Magnesium Hydroxide Market to reach a value of US$ 1,560.2 Mn by 2030

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 Future Market Insights (FMI) has anticipated the demand of magnesium hydroxide to witness a year over year growth of 5.6% in 2022 reaching a value of about US$ 992.5 Mn by the end of 2022. The global business is projected to witness a growth rate of 5.8% over the forecast period of 2022 and 2030.

Consistently increasing demand for magnesium hydroxide for wastewater treatment is expected to shape the growth of the global magnesium hydroxide market during the forecast period (2022–2030). Although the COVID-19 pandemic is likely to hinder market growth during the first half of the forecast period, the global magnesium hydroxide market is projected to attain a market value of US$ 1,560.2 Mn by the end of 2030. As per the latest study published by Future Market Insights (FMI), the COVID-19 pandemic is likely to have a short-term impact on the growth prospects of the global magnesium hydroxide market.

At present, applications of magnesium hydroxide extend beyond wastewater treatment, as it is being increasingly being used for an array of applications including gold mining, warehouses, antacid, thermal conduction, and the wet pallet collodion process among others.

Key Takeaways of Magnesium Hydroxide Market

  • Magnesium hydroxide emerges as an ideal substitute for lime and caustic soda in wastewater treatment
  • Brine/seawater precipitation would remain the most prominent manufacturing process due to its long-term economic benefits
  • Soaring demand for technical/industrial grade magnesium hydroxide expected to provide impetus to market growth
  • South Asia and East Asia remain in the vanguard in terms of market growth; key market players likely to focus on tapping onto the opportunities in these regions
  • Surge in demand for environmental applications will assist market growth. Widening applications in the chemical sector will provide a boost to the market growth
Over the past few decades, magnesium hydroxide has emerged as an ideal inorganic compound for environmental applications including flue gas desulphurization and wastewater treatment. This remains a strong factor contributing towards market growth.

Short-term Ramifications of COVID-19 Pandemic

FMI study states that the COVID-19 pandemic is expected to have a short-term impact on the overall growth prospects of the global magnesium hydroxide market. The market study predicts that the demand will remain sluggish during the coronavirus outbreak as the governments across the world continue to enforce trade restrictions due to which, market players are expected to address the supply chain challenges put forward by the crisis.

Read Full Report @ https://www.futuremarketinsights.com/reports/magnesium-hydroxide-market

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