Magnesium Carbonate Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Magnesium Carbonate Market grew at a CAGR of 3.9% between 2017-2021 and is estimated to be US$ 356.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.4% and is expected to reach a valuation of US$ 547.7 Mn by 2032 end.
Throughout the projected period, The magnesium carbonate market is anticipated to be driven by rising demand for magnesium carbonate, which is widely used in the manufacture of magnesium oxide, personal care & cosmetics, and pharmaceuticals.
GROWING DEMAND FROM THE PHARMACEUTICAL INDUSTRY WILL BOLSTER MARKET
The increasing R&D of pharmaceutical drugs is increasing globally for the treatment of existing and new diseases. This is expected to stimulate the market’s growth during the forecast period. Magnesium carbonate’s adoption in the pharmaceutical sector is gaining traction in the last few years. This anhydrous salt magnesite-based material finds its high use as a filler in antacid tablets, capsules, and several other pharmaceutical drugs.
STRINGENT GOVERNMENT RULES REGARDING TRANSPORT HAMPER THE MARKET GROWTH
The magnesium carbonate market is growing at a healthy rate with ample opportunities for new product launches. The demand for magnesium oxide is increasing, which is boosting its overall market size. The industry is associated with strict monitoring by various governing bodies regarding the utilization of magnesium carbonate in various product formulations and this might affect the market’s growth during the forecast period.
THE RISE IN THE COSMETIC & PERSONAL CARE SECTOR WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
The personal care and cosmetics sector are one of the most important markets for MgCO3, a key ingredient in personal care formulations. The personal care market is exhibiting robust growth globally, with growing demand from consumers for personal care products. Magnesium carbonate is an effective ingredient in talcum powders, sunscreen, and soaps.
The market was impacted by the COVID-19 pandemic. Challenges including disruption in supply chains and the idling of factories hampered businesses in the market. Market players had to adopt contingency plans to make it through the pandemic while maintaining a stable business operation. Many companies still incurred losses and faced severe challenges owing to the severity of the pandemic.
However, The market experienced decent demand towards the end of 2020 with post-COVID-19 market opening and increased activities in multiple end-use industries. Going forward, the market is projected to witness robust growth owing to the expanding cosmetics demand and growth in the pharmaceutical sector.
Market Segments Covered in Report
By End Use:
By Region and Country:
Why are filler applications projected to ensure the most revenue during the forecast period?
At 45.0% of the market, filler applications had the greatest revenue share. The demand for magnesium carbonate as a filler material is gaining traction and is projected to move upward during the forecast period. This inorganic solid comes in various forms such as anhydrous salt magnesite and barringtonite and finds its use in a wide range of applications. Magnesium carbonate is utilized as a filler material in neoprene rubber, and as a paste made with hydrogen peroxide for use in skulls, drug formulation, cosmetics, printing inks, paper, and several other applications.
Why is the pharmaceutical sector expected to expand the fastest during the forecast period?
Magnesium carbonate is used extensively as a raw material in several personal care and cosmetic products, including talcum powders, hair bleach, shaving products, dry shampoo, face creams, and various other products. The global personal care and cosmetics market is showing robust growth with increasing production and consumption of personal care products. This is expected to further propel the market’s growth during the forecast period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To increase their market presence, major magnesium carbonate producers are concentrating on implementing alternative distribution channels, like the online channel. While some manufacturers are concentrating on expanding their current manufacturing facilities, the majority of the major players are focused on offering new and improved products.
Some of the key developments that have taken place in the Magnesium Carbonate Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Types, Application, End-Use & Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.4%.
One essential raw material utilized in the production of magnesium oxide is magnesium carbonate. The demand for magnesium oxide as a refractory material is expected to rise with the expansion of the steel and cement industries, which will also raise the demand for magnesium carbonate.
Major global Magnesium Carbonate Market players are Hebei Meishen Technology Co., Ltd, Konoshima Chemical Co., Ltd., Kyowa Chemical Industry Co., Ltd., Lehmann & Voss & Co. KG, Naikai Salt Industries Co., Ltd., NUOVA SIMA Srl., OSIAN MARINE CHEMICALS PVT. LTD, Buschle & Lepper S.A.
Magnesium carbonate use in various product formulations is subject to tight regulation by several governing organizations, which may have an impact on the market’s growth throughout the projected period.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Magnesium Carbonate market.
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