September 08, 2023 15:20 ET | Source: Zion Market Research Zion Market Research
SAN FRANCISCO, U.S., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “High Purity Magnesium Oxide Market By Product Type (Pharmaceutical Grade, Electronic Grade, And Industrial Grade), By Application (Rubber, Flame-Retardant, Food, Plastic, And Pharmaceutical), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Pharmaceutical Bp/Usp Mgco3 Magnesium Carbonate
“According to the latest research study, the global high purity magnesium hydroxide market size was valued at around USD 567.12 million in 2022. The market is expected to grow above a CAGR of 5.60% and is anticipated to reach over USD 876.94 million by 2030.”
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High Purity Magnesium Hydroxide Market Overview:
Magnesium hydroxide of high purity is a type of magnesium oxide that has been purified to remove impurities, compounds, and substances. In addition, the high-purity magnesium hydroxide is utilized in numerous end-use industries, including food additives, pharmaceuticals, and industrial compounds. Aside from this, the product has a wide range of applications, including the production of rubber and plastics. Furthermore, it is also used as a flame retardant and in the food processing sector.
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High Purity Magnesium Oxide Market: Growth Factors
The market for high purity magnesium oxide will grow as a result of an increase in non-ferrous metal and ceramic production, as well as a spike in industrialization in emerging economies. Growth in the worldwide market will be facilitated by a rise in the requirement for supplements to maintain the quality of pharmaceutical products. Furthermore, the product's widespread use in the biotech industry will influence global market trends. Growing consumer demand for products as raw materials in the specialty and chemical industries will expand the market's potential for global expansion.
The food and beverage industry uses a significant amount of high purity magnesium oxide as a food ingredient and flavoring, which will support the business environment going forward. The increasing acceptance of goods as environmentally acceptable alternatives to other chemical additions across a wide range of end-use industries will enhance the growth of the global market. Its use in the pharmaceutical industry to produce medications has also greatly increased the revenue on the worldwide market.
High Purity Magnesium Oxide Market: Restraints
The expansion of the global high purity magnesium hydroxide industry during the forecast period may be hampered to some extent by fluctuations in the prices of raw materials used to produce high purity magnesium oxide. In addition, altering government regulations associated with the product's use can impede the global industry landscape.
High Purity Magnesium Hydroxide 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.
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.
Browse the full “High Purity Magnesium Oxide Market By Product Type (Pharmaceutical Grade, Electronic Grade, And Industrial Grade), By Application (Rubber, Flame-Retardant, Food, Plastic, And Pharmaceutical), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/high-purity-magnesium-oxide-market
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.
The report contains qualitative and quantitative research on the global High Purity Magnesium Hydroxide market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global High Purity Magnesium Hydroxide market include;
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The global High Purity Magnesium Hydroxide market is segmented as follows:
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