Magnesium Carbonate Market Size, Share, Demand, Growth & Trends by 2032
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. 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.
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.
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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“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.
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
Table
of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope /
Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
TOC continued…!
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