Market Trends of Magnesium Hydroxide Industry
This section covers the major market trends shaping the Magnesium Hydroxide Market according to our research experts:
Increase in Demand from Industrial Manufacturing Industry
- Magnesium hydroxide is significantly used in desulphurization and wastewater treatment in industrial manufacturing units. Furthermore, magnesium hydroxide is majorly used as an antacid in the pharmaceutical segment.
- Magnesium hydroxide is also used in petrochemicals, electronic coatings, and others.
- The expansion of the industrial sector across the world is likely to boost the demand for magnesium hydroxide to offer wastewater treatment and desulphurization and improve the performance and efficiency of industrial processes.
- Asia-Pacific region's continuing economic strength and corresponding increasing need for infrastructure, machinery, manufacturing units, and others are likely to propel the demand for industrial chemicals in the region. In addition, expanding production units and increasing investments in the area are expected to offer newer opportunities in the end-user industries such as iron and steel, chemical, oil and gas, manufacturing, construction, and others.
- A growing number of global companies are moving production to other Asian-Pacific countries, such as Taiwan, India, Malaysia, Philippines, Thailand, Singapore, and Indonesia. These countries have gained a reputation for manufacturing, with foreign direct investment (FDI) in various sectors. In addition, the government policies in the countries attract foreign players and facilitate the setup of plants.
- Europe is home to many large paint industries, with the four largest mainland economies, including Germany, France, Italy, and Spain. The presence of several well-established players in the region is projected to expand the industrial coatings segment over the forecast period. Development of the industrial sector is anticipated to benefit the demand for magnesium hydroxide in the industrial sector to enhance the performance of industrial equipment and other machinery.
- The Middle East and Africa are anticipated to witness strong demand for industrial chemicals due to the region's increasing structural reforms. In addition, the announcement of Vision 2030, coupled with the associated National Transformation Plan (NTP), and increased investments in various sectors, including healthcare and education in Saudi Arabia, are likely to propel the demand for magnesium hydroxide over the forecast period.
- Therefore, owing to the abovementioned factors, industrial chemicals are likely to affect the demand for the market.
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Asia Pacific to Dominate the Market
- In the Asia-Pacific region, China's real GDP grew by 2.2% in 2020 and by 8.1% in 2021, largely driven by consumer spending rebound post-pandemic.
- China has doubled the amount, it had been pouring into public hospitals in the last five years, to USD 38 billion. It aims to raise the healthcare industry's value to USD 2.3 trillion by 2030, more than twice its size now.
- Furthermore, the Chinese government has started policies to support and encourage domestic medical device innovation providing opportunities for the market studied. The 'Made in China 2025' initiative improves industry efficiency, product quality, and brand reputation, which will spur the development of domestic pharmaceutical manufacturers and will increase competitiveness.
- China is the second-largest healthcare market in the world. However, the country imports technologically high-end implants from advanced economies. The public hospitals in the country are leading consumers of medical devices in the country. In 2021, the public expenditure done on healthcare was Yuan 1.92 trillion.
- According to the International Monitory Fund (IMF) projections, the GDP of India grew by 8.9% by 2021. The country has resumed its industrial activities which are expected to drive economic growth during the latter part of the forecast period. The GDP for the year 2022 is expected to reach 8.2%.
- In India, in late 2021, the Union Health Minister announced various plans of the Indian government to improve healthcare facilities in the country. The government plans to invest INR 64,180 crore in healthcare sector over the next six years in the country. The government plans to strengthen the existing 'National Health Mission' by developing capacities of primary, secondary, and tertiary healthcare systems and institutions for detection and cure of new and emerging diseases.
- The increasing demand from various pharmaceuticals due to the COVID-19 outbreak is estimated to drive the market for medical elastomers during the forecast period.
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