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.
| Magnesium Hydroxide Market Value (2021A) | US$ 939.5 Mn |
| Magnesium Hydroxide Market Estimation (2022E) | US$ 992.5 Mn |
| Magnesium Hydroxide Market Projections (2030F) | US$ 1,560.2 Mn |
| Value CAGR (2022-2030) | 5.8% |
| Collective Value Share: Top 3 Countries (2022E) | 53% |
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$ 850 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.
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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
High Demand for Wastewater Treatment Projected to Augment Market Growth
Over the past couple of decades, magnesium hydroxide is increasingly being used for wastewater treatment applications across the developed as well as the developing regions. As governments across the world continue to emphasize on improving wastewater treatment techniques, magnesium hydroxide has emerged as an ideal candidate. At present, due to the advantages presented by magnesium hydroxide slurry, its adoption is projected to outpace that of lime and caustic soda.
In addition, apart from being an ideal alternative for wastewater treatment, magnesium hydroxide is extensively being used for acid neutralization of industrial wastewater. As the industrial applications of magnesium hydroxide expand, the industrial-grade magnesium hydroxide will gain stronger traction to capture a higher revenue share in the global market.
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.
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How High Reconfiguration Cost For Neutralizing System To Impact The Market Growth?
Although magnesium hydroxide slurry is environmental friendly, cheaper and easy to handle as compared to caustic soda, its use as a neutralizing agent in the pulp and paper industry has some constraints that need to be overcome.
The reaction rate, especially for precipitation of high concentration metals, is slower than caustic soda. Most neutralizing systems installed in the industry are designed to use caustic soda as a neutralizing agent. Due to higher reaction rate of caustic soda, systems installed have lower residence time.
However, in order to use magnesium hydroxide as a neutralizing agent, the system needs to be reconfigured when switching to magnesium hydroxide. This adds additional cost for the manufacturer in order to switch to magnesium hydroxide.
Magnesium Hydroxide Market By Category
By Grade, the Global Magnesium Hydroxide Market is segmented as :
- Food/Pharma
- Technical/Industrial
By Application, Magnesium Hydroxide Market is segmented as :
- Environmental
- Flue-gas Desulphurisation
- Wastewater Treatment
- Pharmaceuticals
- Chemicals & Others
- Flame Retardants
By Region, the Magnesium Hydroxide Market is segmented as :
- Americas
- Europe
- 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 Taxonomy
2.2. Market Definition
2.3. Classification of Lubricant Additives
3. Key Market Trends
4. Key Success Factors
5. Global Magnesium Hydroxide Market Consumption (Consumption) Analysis 2015-2021 and Forecast, 2022-2030
continued…!
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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