further fueling the market growth. Magnesium hydroxide is known for its excellent acid-neutralizing and laxative properties, making it an essential ingredient in various pharmaceutical products. These drivers are expected to propel the demand for magnesium hydroxide during the forecast period.
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