According to recent market analysis by Future Market Insights (FMI), the global magnesium carbonate industry is forecasted to grow steadily at a CAGR of 4.7% over the forecast period. Magnesium carbonate serves primarily as a raw material for producing magnesium oxide, which is a crucial refractory material used in the cement and steel industries.
In recent years, there has been a notable focus among companies on developing high-purity materials at competitive prices. Magnesium carbonate, valued for its small particle size, high porosity, and non-toxic properties, is increasingly being adopted in the pharmaceutical industry. Pharmaceutical-grade magnesium carbonate is favored for treating conditions such as hyperchlorhydria, stomach aches, and duodenal ulcers. Furthermore, the paint and inks industry has witnessed rising demand for magnesium carbonate, where it functions as a flattening agent, rheological modifier, and translucent filler, thereby boosting its consumption.
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The ongoing expansion of sectors like glass and ceramics, steel, cement, paints and inks, pharmaceuticals, and paper in countries such as China and India is expected to drive growth in the Asia Pacific region for the global magnesium carbonate market. Similarly, increasing demand from the pharmaceuticals, steel, and cement sectors in North America, the Middle East, and Africa is likely to contribute to market growth.
FMI anticipates that South Asia Pacific will dominate the market geographically in the coming years. With these factors driving growth, the global magnesium carbonate market is projected to surpass USD 443.5 million 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 4.2% 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.
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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
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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