SAN FRANCISCO, U.S., Sept. 08, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “High Purity Magnesium Oxide Market By Product Type (Pharmaceutical Grade, Electronic Grade, And Industrial Grade), By Application (Rubber, Flame-Retardant, Food, Plastic, And Pharmaceutical), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global high purity magnesium hydroxide market size was valued at around USD 567.12 million in 2022. The market is expected to grow above a CAGR of 5.60% and is anticipated to reach over USD 876.94 million by 2030.”
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High Purity Magnesium Hydroxide Market Overview:
Magnesium hydroxide of high purity is a type of magnesium oxide that has been purified to remove impurities, compounds, and substances. In addition, the high-purity magnesium hydroxide is utilized in numerous end-use industries, including food additives, pharmaceuticals, and industrial compounds. Aside from this, the product has a wide range of applications, including the production of rubber and plastics. Furthermore, it is also used as a flame retardant and in the food processing sector.
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|Report Attribute||Report Details|
|Market Size in 2022||USD 567.12 Million|
|Market Forecast in 2030||USD 876.94 Million|
|Growth Rate||CAGR of 5.60%|
|Forecast Years||2023- 2030|
|Key Companies Covered||Yinfeng Group, MAGNIFIN, Shanxi Yinsheng Technology, Qinghai Western Meiye Limited Company, Celtic Chemicals Limited, Shanghai SIIC Zhentai Chemical, Martin Marietta Magnesia Specialities, XuSen, Causmag International, Konoshima Chemical, UBE, Zehui Chemical, Buschle & Lepper S.A., Kyowa Chemical Industry, JSC Kaustik, Brucite Plus, Lehmann & Voss & Co., Nikomag, Jinan Taixing Fine Chemicals, Wanfeng, Huber Engineered Materials (HEM), Xinyang Minerals Group, ICL, Tateho Chemical, Nuova Sima, and others.|
|Segments Covered||By Product Type, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Key Insights from Primary Research
- The global high purity magnesium hydroxide market is anticipated to record massive growth over the forecast period owing to a surge in industrialization in the emerging economies along with a rise in the production of non-ferrous metal and ceramics.
- In terms of product type, the pharmaceutical grade segment is slated to register the fastest CAGR over the analysis period.
- Based on the application, the rubber segment is anticipated to dominate the segment over the projected period.
- Region-wise, the European high purity magnesium oxide market is projected to register the highest CAGR during the assessment timeline.
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High Purity Magnesium Oxide Market: Growth Factors
- Rapid industrialization to boost the growth of the global market
The market for high purity magnesium oxide will grow as a result of an increase in non-ferrous metal and ceramic production, as well as a spike in industrialization in emerging economies. Growth in the worldwide market will be facilitated by a rise in the requirement for supplements to maintain the quality of pharmaceutical products. Furthermore, the product’s widespread use in the biotech industry will influence global market trends. Growing consumer demand for products as raw materials in the specialty and chemical industries will expand the market’s potential for global expansion.
The food and beverage industry uses a significant amount of high purity magnesium oxide as a food ingredient and flavoring, which will support the business environment going forward. The increasing acceptance of goods as environmentally acceptable alternatives to other chemical additions across a wide range of end-use industries will enhance the growth of the global market. Its use in the pharmaceutical industry to produce medications has also greatly increased the revenue on the worldwide market.
High Purity Magnesium Oxide Market: Restraints
- Fluctuating raw component costs could slow global industry growth in eight years
The expansion of the global high purity magnesium hydroxide industry during the forecast period may be hampered to some extent by fluctuations in the prices of raw materials used to produce high purity magnesium oxide. In addition, altering government regulations associated with the product’s use can impede the global industry landscape.
High Purity Magnesium Hydroxide Market: Segmentation
The global high purity magnesium oxide market is sectored into product type, application, and region.
In product type terms, the global high purity magnesium oxide market is segregated into pharmaceutical grade, electronic grade, and industrial grade segments. Furthermore, the pharmaceutical grade segment, which garnered nearly half of the global market share in 2022, is projected to record the fastest CAGR in the upcoming years.
Based on application, the global high purity magnesium oxide industry is bifurcated into rubber, plastic, food, flame retardant, and pharmaceutical segments. Moreover, the rubber segment, which accounted lucratively towards the global industry revenue in 2022, is set to retain its dominant status in the global industry within the next couple of years.
Browse the full “High Purity Magnesium Oxide Market By Product Type (Pharmaceutical Grade, Electronic Grade, And Industrial Grade), By Application (Rubber, Flame-Retardant, Food, Plastic, And Pharmaceutical), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/high-purity-magnesium-oxide-market
- Asia-Pacific is likely to retain its global market dominance
Asia-Pacific, which accounted for 29% of the global high purity magnesium oxide market revenue in 2022, will be the leading region during the forecast timeline. Moreover, the growth of the regional market over 2023-2030 can be owing to a rise in product penetration in various end-use sectors such as construction, electronics, and automotive in countries such as India and China. An increase in the number of industries such as ceramic, glass, and steel in these countries has accounted for huge earnings for the market in the region. The presence of key players in the region will contribute massively to the regional market size.
The European high purity magnesium oxide industry is set to register the highest CAGR in the next couple of years due to a rise in the adoption of standard protocols concerning the manufacture and use of high purity magnesium oxide in countries such as the UK and Germany.
The report contains qualitative and quantitative research on the global High Purity Magnesium Hydroxide market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global High Purity Magnesium Hydroxide market include;
- Yinfeng Group
- Shanxi Yinsheng Technology
- Qinghai Western Meiye Limited Company
- Celtic Chemicals Limited
- Shanghai SIIC Zhentai Chemical
- Martin Marietta Magnesia Specialities
- Causmag International
- Konoshima Chemical
- Zehui Chemical
- Buschle & Lepper S.A.
- Kyowa Chemical Industry
- JSC Kaustik
- Brucite Plus
- Lehmann & Voss & Co.
- Jinan Taixing Fine Chemicals
- Huber Engineered Materials (HEM)
- Xinyang Minerals Group
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The global High Purity Magnesium Hydroxide market is segmented as follows:
By Product Type
- Pharmaceutical Grade
- Electronic Grade
- Industrial Grade
- Flame Retardant
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key questions answered in this report:
- What is high purity magnesium oxide?
- Which key factors will influence global high purity magnesium oxide market growth over 2023-2030?
- What will be the value of the global high purity magnesium oxide industry during 2023-2030?
- What will be the CAGR value of the global high purity magnesium oxide market during 2023-2030?
- Which region will record the highest rate of growth in high purity magnesium oxide industry globally?
- Which are the major players leveraging the global high purity magnesium oxide market growth?
- What can be expected from the global high purity magnesium oxide market report?
- Comprehensive analysis of the primary market
- Significant alterations in market dynamics
- The market’s segment specifications
- Statistics and revenue market analysis of historical, present, and forecast
- Evaluation of niche developments in the market
- Market share evaluation
- Principal strategies of market leaders
- Emerging markets and regional segments
- In order to strengthen the market position of businesses, testimonials are provided
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