Magnesium Carbonate Market projected to top US$ 443.5Mn by 2032

The global magnesium carbonate market is anticipated to expand at a steady 4.7% CAGR over the forecast period, finds Future Market Insights (FMI) in a recent market analysis. Magnesium carbonate is largely utilized as a raw material for the manufacturing of magnesium oxide, a refractory material employed in the cement and steel industries.

In recent years, companies are focusing on developing new materials with high purity at competitive prices. Magnesium carbonate, due to its small size, high porosity, and non-toxicity, is adopted in the pharmaceutical industry. Pharmaceutical grade magnesium carbonate is preferred for the treatment of hyperchlorhydria, stomach aches and duodenal ulcers. It is also used in the surging demand from the paint and inks industry as a flattening agent, rheological modifier, and translucent filler, which has increased the consumption.

Ongoing expansion of sectors such as glass and ceramics, steel, cement, paints and inks, pharmaceuticals, and paper in countries such as China and India is predicted to propel growth in Asia Pacific in the global magnesium carbonate market. Due to increasing demand from pharmaceuticals, steel, and cement sectors in nations across North America, the Middle East, and Africa are likely to augment the growth in the market.

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As per FMI, geographically, the market is anticipated to be dominated by South Asia Pacific, which is expected to continue in the forthcoming years. Backed by the aforementioned factors, the global magnesium carbonate market is projected to top US$ 443.5Mn by 2032.

"Over the forecast period, sales of magnesium carbonates are expected to be driven by the growing pharmaceutical industry across the globe followed by the production of magnesium oxide and other vital end-use industries." says an FMI analyst.

Key Takeaways:

- By type, demand for light industrial magnesium carbonate is expected to surge at a 2% CAGR over the forecast period.
- Due to neutralization property of magnesium carbonate, it has been broadly used for making antacid. Demand in the antacid segment is anticipated to grow at 5.2% CAGR during the assessment period.
- In terms of end use, sales in the personal care & cosmetics segment will grow at a 4.3% CAGR through 2032.
- The magnesium carbonate market in the U.S. is anticipated to expand at a 4.5% CAGR through 2032.
- China will emerge as an attractive magnesium carbonate market, with sales growing at a 5.6% CAGR.

Competitive Landscape        

Key players in the global magnesium carbonate market included in the report are Hebei Meishen Technology Co., Ltd, Konoshima Chemical Co., Ltd., Kyowa Chemical Industry Co., Ltd., Lehmann & Voss & Co. KG, Naikai Salt Industries Co., Ltd., Dr. Paul Lohmann GmbH KG, and NUOVA SIMA Srl.

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Leading players operating in the global magnesium carbonate market are focusing on increasing the utilization of magnesium carbonate in pharmaceuticals and personal care & cosmetics industries. Further, they are aiming to expand their production facilities and distribution channels. For instance:

In May 2021, J.M. Huber Corporation (Huber) signed a final agreement with RHI Magnesita (RHIM) to acquire their 50% ownership stake in the company's 50/50 joint venture, MAGNIFIN Magnesiaprodukte GmbH & Co. KG.

Magnesium Carbonate Market by Category

By Type:

- Light Magnesium Carbonate
- Heavy Magnesium Carbonate

By Application:

- Antacid
- Smoke Suppressant
- Additives & Fillers
- Drying Agent
- Whitening Agent
- Reinforcing Agent

By End Use:

- Magnesium Oxide
- Pharmaceuticals
- Personal Care & Cosmetics
- Paints & Inks
- Plastic & Rubber
- Pulp & Paper
- Fire Extinguishing Composition
- Others

By Region:

- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa

Contact:

Future Market Insights Inc.
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Website: https://www.futuremarketinsights.com
Reports: https://www.futuremarketinsights.com/reports/magnesium-carbonate-market

About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.