The global magnesium hydroxide market is estimated to be valued at US$ 883.36 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period of 2024 to 2031.
Magnesium hydroxide is a white crystalline solid that is non-combustible and finds application as a flame retardant in plastics, rubber, and coatings. It has a high decomposition temperature and releases water vapor when heated, thereby diluting flammable volatiles and suppressing fire. The market is driven by stringent fire safety regulations and the expanding construction industry.
Magnesium Hydroxide Market Trends has a wide range of uses including as a flame retardant in plastics, rubber, and wire and cable coatings. It is also used in the production of magnesium compounds, as an antacid medication for treating acid indigestion, heartburn, and excess stomach acid. The rising fire safety concerns have boosted its use as a flame retardant and the growth of end-use industries like construction and automotive is fueling overall demand.
Key Takeaways
Key players operating in the magnesium hydroxide market are AGCO Corporation, FlieglAgro-Center GmbH, Agromaster, Amazone Inc., APV GmbH, Bellota Agrisolutions, CLAAS KGaAmbH, CNH Industrial N.V., Deere Company, Escorts Limited, HORSCH Maschinen GmbH, ISEKI Co., Ltd., J C Bamford Excavators Ltd, Quivogne CEE GmbH (Kiwon RUS LLC), Rostselmash, KRUKOWIAK, KUBOTA Corporation, KUHN SAS, LEMKEN GmbH Co. KG, Mahindra Mahindra Ltd., MaschioGaspardo S.p.A, MaterMacc S.p.A, Morris Equipment Ltd, SDF S.p.A., Tractors and Farm Equipment Limited (TAFE), Väderstad AB, Valmont Industries, Inc.
The key opportunities in the market include expanding construction activities in the Asia Pacific region and growing flame retardant applications in the electronics industry. Technological advancements include the development of nano-sized magnesium hydroxide with higher performance and lower cost.
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