High Purity Magnesium Oxide Market Size, Share, Growth, Trends, and Forecast 2030

High Purity Magnesium Oxide Industry Prospective:

The global high purity magnesium hydroxide market size was evaluated at $567.12 million in 2022 and is slated to hit $876.94 million by the end of 2030 with a CAGR of nearly 5.60% between 2023 and 2030.

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High Purity Magnesium Oxide Market: Overview

High purity magnesium hydroxide is a kind of magnesium oxide that is purified for the removal of unwanted elements, compounds, and substances. Furthermore, the high-purity magnesium hydroxide is used in a variety of end-use industries such as food additives, pharmaceuticals, and industrial chemicals. Apart from this, the product has a wide range of applications including rubber and plastics production. Furthermore, it is also used as a flame retardant and in the food processing sector.

Key Insights

• As per the analysis shared by our research analyst, the global high purity magnesium hydroxide market is projected to expand annually at the annual growth rate of around 5.60% over the forecast timespan (2023-2030)
• In terms of revenue, the global high purity magnesium hydroxide market size was evaluated at nearly $567.12 million in 2022 and is expected to reach $876.94 million by 2030.
• 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 over the forecast timeline

A surge in the industrialization in the emerging economies along with a rise in the production of non-ferrous metal and ceramics will steer the expansion of high purity magnesium oxide market growth. An increase in the need for supplements to retain the quality of pharmaceutical products will pave the way for the growth of the global market. Additionally, massive penetration of the product in the biotech sector will prompt global market trends. Rising demand for products as raw materials in the chemical & specialty chemicals sector will enlarge the scope of growth for the market across the globe. The immense use of high purity magnesium oxide as a food additive & flavoring product in the food & beverages sector will prop up the business landscape in the foreseeable future. The surging popularity of products as eco-friendly substitutes for other chemical additives in a plethora of end-use sectors will embellish the global market expansion. Additionally, its application in the pharmaceuticals sector for the production of medicines has contributed significantly towards the global market revenue.

High Purity Magnesium Oxide Market: Restraints

Fluctuating raw component costs can obstruct the global industry surge in the next eight years

Volatility in costs of raw materials utilized in producing high purity magnesium oxide can restrict the expansion of the global high purity magnesium hydroxide industry to a certain extent during the forecast timeline. Apart from this, changing government laws associated with the use of the product can further impede the industry landscape globally.

High Purity Magnesium Oxide Market: Opportunities

Launching of new products will generate new growth opportunities for the global market within the next few years

Key business strategies such as product innovations and regional expansion will help the high purity magnesium oxide market explore new growth avenues in the untapped regions across the globe. For instance, in 2018, Brucite Plus (Russian Mining Chemical Company LLC) increased its product line through the launch of highly active magnesium oxide under the trademark of magPro. Such initiatives will boost the expansion of the market globally.

High Purity Magnesium Oxide Market: Challenges

Rising production costs and lack of product variety can pose a big challenge for the global industry

The global high purity magnesium oxide industry is witnessing unprecedented challenges including a lack of availability of water resources and environmental pollution due to volatile organic compounds emissions. Additionally, product homogeneity and huge operating costs can further create hurdles in the expansion of the global industry.

High Purity Magnesium Oxide 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. The growth of the segment in the upcoming years can be due to its massive use in medicines for curing heart, bone, and nervous disorders.

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. The segmental expansion over the projected timeframe can be subject to the large-scale use of rubber in producing tires that are utilized in the transport, automotive, and construction sectors. For the record, the high purity magnesium oxide imparts durability, strength, and hardness to rubber.

High Purity Magnesium Oxide Market: Report Scope

High Purity Magnesium Oxide Market: Regional Insights

Asia-Pacific is likely to retain its global market dominance during the forecast timeline

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.

High Purity Magnesium Oxide Market: Competitive Space

The global high purity magnesium oxide market profiles key players such as:

• 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

The global high purity magnesium oxide market is segmented as follows:

By Product Type

• Pharmaceutical Grade
• Electronic Grade
• Industrial Grade

By Application

• Rubber
• Flame Retardant
• Food
• Plastic
• Pharmaceutical

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa