Magnesium Carbonate Market Size Forecast to Reach US$330.6 Million by 2027

Magnesium Carbonate Market Overview

The magnesium carbonate market size is forecast to reach US$330.6 million by 2027 after growing at a CAGR of 4.1% during 2022-2027. Magnesium carbonate is a white inorganic salt that is insoluble in water. Anhydrous salt magnesite and the di, tri, and pentahydrate minerals, also known as barringtonite, are some of the most common magnesium carbonate forms available in the market. This salt is used in a wide variety of applications such as fireproofing, flooring, as a reinforcing agent in neoprene rubber, as an antacid in medicine, as a paste made with hydrogen peroxide for use in skulls, and various other applications. Magnesium carbonate finds its extensive use in the personal care and cosmetics sector where it is utilized in the production of toothpaste, talcum powders, soaps, hair bleach, and several other products. The personal care and cosmetics sector is displaying exceptional growth globally owing to the increasing production and consumption of numerous products in this sector and this is expected to propel the market’s growth during the forecast period. For instance, as per the report by Cosmetics Europe, in 2020, the European personal care and cosmetics market was US$ 88.91 billion at retail price, making it the largest market in the world. Furthermore, magnesium carbonate use is gaining traction in the pharmaceutical sector. This material is used as an active pharmaceutical ingredient in the formulation of multiple tablets and capsules. The pharmaceutical sector is expanding globally with increasing production and processing of pharmaceutical drugs and this is projected to drive the market’s growth during the forecast period. For instance, as per the 2020 stats by the European Federation of Pharmaceutical Industries and Associations, the production of medicines in the European region stood at USD 317,942.75 million in 2019 which was USD 300,434.09 in the previous year. The strict regulations regarding the use of magnesium carbonate might affect the market’s growth during the forecast period.

COVID-19 Impact

The market was impacted due to the COVID-19 pandemic. Challenges including disruption in the supply chain and idling of factories hindered the business in the market. Market players had to adopt contingency plans to make it through the pandemic and maintain a stable business operation. Many players still incurred losses and faced severe challenges owing to the severity of the pandemic. As per the March 2020 Corona Inventory Planning report by Lehmann&Voss&Co., the company stated about the disruption in the supply chain due to significant lockdown restrictions and closure of some plants amid the pandemic. The market experienced decent demand towards the end of 2020 with post-COVID-19 market opening and increased activities in multiple end-use industries. Going forward, the market is projected to witness robust growth owing to the expanding cosmetics demand and growth in the pharmaceutical sector.

Magnesium Carbonate Market – By Application

The filler application segment dominated the magnesium carbonate market in 2021. This inorganic solid comes in various forms in the market such as anhydrous salt magnesite and barringtonite and find its use in a wide range of applications. Magnesium carbonate is utilized as a filler material in neoprene rubber, as a paste made with hydrogen peroxide for use in skulls, drug formulation, cosmetics, printing inks, paper, and several other applications. The demand for magnesium carbonate as the filler material is gaining traction and is projected to move upward during the forecast period. For instance, as per the February 2019 journal by the American Chemical Society (ACS), a study was conducted about the application of micrometer-sized mesoporous magnesium carbonate as filler material for the formulation of cosmetic powder. The journal states magnesium carbonate exhibits interesting properties as a filler substance in cosmetics with UV screens. Such increasing use of magnesium carbonate as filler material will increase the higher requirement of magnesium carbonate, in turn driving the market’s growth during the forecast period.

Magnesium Carbonate Market – By End Use Industry

The personal care and cosmetics industry dominated the magnesium carbonate market in 2021 and is growing at a CAGR of 4.6% during the forecast period. Magnesium carbonate finds its extensive uses in the formulation of several personal care and cosmetic products such as talcum powders, hair bleach, shaving products, dry shampoo, face creams, and multiple other products. The personal care and cosmetics sector is displaying robust growth globally with increasing production and consumption of personal care products and this is expected to further propel the market’s growth during the forecast period. For instance, according to the April 2019 stats by the India Brand Equity Foundation, India’s skincare segment in India will expand at an annual average growth rate of 10.4% through 2022. Similarly, as per the stats by the Cosmetics, Toiletry, and Perfumery Association, the European cosmetics market amounted to USD 92.58, making it the largest cosmetics market in 2019. Such high growth in the personal care and cosmetics sector is anticipated to increase the higher consumption of magnesium carbonate, in turn contributing to the growth of the market during the forecast period.

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Magnesium Carbonate Market – By Geography

The Asia-Pacific region held the largest market share in the magnesium carbonate market in 2021, up to 32%. The high consumption of magnesium carbonate is attributed to the growing demand for personal care and cosmetic products in the region. The increasing awareness among consumers regarding hygiene is amplifying the production and consumption of personal care products in the region and this is expected to amplify the higher consumption of magnesium carbonate by manufacturers in the market during the forecast period. For instance, as per the report by India Brand Equity Foundation, India’s cosmetic and personal care sector is anticipated to become a US$15.17 billion market by 2024 compared to USD 9.98 billion in 2019. Similarly, as per the stats by International Trade Administration, Japanese cosmetics brands implemented the direct-to-consumer (D2C) model amid the pandemic and had considerable sales growth owing to high demand for cosmetic products in 2020. Such high demand for personal care and cosmetics products in the region is expected to increase the higher consumption of magnesium carbonate by personal care manufacturers during the forecast period.

Magnesium Carbonate Market Drivers

Expanding pharmaceutical sector will drive the market’s growth

Magnesium carbonate’s adoption in the pharmaceutical sector is gaining traction in the last few years. This anhydrous salt magnesite-based material finds its high use as a filler in antacid tablets, capsules, and several other pharmaceutical drugs. The increasing R&Ds of pharmaceutical drugs is increasing globally for the treatment of existing and new diseases and this is expected to stimulate the growth of the market during the forecast period. For instance, according to the March 2021 data by Multidisciplinary Digital Publishing Institute, North America accounted for the largest portion of pharmaceutical revenue (48.9%) and the US-led pharmaceutical market. The report also states pharmaceutical sales in the region will go past USD 600 billion in 2022. Similarly, according to the 2021 data by the India Brand Equity Foundation, generic drugs accounted for 20% of the global export in terms of volume, making India the largest provider of generic medicines in the world. Such high expansion in the pharmaceutical sector globally is expected to increase the higher consumption of magnesium carbonate by drug manufacturers and this will drive the market’s growth during the forecast period.

Booming personal care and cosmetics market will drive the market’s growth

The personal care and cosmetics sector are one the most important market for magnesium carbonate. This material is used broadly in the formulation of a wide variety of personal care products ranging from talcum powders to sunscreen and soaps. The personal care market is exhibiting robust growth globally with increasing demand for personal care products and this is projected to drive the marker’s growth during the forecast period. For instance, according to the stats by the Cosmetics, Toiletry and Perfumery Association, in 2020, the European region accounted for the world’s largest cosmetics market with Germany (USD 16.18 billion) leading the region. Similarly, as per the September 2021 report by Invest India, Reliance Retail will soon start cosmetic products selling online owing to the increasing demand for cosmetics in India. This huge growth in the personal care and cosmetics sector is projected to augment the higher consumption of magnesium carbonate by personal care product manufacturers, in turn propelling the market’s growth during the forecast period.

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Magnesium Carbonate Market Challenges

The strict regulations regarding the use of magnesium carbonate might hamper the market’s growth

The market is associated with strict monitoring by various governing bodies regarding the utilization of magnesium carbonate in various product formulations and this might affect the market’s growth during the forecast period. This chemical salt is used as a filler material in pharmaceutical drugs, neoprene rubber, as an additive in food items, and numerous other applications. However, due to possible side effects of magnesium carbonate on human health, proper monitoring is constantly carried out, especially in the food and beverage sector. The Food and Agriculture Organization regulates the use of magnesium carbonate by setting the limit. For instance, magnesium carbonate can be used for fermented vegetables with a maximum limit of 5000 mg/kg. Such strict regulations and limitations might hamper the market’s growth during the forecast period.

Magnesium Carbonate Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the magnesium carbonate market. Major players in the magnesium carbonate market are:

1. Naikai Salt Industries Co. Ltd.
2. Lehmann&Voss&Co
3. Omya
4. Nuova Sima Srl
5. Celtic Chemicals Ltd.
6. Konoshima Chemical Co., Ltd.
7. Buschle & Lepper S.A
8. Others

Recent Developments

In January 2019, Omya launched Omya Magprill granule made with the combination of magnesium carbonate and calcium carbonate for soil and other agricultural applications. This launch allowed the company to expand its Magprill granule portfolio.

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Key Takeaways:

Light magnesium carbonate dominated the market in 2021. This type of magnesium carbonate finds its uses in a wide range of applications, ranging from neoprene rubber to cosmetics, and pharmaceutical drugs, making it the go-to option for manufacturers in the market.

The pharmaceutical sector is projected to drive the market’s growth during the forecast period. For instance, according to the July 2020 report by the United States National Library of Medicine, overall expenditure in the US pharmaceutical grew 5.4% in 2019 compared to the previous year.

The Asia-Pacific region is projected to witness the highest demand for magnesium carbonate owing to the expanding personal care and cosmetics sector in the region. For instance, according to stats by the Ministry of Economy, Trade, and Industry (METI), the personal care and cosmetics market in Japan accounted for the world’s third-largest market in 2019 with a market value of US$35 billion.

Relevant Reports

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https://www.industryarc.com/Report/17901/magnesium-perchlorate-market.html

B. Sodium Carbonate Market – Forecast(2022 – 2027)
https://www.industryarc.com/Report/16251/sodium-carbonate-market.html

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