Magnesium Derivatives Market Top Manufacturers, Insights, Trends and Forecasts Report
Magnesium
Derivatives Market: Introduction
The global magnesium derivatives market was valued at
~US$ 38 Bn in 2019 and is anticipated to expand at a CAGR
of 5%, in terms of value, from 2020 to 2030. Magnesium derivatives
are extensively used in agriculture, pharmaceutical, chemical, and construction
applications due to their unique combination of characteristics.
For instance, magnesium oxide is primarily used as
an excellent source of magnesium in fertilizers to decrease the magnesium
deficiency of soil. This enhances the yield and nutritional value of the soil.
Magnesium hydroxide is also used in the manufacture of flame retardants, as it
is economical and environment-friendly.
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Magnesium carbonate, another magnesium derivative,
is prominently used in the production of magnesium carbonate. Magnesium
carbonate and magnesium carbonate-based minerals, such as hydromagnesite are
used as materials in the manufacture of flame retardants. The rise in demand
for low impurity steel is boosting the demand for high performance refractory
linings.
Magnesium carbonate is a key raw material for
magnesium oxide, and in turn, refractory linings. It significantly influences
performance characteristics of refractories. This is estimated to boost the
consumption of magnesium derivatives, thereby driving the magnesium derivatives
market in the near future.
Key Drivers of
Global Magnesium Derivatives Market
·
Magnesium derivatives such as magnesium hydroxide,
magnesium sulfate, and magnesium chloride carry smoke suppressant and flame
retardant properties. Magnesium derivatives are employed to reduce flammability
in a wide range of materials.
·
Rise in THE number of fire incidents and increase
in fire safety regulations & guidelines across the world are boosting the
usage of flame retardants. Major industries are also taking proactive steps to
avoid fire incidents. This is expected to drive the demand for flame
retardants, thereby propelling the global magnesium derivatives market during
the forecast period.
·
Increase in the demand for food, decrease in
cultivation area, rise in the demand for sulfur-free fertilizers, and growth in
magnesium deficiency of soil owing to the usage of ammonia-based fertilizers
are some of the key factors driving the demand for magnesium oxide in the
fertilizers industry. This, in turn, is augmenting the global magnesium
derivatives market.
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Rising Demand for
Dead Burnt Magnesite to Offer Lucrative Opportunities
·
Dead burnt magnesia (DBM)/refractory magnesia is
primarily used as a key component in refractory materials such as bricks,
refractory mortars, gunning material, and cement. It is used to manufacture
magnesium oxide, which is employed in several applications, including
refractory and steel industries. DBM is resistant to corrosion, chemicals, and
high heat. The steel & iron industry is a key consumer of DBM.
·
The consumption of DBM has been increasing due to
the rise in the demand for steel refractory materials across the world.
According to the World Steel Association, global steel production increased by 5.2% in 2018.
Rise in the consumption of steel leads to an increase in the consumption of
steel refractory bricks.
·
China is a key manufacturer and consumer of steel
across the globe. It is a prominent producer of magnesite in the world, followed
by Turkey and Russia. The country accounts for 50% share of
MgO exports in the world.
·
Favorable economic conditions, growth in
investments in infrastructure, and rise in industrialization in developing
economies are key factors boosting the demand for dead burnt magnesite. This is
anticipated to provide lucrative opportunities to the magnesium derivatives
market.
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Fluctuation in Raw
Material Prices to Hamper Magnesium Derivatives Market
·
Raw materials such as magnesite, dolomite, brucite,
and olivine minerals are employed in the manufacture of magnesium derivatives
as well as magnesium. Manufacturers of magnesium derivatives are dependent on
suppliers to meet their requirements for raw materials.
·
Historically, the prices of magnesium derivatives
have increased and decreased due to factors related to raw materials such as
availability and supply. The prices of raw materials depend upon the production
and supply of and demand for magnesium across the globe.
·
Regulations imposed on mining also hamper the
production of magnesium derivatives. Increase in duties on imports and exports
is another factor responsible for fluctuation in the prices of raw materials.
·
Volatility in availability and fluctuating prices
of raw materials can significantly hamper the global magnesium derivatives
market. It can reduce the production and consumption of magnesium derivatives.
It can also negatively affect the adoption of magnesium derivative-based
applications.
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Asia Pacific
Dominates Global Magnesium Derivatives Market
·
Asia Pacific held ~50% share of the
global magnesium derivatives market in 2018. China is one of the major
consumers of magnesia and magnesite in the region.
·
The magnesium derivatives market in Asia Pacific is
witnessing significant growth, due to an increase in the demand for
high-strength steel in various end-user industries in developing economies such
as China, India, and ASEAN. The market in India is projected to expand at a
prominent CAGR during the forecast period, due to the growth of the country’s
economy, rise in urban population, and advancements in the construction
industry.
·
Trade deficit and instability in the prices of raw
materials are anticipated to restrain the markets in in North America and
Europe
·
Increase in construction activities in Colombia and
GCC and rise in the demand for MgO in animal feed and fertilizer industries in
Latin America are expected to boost the global magnesium derivatives market
during the forecast period.
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