Impact of COVID-19 on Scope in Global Magnesium Hydroxide Market : Implications on Business Size
Global Magnesium Hydroxide Market: Overview
Magnesium hydroxide is defined as an inorganic compound obtained by precipitation process between the magnesium salts and sodium, or potassium and ammonium hydroxide. Brucite, which is a form of natural magnesium, is used for commercial purposes such as fire retardant while most industrially used magnesium hydroxide is produced synthetically. Brucite may also crystallise in cement and concrete in contact with seawater. Magnesium hydroxide has chemical formula of Mg(OH)2. Commercial and industrial magnesium hydroxide is chemically manufactured from seawater or brine. Magnesium hydroxide is known as milk of magnesia owing to its milk-like appearance. This compound is less soluble in water. It possesses properties such as flame retardancy, low corrosiveness, and low toxicity.
Global Magnesium Hydroxide Market: Drivers and Restraints
Rise in usage of magnesium hydroxide in industries such as pharmaceutical and healthcare owing to its specific properties is propelling the magnesium hydroxide market. Magnesium hydroxide is employed in antiperspirant deodorants, which is used on a large scale by the young generation population. This is augmenting the magnesium hydroxide market. Magnesium hydroxide is also used in fossil-fuel based power plants during the process of desulfurization. This is another factor driving the magnesium hydroxide market. Increase in usage of magnesium hydroxide in the water treatment industry is also boosting the magnesium hydroxide market. On the other hand, implementation of government regulations on the usage of magnesium hydroxide in the food industry is hampering the magnesium hydroxide market. Side effects such as allergic reactions, skin rashes, itching, and loss of appetite are also hindering the magnesium hydroxide market.
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Global Magnesium Hydroxide Market: Key Segments
Based on the grade type, the magnesium hydroxide market can be segmented into retardant grade, industrial grade, and pharmaceutical grade.
In terms of end-use industry, the magnesium hydroxide market can be divided into rubber, building materials, magnesium salt, and activated magnesium oxide.
Based on geography, the magnesium hydroxide market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the market in terms of revenue owing to the increase in adoption of magnesium hydroxide in chemical, oil, food, and water industries. The market in North America is followed by that in Europe in terms of value. The magnesium hydroxide market in Asia Pacific is expected to expand at a rapid pace during the forecast period owing to the rise in adoption of magnesium hydroxide in the building & construction industry.
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Global Magnesium Hydroxide Market: Key Players
Key players operating in the magnesium hydroxide market include Nedmag Industries Mining & Manufacturing B.V., Nabaltec AG, Huber Engineering Materials, Kyowa Chemical Industry Company Limited, Konoshima Chemical Company Limited., Tateho Chemical Industries Company Limited, and Baymag Inc., Akzo Nobel N.V., Albemarle Corporation, Almatis GmbH, BASF SE, Chemtura Corporation, China Minmetals Nonferrous metals, Cyter Industries, Israel Chemicals etc.
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