The global magnesium hydroxide market is estimated to be valued at US$ 951.95 Thn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Magnesium hydroxide, also known as milk of magnesia, is a white powder or granular material that has wide applications across various end-use industries such as flame retardants, environmental applications, pharmaceuticals, and others. Flame retardants manufactured using magnesium hydroxide provide protection against fire for materials and compounds. It retards combustion and generates a protective barrier, thereby hindering the further spread of heat and flame. Magnesium hydroxide is also used as an antacid in pharmaceuticals industry to relieve indigestion, acid indigestion, and heartburn. The increasing demand from flame retardants and pharmaceuticals industry is expected to support growth of the global magnesium hydroxide market over the forecast period.

Market Dynamics

Increasing demand from flame retardants manufacturing is the key driver estimated to boost the Global Magnesium Hydroxide Market Size growth over the forecast period. Magnesium hydroxide acts as an effective flame retardant and retards the ignition and spread of fire, thereby protecting materials from combustion. The stringent fire safety regulations globally have increased the adoption of flame retardants, thereby propelling the demand for magnesium hydroxide from this application segment. Moreover, rising health consciousness and growing geriatric population are expected to fuel growth of pharmaceutical industry, thereby complementing growth of the magnesium hydroxide market over the forecast period.

SWOT Analysis

Strength: Magnesium hydroxide has low toxicity and is effective as a flame retardant and smoke suppressant. It also has high strength and is resistant to moisture. Magnesium hydroxide can reduce the PH level of industrial waste and flue gases.

Weakness: The raw material magnesium oxide is expensive to produce. Also, the processing of magnesium hydroxide into desired forms requires high energy and investment in plant and machinery.

Opportunity: Stringent government norms regarding use of toxic and harmful materials is driving demand for eco-friendly flame retardants like magnesium hydroxide. Growing construction industry worldwide is also opening up opportunities.

Threats: Availability of substitute flame retardants like aluminum hydroxide and development of new advanced materials pose threat to magnesium hydroxide market. Fluctuations in raw material prices also impact the industry.

Key Takeaways

The global magnesium hydroxide market is expected to witness high growth.

Regional analysis: Asia Pacific dominates the global magnesium hydroxide market currently due to high demand from construction and flame retardant industries of China, India, and Japan. Rising infrastructure development and manufacturing activities are factors propelling the Asia Pacific magnesium hydroxide market.

Key players operating in the magnesium hydroxide market are AGCO Corporation, Anish Chemicals, Hindustan Magnesite, Fluid Energy Processing and Equipment, Baymag, Niknam Chemicals Private Limited.

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