Magnesium Compounds Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Magnesium Compounds Market Analysis
The magnesium compounds market is projected to register a CAGR of more than 5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The increasing use of magnesium compounds in the construction industry is expected to fuel market growth.
- The availability of substitutes such as alumina, chromite, and others is expected to hinder market growth.
- The growing use of magnesium in medicines is expected to provide opportunities for the market to flourish.
- The Asia-Pacific region dominated the market around the world, with countries like China, India, and Japan being the biggest consumers.
Magnesium Compounds Market Trends
High Demand from Construction Segment
- Magnesium compounds, mainly magnesium oxide, are largely utilized as refractory materials in furnace linings for producing iron and steel, nonferrous metals, glass, and cement, which are further utilized in the construction industry.
Also, magnesium chloride brine finds the largest application at construction sites.
Magnesium compounds found in seawater have a wide range of applications in the construction industry. Aluminum-magnesium alloys, for example, are widely used in the construction sector.
Rapid residential and commercial building expansion is the main driver of China's growth. According to the World Bank, China is encouraging and enduring a continuous urbanization process, with a projected rate of 70% by 2030.
Also, according to the National Bureau of Statistics of China, China's construction output peaked in 2022 at a value of about USD 4.11 trillion. As a result, these factors tend to increase the demand for magnesium compounds in the construction sector.
Also, India is expanding its commercial sector. Several projects have been going on in the country. For instance, the construction of the CommerzIII Commercial Office Complex, worth USD 900 million, started in Q1 2022.
The project involves the construction of a 43-story commercial office complex with a permissible floor area of 2,60,128 m2 in Goregaon, Mumbai. The project is expected to be completed in Q4 2027. thus supporting market growth.
Thus, owing to the above-mentioned factors, the market is expected to grow significantly during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for magnesium compounds during the forecast period owing to expanding construction, automotive, etc. industries in major countries such as China, India, Japan, etc.
- According to the U.S. Geological Survey, China is the world's largest producer of magnesia and magnesite and the primary exporter of magnesia to the United States and the rest of the world.
- The world's largest producer of cement is China, and thanks to the expansion of the construction sector, demand for cement is constantly rising. China's infrastructure investment increased by 8.7% year over year in the first ten months of 2022, which is 0.1% more than in the first three quarters, according to the National Bureau of Statistics of China. Thereby enhancing the demand for the studied market.
- Also, magnesium is highly used in the automotive industry, as it is the lightest structural metal in the automotive sector.
- In India, during FY 2021-22 (April 2021-March 2022), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 22,933,230 vehicles, compared to 22,655,609 units from April 2020-March 2021. thus supporting market growth in the automotive sector.
- Thus, owing to the above-mentioned factors, the Asia-Pacific region is expected to benefit market growth significantly during the forecast period.
Magnesium Compounds Industry Overview
The magnesium compounds market is fragmented in nature. Some of the major players in the market include Israel Chemicals Ltd., Iwatani Corporation, regal-mg, Konoshima Chemical Co., Ltd., and Kyowa Chemical Industry Co., Ltd., among others (in no particular order).
Magnesium Compounds Market Leaders
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Israel Chemicals Ltd.
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Iwatani Corporation
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regal-mg
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Konoshima Chemical Co., Ltd.
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Kyowa Chemical Industry Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Magnesium Compounds Market News
- January 2023: Grecian Magnesite introduced a new magnesium silicate product line under its brand OLIDUN.
- January 2023: Akdeniz Mineral Kaynaklari A.S., a subsidiary of Grecian Magnesite, received Good Manufacturing Practices (GMP+) Certification from the SGS certification company. GMP+ certification ensures the safety of magnesium oxide products used in animal nutrition.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 The Growing Use of Magnesium Compounds in the Construction Industry
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Availability of Substitutes
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Source
5.1.1 Seawater
5.1.2 Natural Brines
5.1.3 Other Sources
5.2 Product Type
5.2.1 Inorganic Chemicals
5.2.2 Organic Chemicals
5.3 End-User Industry
5.3.1 Agriculture
5.3.2 Electrical and Electronics
5.3.3 Automotive
5.3.4 Aerospace
5.3.5 Construction
5.3.6 Refractory
5.3.7 Other End-User Industries
5.4 By Geography
5.4.1 Asia Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 France
5.4.3.4 Italy
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) Analysis**/Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Grecian Magnesite
6.4.2 Israel Chemicals Ltd.
6.4.3 Iwatani Corporation
6.4.4 Konoshima Chemical Co., Ltd.
6.4.5 Kyowa Chemical Industry Co., Ltd.
6.4.6 Parchem fine & specialty chemicals
6.4.7 regal-mg
6.4.8 Tateho Chemical Industries Co.,Ltd.
6.4.9 US Magnesium LLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Use of Magnesium in Medicines
Magnesium Compounds Industry Segmentation
Magnesium forms a number of useful compounds in industry and biology, such as magnesium carbonate, magnesium chloride, magnesium citrate, magnesium hydroxide, and others. Magnesium and magnesium compounds are produced from saltwater, well brines, lake brines, bitterns, and minerals. Magnesium compounds have a wide range of applications in agriculture, healthcare, chemicals, construction, and other industries. The magnesium compounds market is segmented by source, product type, end-user industry, and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). By source, the market is segmented into seawater, natural brines, and other sources. By product type, the market is segmented into inorganic chemicals and organic chemicals. By end-user industry, the market is segmented into agriculture, electrical and electronics, automotive, aerospace, construction, refractory, and other end-user industries. The report also covers the market size and forecasts in 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of revenue (USD million).
| Source | |
| Seawater | |
| Natural Brines | |
| Other Sources |
| Product Type | |
| Inorganic Chemicals | |
| Organic Chemicals |
| End-User Industry | |
| Agriculture | |
| Electrical and Electronics | |
| Automotive | |
| Aerospace | |
| Construction | |
| Refractory | |
| Other End-User Industries |
| By Geography | |||||||
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Frequently Asked Questions
What is the current Magnesium Compounds Market size?
The Magnesium Compounds Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Magnesium Compounds Market?
Israel Chemicals Ltd., Iwatani Corporation, regal-mg, Konoshima Chemical Co., Ltd. and Kyowa Chemical Industry Co., Ltd. are the major companies operating in the Magnesium Compounds Market.
Which is the fastest growing region in Magnesium Compounds Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Magnesium Compounds Market?
In 2024, the Asia-Pacific accounts for the largest market share in Magnesium Compounds Market.
What years does this Magnesium Compounds Market cover?
The report covers the Magnesium Compounds Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Magnesium Compounds Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Magnesium Compounds Industry Report
Statistics for the 2024 Magnesium Compounds market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Magnesium Compounds analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.
