In a new research report on the global magnesium carbonate market, Market Insights has put forth a detailed analysis with a holistic unbiased market approach in its new research report on global magnesium carbonate market. As per analysis of Market Insights, the global magnesium carbonate market is anticipated to grow at a moderate growth rate throughout the period of assessment and poised to register a CAGR of 4.3% by value during the 2017-2027 period.
This market is also expected to be valued at about US$ 342 Mn by the end of 2027 from a value of around US$ 225 Mn in 2017. The key trends, drivers, restraints and opportunity analysis are portrayed which impact the growth of the global magnesium carbonate market. Factors such as increasing adoption of magnesium carbonate in pharmaceutical and personal industry, increasing demand for magnesium carbonate in flame retardants and smoke suppressants and high investment in research and development for new innovative products are expected to contribute to the growth of the global magnesium carbonate market.
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With the introduction of innovative and technologically advanced products, new growth opportunities could be unlocked
The market for magnesium carbonate is highly competitive. This has pushed the organizations to adopt process engineering, advanced technologies and controlling measures to develop effective and clean production of magnesium carbonate with a view to maintain their hold in the respective regional market. In order to maintain their competitiveness in the current cut throat competitive scenario, the companies are focusing on new product developments and innovations. Owing to increased adoption of magnesium carbonate across various industries, the demand for innovative products is expected to rise thus providing substantial growth opportunities in the coming years. Various new materials have been identified and developed to meet the ever increasing demand from the market. The demand for high quality magnesium carbonate, for instance, pharmaceutical grade magnesium carbonate and food grade magnesium carbonate, is increasing. Thus, new product development and innovations can unfold high growth potential in the market in the coming years.
Magnesium carbonate extensively used in magnesium oxide production since past several years
In the end use category, the magnesium oxide production segment is expected to be the largest with respect to market valuation. The increasing use of magnesium carbonate in magnesium oxide production is spurring the growth of this segment and the overall market. Magnesium carbonate is a key raw material in magnesium oxide production, which is used in the cement and steel industries as a refractory material. The growth in these industries is expected to spur the demand for magnesium oxide, which in turn is expected to boost the adoption of magnesium carbonate in the years to follow. In 2017, the magnesium oxide production segment reflected a value of about US$ 106 Mn and is expected to reach a valuation of more than US$ 160 Mn by the end of the year of assessment.
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Personal care and cosmetics industry is witnessing a steady increase since recent years. The increasing disposable income of the middle class has boosted the use of cosmetic products in developing countries. The use of magnesium carbonate in the personal and cosmetics industry is expected to grow in the coming years, which will trigger the growth of the global market. The personal care and cosmetics segment is estimated to reach a significant market valuation by the end of the forecasted year and is projected to grow at a value CAGR of 4.5% throughout the period of assessment.
This post was originally published on The Market Plan