Magnesium Stearate Market Research Report Detailed Analysis On The Basis Of Application, Latest Trends and Growth Forecast to 2030

High volumes of magnesium stearate are being used in the personal care sector in China, India, France, Germany, South Korea, and the U.S. as it serves as an excellent lubricant and texturizer in cosmetics. Additionally, the compound is used as a thickening agent in haircare products, such as hair masks, shampoos, conditioners, and creams. Thus, the increasing consumption of personal care products, primarily on account of the mounting purchasing power of the people in developing countries, will create a huge requirement for magnesium stearate in the forthcoming years.

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Moreover, the flourishing pharmaceutical industry in Asia-Pacific (APAC) will drive the magnesium stearate market at a CAGR of 5.3% during the forecast period (2020–2030). The market revenue stood at $1,492.3 million in 2019, and it is projected to reach $2,637.6 million by 2030. Drug manufacturing companies operating in Indonesia, China, and India are increasingly using this compound as a release agent, binder, and filler in medicated drugs due to its cost-effectiveness.

The application segment of the magnesium stearate market is classified into texturizers, thickeners, food additives, binders and fillers, and others, such as emulsifiers, lubricants, anti-caking agents, and anti-foaming agents. Among these, the binders and fillers category generated the highest revenue in 2019, and it is expected to continue this trend throughout the forecast period. This can be credited to the increasing use of the stearate salt of magnesium as a binder in medicated drugs, especially tablets, due to its ability to hold the ingredients together. Additionally, the compound is used as a filler in cleaning products, such as laundry detergents.

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Therefore, the APAC magnesium stearate market is expected to demonstrate the fastest growth during the forecast period due to the expanding pharmaceutical and personal care industries in the region. The growth of the pharmaceutical sector in India, Thailand, South Korea, and China can be attributed to the increasing investments being made by drug manufacturers in research and development (R&D). Additionally, the booming demand for cosmetic products, such as eyeshadows, foundations, and lipsticks, will facilitate the market growth in the region.

Therefore, the booming demand for personal care products, food items and drinks, and medicated drugs will encourage the production of magnesium stearate worldwide.

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