Magnesium Hydroxide Market is Estimated to Witness High Growth Owing to Opportunity in Flame Retardant Applications

Magnesium Hydroxide Market


Magnesium hydroxide is used as a flame retardant in a variety of end-use industries such as buildings and construction, electronics and appliances, wires and cables, automotive, and textiles. It is one of the most effective flame retardants and can be widely used for flame-retardant applications as it has high flame retardancy with low smoke and toxicity.

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

Market Opportunity:

Growth in the flame retardant applications is expected to present a lucrative opportunity for the Magnesium Hydroxide Market over the forecast period. Rising demand from various end-use industries for effective flame retardants to meet strict fire safety standards set by regulatory bodies is estimated to drive the demand for magnesium hydroxide. Its ability to effectively retard flames at relatively low loading levels along with advantages such as low smoke emission and non-toxic nature make it a suitable replacement for traditional brominated flame retardants. Additionally, growing infrastructure development and construction activities in emerging economies of Asia Pacific are estimated to significantly contribute to the growth of the regional market during the forecast period.

Porter's Analysis

Threat of new entrants: The Magnesium Hydroxide Market requires huge capital investments and assets which act as barriers for new entrants. Strict environmental regulations further raise the entry barriers.

Bargaining power of buyers: The buyers have moderate bargaining power as there are numerous established manufacturers offering magnesium hydroxide. Buyers can bargain on price flexibility.

Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitutes and established relationship of buyers with overseas suppliers.

Threat of new substitutes: Substitutes like calcium hydroxide offer low threat as they don't match functional properties of magnesium hydroxide.

Competitive rivalry: The market has large number of manufacturers thus competition is high based on pricing and quality.

SWOT Analysis

Strengths: Wide applications, low toxicity, flame retardant properties, regulatory support for use in pharmaceuticals are key strengths.

Weaknesses: High production cost, supply chain disruptions can impact availability. Dependence on China for raw materials is a weakness.

Opportunities: Growing construction and pharmaceutical industries offer opportunities. Development of niche applications can boost growth.

Threats: Volatility in raw material prices and stringent environment regulations are threats. Substitutes if developed pose competition.

Key Takeaways

Global Magnesium Hydroxide Market Size is expected to witness high growth on account of rising infrastructure development and growing pharmaceutical industry. The Asia Pacific region dominates the global Magnesium Hydroxide Market with major production facilities located in China. China accounts for over 50% of the global magnesium hydroxide production.

Regional analysis shows that APAC is the fastest growing as well as the biggest market for magnesium hydroxide. China dominates APAC both in terms of production and consumption. North America and Europe are other major markets driven by growth in end use industries.

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 market is moderately consolidated in nature.

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