Magnesium hydroxide is commonly known as milk of magnesia and is used as an antacid, laxative and constipation reliever. It is also used for acid neutralization and flue gas desulfurization in industries such as steel production, cement manufacturing and power generation. Magnesium hydroxide provides various benefits such as high acid neutralizing capacity, moisture retention capability and low cost.

The global Magnesium Hydroxide Market is estimated to be valued at US$ 826.34 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The growth of the Magnesium Hydroxide Market is majorly driven by the expanding construction industry. Magnesium hydroxide is widely used as a flame retardant in construction materials like glass fiber, plastic and rubber due to its endothermic nature that absorbs heat. It decomposes at high temperatures releasing water vapor which helps dilute and cool the fire. The rapidly growing construction sector along with tightening fire safety regulations across the world has increased the demand for flame retardant materials. Additionally, growth in industrial applications of magnesium hydroxide for flue gas desulfurization and rise in consumption as an environment friendly flame retardant are some other factors expected to propel the market growth over the forecast period.

Segment Analysis

Magnesium hydroxide is widely used in various end use industries such as insulation, refractories, chemical intermediates, and construction. Among these, the flame retardants segment accounts for the major share in the Magnesium Hydroxide Market. Magnesium hydroxide is highly preferred for use as a flame retardant in plastics like polyolefin, epoxy resins, and polyethylene. Its effectiveness, low cost, and minimal environmental impact make magnesium hydroxide the primary substance used as a flame retardant.

Key Takeaways

Global Magnesium Hydroxide Market Size is expected to witness high growth during the forecast period of 2023 to 2030. Regional analysis related content comprises: The Asia Pacific region dominates the global Magnesium Hydroxide Market and is expected to maintain its dominance over the forecast period. China accounts for the major share in regional as well as global Magnesium Hydroxide Market. Abundant availability of raw materials and growing end-use industries are driving the market in the country.

Key players operating in the Magnesium Hydroxide Market are Sims Metal Management Ltd., Schnitzer Steel Industries, Inc., Nucor Corporation, European Metal Recycling Ltd., Kuusakoski Group, Novelis Inc., OmniSource Corporation, Ferrous Processing & Trading Co. (FTP), Metal Management Inc., ELG Haniel Group.

The global Magnesium Hydroxide Market offers lucrative opportunities for both existing and new market players. Emphasis on recycling steel and other metals is expected to drive the business of key players in the coming years. Adoption of technologies to improve recovery rates will help companies gain competitive edge in the market.

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