Research and development are constantly done to bring innovation and let the world overcome the current peril of chronic problems. The one chemical that is making a breakthrough in almost all the sectors such as pharmaceutical, food and beverages, industrialization, and others is magnesium hydroxide. Thus, the magnesium hydroxide market is going to grow in the upcoming years. Magnesium hydroxide had already overthrown caustic soda as a better alternative for alkalinity adjustment, and now, by the recent discovery, it is set to make its mark in the maritime industry. Nedmag, in a partnership with TIMAB Magnesium, has initiated the commercialization of magnesium hydroxide in marine gas scrubber systems. Due to the IMO 2020 sulphur cap, the companies have invented a product named MH53S MARE that offers vessel operators, crews, and owners an alkali source for their scrubber operations. This will drive many more vessels to adopt closed-loop scrubbers than open-loop scrubbers, which are restricted by several ports in coastal waters. This innovation is going to disrupt the magnesium hydroxide market, which will be benefiting the business leaders.
As of 2018, the Magnesium Hydroxide Market size was evaluated at around $1.12 billion, and it is expected to escalate further at a CAGR of 4.1% over the forecast period 2019-2025.
Magnesium Hydroxide Market Analysis: Key Application
Magnesium hydroxide has an array of applications in several forms, such as food additives, lubricants, laxatives, and others. However, this inorganic compound's principal utilization is witnessed in flue gas desulfurization and water treatment. Fossil fuels are the primary forms of energy supply and burning those releases sulfurous gases that are extremely toxic to the environment. With the flue gas desulphurization system, the sulfur is extracted from the flue gases saving the nature, and magnesium hydroxide are one of the major components of this method. In 2016, United Kingdom emitted 180,000 tons of sulfur dioxide.
Moreover, almost 3 million people die from outdoor pollution every year. These disquieting figures are evincing the unavoidability of magnesium hydroxide in fuel extraction procedures. Besides, magnesium hydroxide slurry, also called 'the milk of magnesia' is deployed in precipitation and neutralization of industrial wastewater, thereby, helping in the wastewater treatment. Reports suggest that 59% of the domestic wastewater is collected and treated. On the other hand, other reports suggest that around 22,900 million liters of domestic wastewater are generated in a year in Urban India, while 13,500 million liters of industrial wastewater is created per day. Several policies and initiatives across the globe are concentrating on keeping these numbers very low to protect the environment. The implementation of magnesium hydroxide in the flue gas desulfurization and water treatment processes is going to escalate at a CAGR of 4% in 2019-2025. Thus, the usage of magnesium hydroxide in the upcoming years is going to support the expansion of the global magnesium hydroxide market.
APAC Magnesium Hydroxide Market Overview:
Magnesium hydroxide is found in nature as the mineral brucite. The APAC magnesium hydroxide market outlook is impressive due to several recent discoveries. Here are the drivers that are continuously driving the APAC magnesium hydroxide market –
· Magnesium Oxide Nanoparticles as Bactericidal Agents to Contribute to the Magnesium Hydroxide Marketplace –
Recently, several researchers of Iran developed magnesium nanoparticles as bactericidal agents through the process of optimized synthesis involving magnesium hydroxide. This magnesium hydroxide substrates are bringing several shifts to various industries. A team of investigators from Fudan University in China, Oakland University in Michigan, and Argonne National Laboratory have discovered a sizable effect from magnetic damping in nanoscale layers of cobalt-iron alloy coated on one side of the magnesium oxide substrate. This will pave new ways for the damping mechanism in metallic ferromagnetism, thereby creating dynamic opportunities for future magnetic devices. Also, I4F, a group of companies recently signed a patent partnership with CFL Flooring, who invented magnesium oxide veneer board resolving natural wood flooring issues. Hence, these discoveries related to magnesium oxide generating from magnesium hydroxide are going to create an impact on the APAC magnesium hydroxide market.
· APAC Flame Retardant Chemicals Industry to Drive Magnesium Hydroxide Market in the Region –
One of the principal applications of magnesium hydroxide can be seen as a flame retardant chemical. It is acknowledged as a green environment-friendly polymer material additive, which has extremely fibrous crystal properties improving the flexure, strength, and elongation of the material. The global flame retardant chemicals market collected a revenue avenue of around $32.5 billion, which is poised to rise at a CAGR of 5.8% during 2019-2025. Besides, in 2018 APAC led the market with a regional share of 41.5% which is estimated to grow further with India and China' development in the electric wires, cables, insulation elements, and others. With the substantial growth of the APAC flame retardant chemicals industry, the APAC magnesium hydroxide market is also expected to grow further in the next years.
Magnesium Hydroxide Market Trends & Growth Drivers:
Magnesium hydroxide is marketed for several medical uses and is generally recognized as safe by the FDA. Constant R&D is being done on its development, and it has generated around 7,981 number of patents in the last 5 years. The growing concern for dyspepsia, inclination towards frozen desserts and expanding pulp & paper, and fuel additive industries are attributing to the direct expansion of the global magnesium hydroxide market scope.
· Heightening Concern for Dyspepsia to Directly Help in the Expansion of the Global Magnesium Hydroxide Market –
Dyspepsia is one of the most common disorders that affect up to 30% of the general population. Magnesium Hydroxide's laxative property makes it an unavoidable component in medicines for constipation and is also used as antacids, which is the oldest and effective medication for heartburn. These array of factors are going to create an upsurge in the magnesium hydroxide market across the globe in the upcoming years.
· Increasing Demand for Frozen Desserts to Disrupt the Magnesium Hydroxide Market –
Developing economies of several countries are leading to flamboyant incomes and a luxurious lifestyle that is causing a demand influx in the frozen desserts market. The flourishing industry size was evaluated at around $32 billion to $34 billion in 2018, which is estimated to grow at a CAGR of 6% to 7.5% during the forecast period 2019-2025. Magnesium hydroxide is implemented in frozen foods as drying and color retention agents, especially in frozen desserts. With the growing demand for frozen desserts, there will be an increase in magnesium hydroxide market demand, which would benefit the market players in the next years.
· Europe's Pulp & Paper Industry to Create an Impact on the Global Magnesium Hydroxide Market –
A key partner for Europe's growing economy, the paper industry has a turnover of about $83.39 billion.
Furthermore, the industry plans to invest around $5,559.25 billion in the next years for its expansion. Magnesium hydroxide is extensively used in the pulp and paper industries. Hence, with Europe's growing paper industry, the magnesium hydroxide market is also going to experience an impact in the upcoming years.
Magnesium Hydroxide Market: Competitive Landscape
The principal business leaders who are currently holding maximum magnesium hydroxide market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are Kyowa Chemical Industry Co. Ltd., Konoshima Chemical, Akzo Nobel N.V., Albemarle Corporation, Almatis GmbH, BASF SE, Chemtura Corporation, China Minmetals Non-ferrous Metals Co. Ltd., Cyber Industries Inc., Israel Chemicals Ltd., and others.
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