According to a report,“Magnesium Stearate Market Analysis Report By Application (Pharmaceuticals (Lubricants, Binders), Food & Beverages, Personal Care), By Region, Vendor Landscape, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.,The global magnesium stearate market size is projected to reach USD 652.7 million by 2025, progressing at a CAGR of 6.4% during the forecast period. Surging demand for the product in the pharmaceutical industry is one of the key growth stimulants for the market during the forecast period.
Consumption of the product in the pharmaceutical industry is sparked by an increasing demand for inactive ingredients in drug formulations. It finds extensive usage in the pharmaceutical industry as a lubricant and as binders & fillers. Another factor boosting the demand for the product is rapidly increasing application of magnesium stearate in personal care products. In the personal care industry, the product finds application as a texturizer, non-gelling thickener, and lubricant, among others. Increasing number of online platforms along with distribution channels is fueling the demand for personal care products, thereby spurring the demand for magnesium stearate.
The industry has witnessed a rapid increase in the demand from Asia Pacific, primarily in countries such as China, Japan, and India. Abundant source of raw materials coupled with low labor cost is prompting manufacturers of magnesium stearate to focus on establishing their manufacturing plants in these countries. In addition, promising growth in plastics production, especially in the region, is anticipated to drive a sizeable demand for the product over the forecast period.
China has emerged as the global leader in the market in terms of consumption and production of magnesium stearate. The growth of the pharmaceutical industry in the country has offered significant growth prospects to the magnesium stearate industry. The pharmaceutical industry in the country is also supported by government policies, notably under administrative bodies including the China Food and Drug Administration (CFDA).
Key Takeaways from the report:
In terms of volume, the demand in pharmaceuticals application segment is anticipated to reach 146.93 kilotons by 2025, at a CAGR of 5.6% from 2017 to 2025
In terms of revenue, the personal care segment is expected to witness the fastest growth over the forecast period, owing to rising need for enhanced flowability of constituents in products.
Asia Pacific held the largest share of the magnesium stearate market in 2017. It is expected to register substantial growth over the forecast period. Rising disposable income coupled with increasing number of manufacturers in the region is expected to augment the market
In terms of volume, the China magnesium stearatemarket is anticipated to exceed 69 kilotons by 2025, owing to substantial demand for the product from the pharmaceutical and personal care industries. In addition, favorable FDA policies are encouraging global players to strengthen their presence in the country through significant investments
The magnesium stearate market is highly competitive with the presence of various well-established players with extensive product portfolios
Some of the key companies operating in the market are Kirsch Pharma GmbH, PT Halim Sakti Pratama, Parchem Fine & Specialty Chemicals, Nimbasia, Baerlocher GmbH, Valtris Specialty Chemicals, and FACI SPA.
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Asia Pacific dominated the market in 2017. It is poised to maintain its position in the arena through 2015. Countries such as India and China are at the forefront of the regional market. The region is also estimated to register the highest CAGR during the forecast period.
China is one of the key manufacturers of drugs across the globe. Pharmaceutical production in the country is anticipated to rise at a noteworthy CAGR during the same period, owing to supportive policies implemented by the government. Furthermore, the personal care industry in China is expanding at a fast pace with presence of numerous multinational companies. Cosmeceuticals, which are the products that combine cosmetics and pharmaceutical properties, such as acne treatment or anti-ageing, are also gaining popularity in the country. Growing consumer awareness regarding natural and organic products is expected to stimulate the growth of the personal care industry in China. This, in turn, is expected to stir up the demand for magnesium stearate.
The market is also expected to gain impetus in Europe over the coming years. Europe has been experiencing profitable parallel trade in the pharmaceutical industry following the exit of the U.K. from the European Union. Furthermore, emerging markets in Central and Eastern Europe (CEE) such as Belarus, Bulgaria, Greece, Republic of Macedonia, Moldova, Montenegro, and Romania are expected to remain as a lucrative market for multinational pharmaceutical companies, thereby is projected to boost the product demand over the forecast period.
Magnesium Stearate Market Share Insights
The market is expected to witness a consistent growth over the forecast period backed by high demand from various application industries. Some of the key players operating in the market are Kirsch Pharma GmbH, PT Halim Sakti Pratama, Parchem Fine & Specialty Chemicals, Nimbasia, Baerlocher GmbH, Valtris Specialty Chemicals, and FACI SPA. The key players have adopted several strategies to gain a competitive edge in the market. Partnerships and acquisitions are one of the notable strategies adopted by major players.
Key players in the market are focusing on manufacturing the product as an excipient and lubricant to aid formulation process of tablets pertaining to dietary supplements. Therefore, the key players in the market are expected to develop enhanced methods related to production of the product.
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