Global Magnesium Carbonate Minerals Market: Overview
MgCO3 is the formula for magnesium carbonate, which is an inorganic salt. It is also called magnesite, barringtonite, and hydromagnesite. It works as both an antacid and a fertiliser. Magnesium carbonate is often used to make materials that can stand up to very high temperatures. This chemical can be dissolved in any inorganic solvent or water, and its melting point is about 2825°C, which is very high. Magnesium carbonate is used in many fields, like the plastic, rubber, and drug industries. On top of that, the chemical is being used more and more in the cosmetics industry. The market for magnesium carbonate minerals is expected to grow from 2020 to 2030 because the chemical can be used for so many different things.
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Because of the COVID-19 pandemic, the market changed. The business on the market was hurt by problems like disruptions in the supply chain and factories that were not running. Market players had to make backup plans to get through the pandemic and keep their businesses running smoothly. Due to how bad the pandemic was, many players still lost money and had to deal with tough problems. In the March 2020 Corona Inventory Planning report by Lehmann&Voss&Co., the company talked about how the pandemic had caused major lockdown restrictions and the closing of some plants, which had caused problems in the supply chain. With the COVID-19 market opening and more activity in many end-use industries, the market had a good amount of demand by the end of 2020. In the future, the market is expected to grow quickly due to the growing demand for cosmetics and the growth of the pharmaceutical industry.
Magnesium Carbonate Market Drivers
The market will grow because the pharmaceutical industry is growing.
In the last few years, the pharmaceutical industry has been using magnesium carbonate more and more. This anhydrous salt-based magnesite material is often used as a filler in antacid tablets, capsules, and other drugs. More and more pharmaceutical drugs are being researched and developed around the world to treat both old and new diseases. This is expected to help the market grow during the forecast period. For example, the Multidisciplinary Digital Publishing Institute’s data from March 2021 shows that North America made the most money from pharmaceutical sales (48.9%) and that the US led the pharmaceutical market. The report also says that by 2022, drug sales in the region will be worth more than USD 600 billion. In a similar way, the India Brand Equity Foundation’s data from 2021 shows that generic drugs made up 20% of the world’s exports in terms of volume. This makes India the largest provider of generic medicines in the world. Because the pharmaceutical industry is growing so quickly around the world, drug makers are likely to use more magnesium carbonate, which will drive the market’s growth over the next few years.
The growth of the market will be driven by the booming personal care and cosmetics market.
One of the most important markets for magnesium carbonate is the personal care and cosmetics industry. This material is used in a wide range of personal care products, from talcum powder to sunscreen to soap. The personal care market is growing quickly around the world because more and more people want to use personal care products. This is expected to keep the market growing over the next few years. For example, the Cosmetics, Toiletry, and Perfumery Association says that in 2020, the largest cosmetics market in the world will be in Europe, with Germany (with USD 16.18 billion) being the largest country in Europe. In the same way, a report from September 2021 by Invest India says that Reliance Retail will soon start selling cosmetics online because the demand for cosmetics in India is growing. This huge growth in the personal care and cosmetics industry is expected to lead to more manufacturers of personal care products using magnesium carbonate, which will help the market grow over the next few years.
The global magnesium carbonate market is segmented as follows:
- Heavy magnesium carbonate
- Light magnesium carbonate
- Plastic & Rubber Industry
- Magnesium Oxide Production
- Personal Care & Cosmetics
- Paints & Inks
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa