New York, NY -- (SBWIRE) -- 09/04/2020 -- The expanding pharmaceutical industry, especially in Asia-Pacific (APAC), is expected to drive the global magnesium stearate market from $1,492.3 million in 2019 to $2,637.6 million by 2030, at a 5.3% CAGR between 2020 and 2030. Being the most populated region in the world, APAC generates a significant requirement for medical drugs and other pharma products. In addition, heavy investments are being poured in the regional healthcare sector, which is leading to an increasing pharmaceutical output.
This factor is helping the magnesium stearate market grow, as the salt is used to prevent the sticking of drugs to production machines. The ability of the compound to serve as a cost-effective and suitable release agent propels its usage among pharmaceutical manufacturers. Thus, with the increasing pharmaceutical production in India, China, and Indonesia, the demand for this chemical will keep rising.
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Due to the coronavirus pandemic, the magnesium stearate market has received a boost. This is because, with the rising cases of the infection, the healthcare sector is overburdened, with an acute shortage of drugs. Thus, pharmaceutical manufacturers have increased their output manifold, to meet the demand for medication, thereby driving the consumption of the compound.
APAC has been the largest magnesium stearate market up till now, and the scenario in the immediate future would be unchanged, due to the heavy usage of the compound in the regional pharmaceutical, as well as plastics, food & beverages, and personal care industries. As these sectors are growing in India, China, Thailand, and Indonesia, chemical companies are expanding their operations in the region, to meet the rising demand for magnesium stearate. In addition, raw material and labor are available at low costs in APAC, which is why numerous European and North American market players are expected to invest here in future.
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
Geographical Expansion Allowing Players to Better Their Industry Position
To better their position in the magnesium stearate market, companies offering the product are expanding their geographical presence.
For instance, Peter Greven GmbH & Co. KG relocated its headquarters, as well as the development lab owned by Norac Additives LLC, its subsidiary, to Pomona, California, U.S., in June 2020.
In the same way, in February 2020, Peter Greven GmbH & Co. KG expanded its Venlo, Netherlands, manufacturing plant, with the addition of a production line for vegetable-based dust-free stearate salts of calcium, magnesium, sodium, zinc, and potassium. This new line will help the company meet the increasing demand for these compounds in the food & beverages, pharmaceutical, cosmetics, and animal feed industries.
The most prominent players in the global magnesium stearate market are Peter Greven GmbH & Co. KG, Baerlocher GmbH, James M. Brown Ltd., Struktol Company of America LLC, Merck KGaA, Sinwon Chemical Co. Ltd., Haihang Industry Co. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., and Hefei TNJ Chemical Industry Co. Ltd.
Market Segmentation:
Based on Form
Powder
Flakes
Based on Application
Binders & Fillers
Texturizers
Food Additives
Thickeners
Based on End-Use Industry
Pharmaceuticals
Food & Beverages
Personal Care
Geographical Analysis
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Asia-Pacific (APAC)
China
Japan
India
South Korea
Latin America (LATAM)
Brazil
Mexico
Colombia
Middle East and Africa (MEA)
Saudi Arabia
U.A.E.
South Africa
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