Analyzing the COVID-19 Effect: Demand for Magnesium Hydroxide to Remain Strong, Driven by Food and Medical Applications during the Outbreak - Future Market Insights
Magnesium hydroxide manufacturers are investing in expanding their production capacities and collaborations with regional players to circumvent tariffs and trade restrictions during the pandemic.
DUBAI, UAE / ACCESSSWIRE / June 9, 2020 / Despite the extremely disruptive nature of the pandemic, prospects of the magnesium hydroxide market look positive, primarily driven by pharmaceutical, industrial and water treatment applications. The pandemic is likely to cause disruptions in supply chains in the short term. However, applications as a food additive or medical and personal care product ingredient aids in the development of the industry. The worldwide magnesium hydroxide market is expected to reach US$ 1.5 Bn valuation during the projection period 2020 - 2030.
Also, niche applications as a fire retardant or waste water purification applications will help in creating profitable opportunities according to estimates from a FMI study. These trends will enable manufacturers to sustain operations and growth during the outbreak. Easy access to raw materials from brine or seawater will aid growth in the foreseeable future.
"The magnesium hydroxide industry was impacted by the effects of the tariff war between China and the United States. Now, with China being a major magnesium hydroxide producer, the high impact of the pandemic on the country, will substantially affect supply chains. On the other hand, the wide-ranging applications of magnesium hydroxide will result in the development of alternative sources in the coming years," says the FMI analyst.
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Magnesium Hydroxide Market- Critical Takeaways
Food and pharmaceutical grade magnesium hydroxide will remain a primary revenue generator, while industrial variants gain traction.
Pharmaceutical and personal care applications of magnesium hydroxide is anticipated to surge, driven by steady demand for anti-perspirants, laxatives, and antacids.
The incorporation of magnesium hydroxide as a building material is gaining ground at a fast rate.
In terms of revenue, North America is a prominent market, closely followed by Europe. Building and construction applications will provide major impetus in Asia Pacific.
Magnesium Hydroxide Market- Drivers
Extensive application of magnesium hydroxide in healthcare and pharmaceutical products is a primary growth factor.
Novel applications of magnesium hydroxide for desulfurization in fossil-fuel based power plants are generating lucrative opportunities.
Rising use of magnesium hydroxide by municipal bodies and industrial facilities in water treatment plants is also bolstering market performance.
Low, corrosiveness and toxicity, along with superior flame-retardant properties are supporting adoption.
Magnesium Hydroxide Market- Restraints
Strict government regulations on the use of magnesium hydroxide in the food and beverage industry is hampering growth.
Potential side effects such as loss of appetite, itching, and skin rashes, are also hindering the magnesium hydroxide market.
COVID-19 Impact on Magnesium Hydroxide Market
As most magnesium hydroxide stocks are used in healthcare and food applications, the demand for the material is likely to remain strong through the pandemic. However, the gap between demand and supply is likely to go up owing to supply chain disruptions and the overdependence of consumers on Chinese manufacturers.
However, the designation of medical and food production operations as essential by government bodies will help to mitigate losses during the crisis period, through optimization of supply chains. Also, magnesium hydroxide manufacturers seek to diversify their sources out of China, which will help in safeguarding operations in the long term.
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Competitive Landscape
Players in the fragmented magnesium hydroxide market investing in research & development activities, expansion of production capacity, and investing in the launch of new products. Israel Chemicals, Nedmag Industries Mining & Manufacturing B.V., Cyter Industries, Nabaltec AG, China Minmetals Nonferrous metals, Huber Engineering Materials, Chemtura Corporation, Konoshima Chemical Company Ltd., Baymag Inc., and Albemarle Corporation are some top magnesium hydroxide producers.
About the Study
The study offers readers an exhaustive forecast of the magnesium hydroxide market. Global, regional and national-level analysis of the latest trends influencing the magnesium hydroxide market is covered in this FMI report. The study provides insights according to grade (food/pharma, and industrial/technical), and application (environmental, pharmaceuticals, chemicals, and flame retardants), in seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
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