Global Magnesium Silico Fluoride Market Highlights over 2022 – 2031
The global magnesium silico fluoride market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Magnesium silico fluoride is chemically written as MgSiF6-6H2O. The growth of the market can be attributed to the increasing application as a concrete hardener, laundry sour, and as a waterproofing material in the construction industry. The growing demand for magnesium silico fluoride in the construction for waterproofing the foundation, is estimated to boost the market growth. Moreover, the growing construction activities across the globe, is also expected to boost the market growth. For instance, construction industry expenditure grew from USD 12 trillion in 2019, to close to USD 13 trillion in 2021. Along with this, magnesium silico fluoride is also used extensively in the textile industry, as moth repellant, which is projected to boost the market growth.
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The market is segmented by application into water repellant, rubber latex coagulant, concrete reinforcing agent, concrete retarding agent, and others. Out of these, the water repellant segment is anticipated to hold a substantial share in the global magnesium silico fluoride market over the forecast period on account of increasing demand of waterproofing roofs and foundations during construction. Moreover, stringent government norms for construction standards is further forecasted to boost the market growth.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Magnesium Silico Fluoride Market Regional Synopsis
On the basis of geographical analysis, the global magnesium silico fluoride market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region witnessed a robust growth in 2021, and is further estimated to garner modest share over the forecast period. This can be attributed to the presence of a large chemical industry in the APAC region, accompanied by the growing construction activities in the developing countries. For instance, the construction industry in China amounted to USD 1,050 billion in 2020. Apart from this, the growing demand for magnesium silico fluoride in the textile industry is anticipated to boost the market growth. On the other hand, the market in the North America region is anticipated to gain the notable market share throughout the forecast period owing to the rising construction activities in the region.
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The global magnesium silico fluoride market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global magnesium silico fluoride market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing demand for magnesium silico fluoride in the construction and textile industry is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Hindustan Chemical Corporation, Kureha Corporation, Gujarat Fluorochemicals Limited, Arkema S.A., AGC Inc., Compagnie de Saint-Gobain S.A., Solvay S.A., Fengyuan Group, and BASF SE.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
The building & construction segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
It can cause irritation if sprayed directly on the skin, which is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period on the back of growing construction activities in the region.
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