Global Magnesium Hydroxide Flame Retardant Market TOC
Magnesium Hydroxide Flame Retardant Market size is estimated to reach USD 312.3 million by the end of 2031, growing at a CAGR of 4.18 % during the forecast period, i.e., 2022 – 2031. In the year 2021, the industry size of magnesium hydroxide flame retardant was around USD 208.5 million. The demand for magnesium hydroxide flame retardant is growing owing to the stringent government fire safety regulations worldwide. Magnesium hydroxide is recognized as a safe and effective flame retardant, and it meets the regulatory requirements for many industries. As a result, it is widely used in various applications, such as in building materials, electrical cables, and consumer electronics.
Moreover, with the growing population and industrialization, the discharge of wastewater and sewage is rapidly increasing. Owing to this, the growth of magnesium hydroxide flame retardant market is increasing, since adding magnesium hydroxide to wastewater, it can be utilized in various industries to prevent potential fires.
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
4.2% |
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Base Year Market Size (2021) |
USD 208.5 Million |
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Forecast Year Market Size (2031) |
USD 312.3 Million |
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Regional Scope |
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Growth Drivers
Challenges
Type (Chemical Synthesis, Physical Smash)
The chemical synthesis segment in the magnesium hydroxide flame retardant market is estimated to gain a significant revenue share over the projected timeframe as it offers several advantages over physical methods. By the end of 2031, the chemical synthesis segment is anticipated to garner the largest revenue of USD 182.7 million. The segment is expected to grow at a CAGR of 4.5% during the forecast period. Chemical synthesis allows for better control over the purity and particle size of the magnesium hydroxide, which is critical for achieving optimal performance as a flame retardant. Additionally, it also allows for the production of surface-modified magnesium hydroxide, which can further enhance its flame-retardant properties. Surface modification can improve the compatibility between the magnesium hydroxide and the polymer matrix, reduce its impact on the physical and mechanical properties of the material, and improve its performance in harsh environments.
Application (Rubber & Plastic, Construction, Wire & Cables, Coating)
Magnesium hydroxide flame retardant market from the construction segment is estimated to gain a significant revenue share over the projected time frame due to its high efficiency, low cost, and non-toxicity. The segment is expected to grow at a CAGR of 4.6% during the forecast period. Magnesium hydroxide is used as a coating on building materials, such as wood, textiles, and paper to make them more fire-resistant. The coating prevents oxygen from reaching the material and limiting the speed of flames, thereby acting as a barrier. For instance, investment in total residential & nonresidential building construction, in Canada (in USD Billion) was 221 billion which experienced an increase of 19.5% over 2020. Besides, government investments in a plethora of public infrastructure projects such as Housing Projects, Smart Cities, and Connectivity Projects are likely to augment the growth of the construction industry, thereby will increase the demand for magnesium hydroxide flame retardant.
Our in-depth analysis of the global magnesium hydroxide flame retardant market includes the following segments:
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Type |
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Application |
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End User |
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APAC Market Forecast
The Asia Pacific magnesium hydroxide flame retardant market is projected to surpass USD 166.4 million by the end of 2031. The segment is predicted to grow with the highest CAGR of 4.6% in the time frame of 2022-2031. The growth is due to the increasing population and urbanization across Asian countries. This has led to a surge in demand for housing, commercial buildings, and public infrastructure, all of which require fire-resistant materials. For instance, according to the World Bank, value added by industry (including construction) in East Asia & Pacific was 11.37 trillion in 2022 which experienced an increase of 3.1% over 2021. Moreover, increasing production of electronics in the region will propel the demand of magnesium hydroxide flame retardant. For instance, according to the Association of Southeast Asian Nations, among the total value of exports in the most countries of Asia, the electronics sector accounts for 20% to 50%.
North American Market Statistics
The North America magnesium hydroxide flame market shows promising CAGR growth with a revenue of USD 66 Million during the forecast period. The North America market for magnesium hydroxide flame retardant is growing faster due to regional regulatory requirements. North America has some of the most stringent regulations governing the use of flame retardants in building materials. According to the United States Environmental Protection Agency, the Toxic Substances Control Act (TSCA) restricts the use of some halogenated flame retardants in children's products in the United States and many other regulatory bodies namely the National Fire Protection Association (NFPA) has framed regulations for fire safety. Such regulations require manufacturers to use flame retardants that are environmentally friendly, safe, and effective.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing magnesium hydroxide application in building & construction materials and the use of magnesium hydroxide as a flame retardant in plastics are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 4.18 % over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are ICL, Martinswerk/Huber (Magnifin), Kyowa Chemical Industry Co., Ltd., Konoshima Chemical Co., Ltd., Europiren B.V., Martin Marietta Specialties, Penoles Industries, Niknam Chemicals Private Limited, Xinyang Minerals Group, Tateho Chemical Industries Co., Ltd., NikoMag, KMT Industrial (HK) Limited, Nuova Sima.
Ans: The chemical synthesis segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
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