The rapid expansion in the pharmaceuticals sector of the Asia-Pacific (APAC) region, along with a rise in the consumption of magnesium stearate in personal care products, is the key driving force for the market. Owing to such factors, the magnesium stearate market is expected to reach $2,637.6 million by 2030, showcasing a CAGR of 5.3% during the forecast period (2020–2030).
The COVID-19 pandemic has offered the industry numerous opportunities for growth, with a surge in the consumption of medicated drugs. In addition, the pharmaceutical manufacturing sector is witnessing profound growth, on account of the increasing investments, which, in turn, is expected to benefit the magnesium stearate market in the coming time.
Pharmaceutical Industry To Generate Highest Demand
On the basis of end-use industry, the market is categorized into pharmaceuticals, food & beverages, personal care, and others. Among these, the pharmaceuticals category held the largest market share in 2019, and the trend is likely to continue during the forecast period. This high-volume demand is attributable to the usage of the compound as a release agent during drug manufacturing. The pharmaceutical manufacturing sector is increasing its output, in order to meet the ever-increasing medical needs of people across the world, owing to which the consumption of magnesium stearate is also witnessing a rise.
Additionally, on the basis of form, the magnesium stearate market is bifurcated into powder and flakes, of which the powder category held the larger share in 2019. Powdered magnesium stearate is used in a wide range of applications, including as a release agent during drug manufacturing, as well as an anti-caking agent in cosmetic products. In order to meet the increasing demand for these end-products, the consumption of the powdered form of the compound is expected to increase in the coming years.
Geographically, APAC is expected to witness the fastest growth, on account of the rapidly increasing compound demand from the end-use industries of the regional developing countries. A rise in the disposable income in countries such as China, India, and Indonesia has increased the demand for cosmetics and personal care products, such as pressed foundation cakes and eye shadows. These products require magnesium stearate, owing to its ability to prevent the formation of lumps and absorb the excess moisture from the product.
Moreover, the growth of the pharmaceuticals sector in the region is expected to further propel the consumption of the compound, owing to its usage as a suitable release agent. Therefore, such factors are expected to boost the magnesium stearate industry in the APAC region during the forecast period.
Players Adopting Strategic Measures to Gain a Competitive Edge
Players operating in the magnesium stearate market are making hefty investments, in order to gain a larger share over their competitors, by serving a larger number of customers. For instance, in February 2020, Peter Greven GmbH & Co. KG, which is a manufacturer of oleochemical additives and alkaline soaps, announced the addition of a new production line for high-quality, vegetable-based, dust-free stearates, particularly for meeting the demands of the food, animal feed, cosmetics, and pharmaceuticals industries.
Browse report overview with detailed TOC on "Magnesium Stearate Market Research Report: By Form (Powder, Flakes), Application (Binders & Fillers, Texturizers, Food Additives, Thickeners), End-Use Industry (Pharmaceuticals, Food & Beverages, Personal Care) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/magnesium-stearate-market-growth
Additionally, in September 2017, Peter Greven GmbH & Co. KG acquired the assets of the additives division of U.S. company Norac Inc., which specialized in metallic stearates, ester lubricants, and polyvinylchloride (PVC) heat stabilizers.
Sinwon Chemical Co. Ltd., James M. Brown Ltd., Tokyo Chemical Industry Co. Ltd., Merck KGaA, Hefei TNJ Chemical Industry Co. Ltd., Baerlocher GmbH, Thermo Fisher Scientific Inc., Struktol Company of America LLC, Peter Greven GmbH & Co. KG, and Haihang Industry Co. Ltd. are some of the key players operating in the global magnesium stearate market.