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"The Magnesium Derivatives Market Was Valued At 2019 and It Is Expected To Grow At A CAGR Of 5% during the Forecast Period."
The driving factor in the growth of the magnesium derivative market is its usage in the agricultural and wastewater treatment activities. 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. An increase in fire incidents and rising regulations & policies globally is fuelling the adoption of flame retardants. Most of the companies are taking significant steps in order to decrease fire incidents as a proactive measure. Such factors are driving the demand for flame retardants which is enhancing the magnesium derivatives market growth in the forecast period. Fuelling the demand for food, reduction of the agricultural land, and demand increase for the sulfur-free fertilizers that are contributing to the increase in the deficiency of the land due to the usage of ammonia-based fertilizers are driving the magnesium oxide by the industries offering fertilizers to the farmers. Moreover, the global market of magnesium derivatives is augmenting by various industries worldwide.
Moreover, the presence of alternatives for magnesium derivatives would decline the demand globally, despite this limitation a rise in revenue through agriculture, pharmaceutical, and construction industries have considerable opportunities for its market growth. The global demand for enhanced sanitation of the environment by the citizens is considered driving the opportunities of market growth for magnesium derivatives. Moreover, there is an increase in wastewater treatment by the chemical manufacturing factories, municipal waste treatment centres, and power plants are enhancing the growth of its market share in the global market.
Demand for Dead Burnt Magnesite segment is anticipated to expand during the forecast period:
The Dead burnt magnesia (DBM) is basically utilized for the bricks, refractory mortars, gunning material, and cement as a refractory material. The materials are utilized in the production of magnesium oxide, which is employed in various usages such as refractory and steel industries. Dead Burnt Magnesia is non-corrosive; restrain chemicals, and high heat. Thus, these materials are highly utilized among the steel & iron industry. The application of DBM is fuelling because of an increase in demand by steel refractory materials worldwide. As per the world steel association increased global steel production by 5.2% in 2019. Increased consumption of steel is contributing to the increased application of the steel refractory bricks. There is a favourable economic condition growing the investments for infrastructure and an increase in industrialization among the developing economies is key drivers that are boosting the demand of dead burnt magnesite. It is projected to offer lucrative opportunities for magnesium derivatives manufacturing organizations in the global market.
Asia Pacific had dominated the Global Magnesium Derivatives Market in 2019
The Asia Pacific market held ~50% of the market share in the global magnesium derivatives market in 2019. In this region, the major consumer and producer of magnesia and magnesite is exhibited by the Chinese market. Growth of this magnesium derivatives market share in the Asia Pacific is significant, because of a rise in the utilization of high-grade steel among different end-user industries especially in nations such as India and China are majorly contributing to its growth. The expansion of the market for magnesium derivatives is anticipated to drive its market share by the Indian market due to the growth of the economy. Moreover, the countries are witnessing substantial growth in their population which is, in turn, propelling the need for magnesium derivatives for various purposes. There is a significant growth in infrastructure development, rise in demand to use it for an animal feed and fertilizer manufacturing industries for MgO mostly by Latin America is fueling the market share of these offerings.
The competition for magnesium derivatives is moderate due to the presence of various manufacturing organizations globally. Moreover, there is substantial demand for these offerings to offer the supply as per the demand.
Prominent players of magnesium derivatives market are listed as follows: GRECIAN MAGNESITE, IBAR Nordeste, Martin Marietta Magnesia Specialties, LLC., Sinwon Chemical Co., Ltd., Baymag Inc., YINGKOU MAGNESITE CHEMICAL IND GROUP CO., LTD., Oksihim, Ltd., Tateho Co., Ltd., Gongyi Qianghong Magnesium Technology Co., Ltd.
Key Segments of Magnesium derivatives Market:
- Dead Burnt Magnesite
- Magnesium Sulfate
- Magnesium Hydroxide
- Water Treatment
- Animal Feed
- North America
- Asia pacific
- Middle east and Africa
- Latin America