Magnesium Compounds Market Size (2024 - 2029)

The magnesium compounds market is anticipated to experience steady growth, having recovered from the COVID-19 impact. The market size is influenced by the increasing application of magnesium compounds in the construction sector, although the presence of substitutes like alumina and chromite may pose challenges. Opportunities for expansion are also present due to the rising use of magnesium in pharmaceuticals. The Asia-Pacific region, particularly countries such as China, India, and Japan, plays a significant role in the market's dominance.

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Market Size of Magnesium Compounds Industry

Magnesium Compounds Market Summary
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

Magnesium Compounds Market 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 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
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Magnesium Compounds Market Size Summary

The magnesium compounds market is anticipated to experience steady growth over the forecast period, driven by its increasing application in the construction industry. The market, which faced setbacks due to the COVID-19 pandemic, has rebounded to pre-pandemic levels. The demand for magnesium compounds, particularly magnesium oxide, is bolstered by its extensive use as refractory materials in various industries, including iron and steel, nonferrous metals, glass, and cement. These materials are crucial for construction activities, with magnesium chloride brine also finding significant application at construction sites. The construction boom in countries like China and India, fueled by rapid urbanization and commercial projects, is a key factor propelling market expansion. However, the presence of substitutes such as alumina and chromite poses challenges to market growth. Despite these challenges, the growing use of magnesium in the pharmaceutical sector presents new opportunities for market development.

The Asia-Pacific region is expected to dominate the magnesium compounds market, supported by robust growth in the construction and automotive industries in major countries like China, India, and Japan. China, as the largest producer of magnesia and magnesite, plays a pivotal role in the global market, with its cement and infrastructure sectors driving demand for magnesium compounds. The automotive industry also contributes to market growth, with magnesium being favored for its lightweight properties. In India, the automotive sector's production increase further supports market expansion. The market is characterized by fragmentation, with key players such as Israel Chemicals Ltd., Iwatani Corporation, and others actively participating. Recent developments, such as new product lines and certifications, indicate ongoing innovation and commitment to quality within the industry.

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Magnesium Compounds Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 The Growing Use of Magnesium Compounds in the Construction Industry

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Availability of Substitutes

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Source

      1. 2.1.1 Seawater

      2. 2.1.2 Natural Brines

      3. 2.1.3 Other Sources

    2. 2.2 Product Type

      1. 2.2.1 Inorganic Chemicals

      2. 2.2.2 Organic Chemicals

    3. 2.3 End-User Industry

      1. 2.3.1 Agriculture

      2. 2.3.2 Electrical and Electronics

      3. 2.3.3 Automotive

      4. 2.3.4 Aerospace

      5. 2.3.5 Construction

      6. 2.3.6 Refractory

      7. 2.3.7 Other End-User Industries

    4. 2.4 By Geography

      1. 2.4.1 Asia Pacific

        1. 2.4.1.1 China

        2. 2.4.1.2 India

        3. 2.4.1.3 Japan

        4. 2.4.1.4 South Korea

        5. 2.4.1.5 Rest of Asia Pacific

      2. 2.4.2 North America

        1. 2.4.2.1 United States

        2. 2.4.2.2 Canada

        3. 2.4.2.3 Mexico

      3. 2.4.3 Europe

        1. 2.4.3.1 Germany

        2. 2.4.3.2 United Kingdom

        3. 2.4.3.3 France

        4. 2.4.3.4 Italy

        5. 2.4.3.5 Rest of Europe

      4. 2.4.4 South America

        1. 2.4.4.1 Brazil

        2. 2.4.4.2 Argentina

        3. 2.4.4.3 Rest of South America

      5. 2.4.5 Middle-East and Africa

        1. 2.4.5.1 Saudi Arabia

        2. 2.4.5.2 South Africa

        3. 2.4.5.3 Rest of Middle-East and Africa

Magnesium Compounds Market Size FAQs

The Magnesium Compounds Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

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.

Magnesium Compounds Report Snapshots

Magnesium Compounds Market - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029)