Magnesium hydroxide is an inorganic compound which acts as an antacid and as a base. It neutralizes stomach acids by increasing pH level inside stomach. Being alkaline in nature, it provides symptomatic relief in acidity, heartburn and indigestion. This property makes magnesium hydroxide useful for pharmaceutical applications like antacids, laxatives, and as a pharmaceutical buffering agent. The global Magnesium Hydroxide Market is estimated to be valued at US$ 951.95 Th 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.
Market key trends:
Rising use in pharmaceutical industry is one of the key trends propelling the growth of Global Magnesium Hydroxide Market Size. Magnesium hydroxide is widely used as an active pharmaceutical ingredient (API) in pharmaceutical preparations for its acid neutralizing property. It is commonly used as an antacid to relieve symptoms of acid indigestion and heartburn. Magnesium hydroxide is generally considered safe for long term use to prevent occurrence of acidity. Growing incidences of gastrointestinal disorders and increasing preference for OTC medicines are fueling the demand for antacids containing magnesium hydroxide from pharmaceutical industry. Rising healthcare expenditure on gastrointestinal conditions is also contributing to the growth of magnesium hydroxide market.
SWOT Analysis
Strength: Magnesium hydroxide has higher heat resistance and neutralization abilities compared to calcium hydroxide. It also has wider end-use applications in construction, pharmaceuticals, and flame retardants.
Weakness: The production cost of magnesium hydroxide is higher compared to substitute products. It also has limited availability as magnesium resources are unevenly distributed globally.
Opportunity: Increasing applications in flame retardants driven by stringent fire safety norms is expected to drive the demand. Growing construction activities in Asia Pacific will also boost consumption.
Threats: Volatility in raw material prices affects the cost of production. Strong presence of alternatives such as calcium hydroxide can limit the market growth.
Key Takeaways
The global magnesium hydroxide market is expected to witness high growth over the forecast period driven by increasing consumption in flame retardants.
The Asia Pacific region currently dominates the market and is expected to continue its leadership through 2031 owing to rapidly expanding construction activities as well as the presence of major manufacturers in China and India.
Key players operating in the magnesium hydroxide market are AGCO Corporation, Flieg GmbH, Martin Marietta Materials Inc., Bakhtawar Industries, Nikomag Oy, RHI Magnesita, ICL, Meishen Technology, Qinghai Western Magnesium Co. Ltd., and Ube Materials Industries. The demand for flame retardant applications is driving these players to expand their production capacities particularly in Asia Pacific and North America over the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it