Magnesium Hydroxide Market Size, Share, Growth Analysis, By Application(Environmental (Flue-gas Desulphurization, Wastewater Treatment), Pharmaceuticals, Chemicals & Others), By Form(Slurry, Powder, and others), By End-use(Rubber, Building Materials, and Magnesium Salt), By Region - Industry Forecast 2024-2031

Magnesium Hydroxide Market size was valued at USD 773.0 billion in 2022 and is poised to grow from USD 826.34 billion in 2023 to USD 1402.99 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024- 2031).

The magnesium hydroxide market features a competitive landscape characterized by several key players who are actively engaged in product development, expansion of production capacities, and strategic partnerships. These industry participants are focused on enhancing their market presence and meeting the evolving demands of various end-user sectors. Innovation remains a central theme, with companies consistently striving to introduce eco-friendly and efficient magnesium hydroxide solutions. 'Nedmag Industries Mining & Manufacturing B.V. (Netherlands)', 'Nabaltec AG (Germany)', 'Huber Engineering Materials (US)', 'Kyowa Chemical Industry Co. Ltd. (Japan)', 'Konoshima Chemicals Co. Ltd. (Japan)', 'Tateho Chemical Industries Co., Ltd. (Japan)', 'Baymag Inc. (Canada)', 'Sakai Chemical Industries Co. Ltd. (Japan)', 'Lehmann & Voss & CO. KG (Germany)', 'Martin Marietta Materials Inc. (US)', 'Xinyang Mineral Group (China)', 'Premier Periclase Ltd. (Ireland)', 'Israel Chemicals Ltd. (Israel)', 'Premier Magnesia LLC (US)', 'Grecian Magnesite (Greece)', 'RHI Magnesita (Austria)', 'Imerys (France)', 'Kumas Manyezit Sanayi A.S. (Turkey)', 'Queensland Magnesia Pty Ltd. (Australia)', 'Baymag Inc. (Canada)'

Increasing usage of magnesium hydroxide in flue gas desulphurization for extracting high-quality petroleum products is estimated to drive the market growth. Deployment of the SO3 removal system is necessary in power plants and other industries, to remove sulfur content in fuel that causes corrosion of machinery and impacts the performance of machines. Therefore, the rising need for the removal of sulfur content from the fuel is expected to drive the market growth.

Sustainable Solutions Driving Growth: One major key trend in the Magnesium Hydroxide Market is the increasing emphasis on sustainability and environmental regulations. As industries worldwide strive to reduce their carbon footprint and adopt eco-friendly practices, magnesium hydroxide's role as an efficient and environmentally friendly flame retardant and acid-neutralizing agent is gaining prominence. This trend is propelling the market forward, as manufacturers and end-users alike seek greener alternatives to traditional chemical additives, fostering the continued growth of magnesium hydroxide in various applications.

Asia Pacific is often considered the largest growing and dominating market for magnesium hydroxide. This growth can be attributed to several factors. The region's booming industrial and manufacturing sectors, particularly in countries like China and India, drive substantial demand for magnesium hydroxide in various applications, including flame retardants and environmental protection. Moreover, the increasing awareness of environmental concerns and the need for efficient waste treatment solutions in densely populated regions contributes to the higher demand for magnesium hydroxide-based products.