Key companies in the magnesium carbonate mineral industry are focusing on capturing potential market opportunities in the healthcare and pharmaceutical sectors.
DUBAI, UAE / ACCESSWIRE / May 20, 2020 / The magnesium carbonate mineral market is witnessing significant disruptions in supply chains of major regional markets. Uncertainty over capital markets and the impact of the pandemic on global economy is likely to hit the industry for the short term. The magnesium carbonate minerals market is projected to cross a value pool of US$ 208 Mn by the end of 2020. Widespread critical applications of magnesium carbonate minerals in construction, personal care, and medicine will aid in recovery of demand following the end of the pandemic. Demand for magnesium carbonate minerals will expand 1.7X between 2020 and 2030, as projected by a new Future Market Insights (FMI) study.
“Pharmaceutical, medical, and personal care industries are in fact gaining the momentum as a result of COVID-19 pandemic. This would result in multiple changes over the coming years, and the market will witness demand growth,” says the FMI Analyst.
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Magnesium Carbonate Mineral Market – Key Takeaways
- Pharmaceutical and personal care applications will witness a surge driven by the rising demand for OTC drugs.
- The demand for hydro magnesite is anticipated to boom for polymers and flame-retardant formulations as an additive.
- Cement and steel industries will be major magnesium carbonate mineral consumers, with magnesium oxide applications.
- East Asia will be a prominent regional market in terms of production operations. However, North America and Europe will hold leading positions in the global market share, on the basis of consumption.
Magnesium Carbonate Mineral Market – Key Driving Factors
- The rapid and continued growth of chemical industries, and the demand from paper, and paints industries are major growth drivers.
- The surge of demand from private players in medical sector for generic products, remains a major growth influencer.
- Refractory applications for ceramic and metallurgy industries are also supporting overall market growth.
- Strict regulations associated with industrial workplace conditions is also a driver for global market growth.
Magnesium Carbonate Mineral Market – Key Constraints
- Excess consumption of magnesium carbonate minerals can result in side effects such as flatulence and diarrhea, limiting adoption rates.
- Rising competition from alternative materials such as talc and dolomite are restricting sales and revenue.
Anticipated Impact of Coronavirus Outbreak
The chemical industry is currently facing a number of challenges driven by the COVID-19 pandemic. Demand is likely to fall owing to economic uncertainties, which has resulted in reductions in operations. The problems have further been compounded by disruptions in supply chains and measures taken to protect workers from the outbreak.
The automotive industries, particularly in East Asia is under pressure owing to standstills in manufacturing activities, and a slump in business owing to the imposition of nationwide lockdowns, which are anticipated to hamper growth for the short term. Recovery is largely dependent on the duration of the pandemic.
Explore the global magnesium carbonate mineral market report with 118 illustrative figures, 32 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11455
Key players in the magnesium carbonate mineral market are Kyowa Chemical Industry Co. Ltd., Konoshima Chemical Co. Ltd., Hebei Meishen Technology Co. Ltd., and Naikai Salt Industries Co. Ltd. Majority of these players are investing in expanding their market presence with acquisitions. Expansion of production capacities, investments in research and development are also key strategies being followed by market players.
More About the Report
The FMI’s market research report of 300 pages offers comprehensive insights on magnesium carbonate mineral market. The market is analyzed on the basis of mineral form (magnesite, hydromagnesite, and nesquehonite) and end use (pharmaceutical and personal care, refractory bricks and kilns, steel and metallurgy, ceramics, building and flooring materials, chemicals, and others).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights
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