Demand for magnesium carbonate minerals will reach USD 386.7 million between 2024 and 2034, as projected by a new Future Market Insights (FMI) study. The magnesium carbonate minerals market is projected to cross a value pool of USD 241.5 million by the end of 2024. The market is witnessing significant disruptions in the supply chains of major regional markets. Uncertainty over capital markets and the impact of the pandemic on the global economy is likely to hit the industry in the short term. Widespread critical applications of magnesium carbonate minerals in construction, personal care, and medicine will aid in the recovery of demand following the end of the pandemic.
“Pharmaceutical, medical, and personal care industries are in fact gaining the momentum as a result of COVID-19 pandemic. This would result in multiple changes over the coming years, and the market will witness demand growth,” says the FMI Analyst.
Magnesium Carbonate Mineral Market – Key Takeaways
- Pharmaceutical and personal care applications will witness a surge driven by the rising demand for OTC drugs.
- The demand for hydromagnesite is anticipated to boom for polymers and flame-retardant formulations as an additive.
- Cement and steel industries will be major magnesium carbonate mineral consumers, with magnesium oxide applications.
- East Asia will be a prominent regional market in terms of production operations. However, North America and Europe will hold leading positions in the global market share, on the basis of consumption.
Magnesium Carbonate Mineral Market – Key Driving Factors
- The rapid and continued growth of chemical industries, and the demand from paper, and paints industries are major growth drivers.
- The surge of demand from private players in the medical sector for generic products remains a major growth influencer.
- Refractory applications for ceramic and metallurgy industries are also supporting overall market growth.
- Strict regulations associated with industrial workplace conditions are also a driver for global market growth.
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Magnesium Carbonate Mineral Market – Key Constraints
- Excess consumption of magnesium carbonate minerals can result in side effects such as flatulence and diarrhea, limiting adoption rates.
- Rising competition from alternative materials such as talc and dolomite is restricting sales and revenue.
Competition Landscape
Key players in the magnesium carbonate mineral market are Kyowa Chemical Industry Co. Ltd., Konoshima Chemical Co. Ltd., Hebei Meishen Technology Co. Ltd., and Naikai Salt Industries Co. Ltd. Majority of these players are investing in expanding their market presence with acquisitions. Expansion of production capacities and investments in research and development are also key strategies being followed by market players.
More About the Report
The FMI’s market research report of 300 pages offers comprehensive insights into the magnesium carbonate mineral market. The market is analyzed on the basis of mineral form (magnesite, hydromagnesite, and nesquehonite) and end use (pharmaceutical and personal care, refractory bricks and kilns, steel and metallurgy, ceramics, building and flooring materials, chemicals, and others).
Magnesium Carbonate Minerals Market by Category
By Mineral:
- Magnesite
- Hydromagnesite
- Nesquehonite
By End-use:
- Pharmaceuticals & Personal Care
- Refractory Bricks & Kilns
- Steel & Metallurgy
- Ceramics
- Building & Flooring Materials
- Chemicals
- Plastics
- Fertilizers
- Flame Retardant Additives
- Adhesives & Sealants
- Paints
- High Purity Magnesia
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
Read Complete Research: Global Magnesium Carbonate Mineral Market to Reach USD 386.7 Million by 2034, Driven by Demand in Pharmaceutical, Chemical, and Construction Sectors | Future Market Insights, Inc.
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