Global sales of magnesium carbonate stood at USD 8,075.4 million in 2023. The industry is further projected to exhibit a y-o-y growth of 5.9% in 2024 and reach USD 8,553.5 million in the same year and surging at a CAGR of 6.5% between 2024 and 2034, demand for the magnesium carbonate is estimated to reach USD 16,052.9 million by 2034.
Light magnesium carbonate, also known as basic magnesium carbonate, finds extensive usage in various applications across industries. In the sports and fitness sector, it is commonly used as chalk to enhance grip in activities such as gymnastics, climbing, and weightlifting, with its demand rising alongside the growing interest in fitness and recreational sports.
In pharmaceuticals and cosmetics, it serves as an antacid, a filler, and a moisture-absorbing agent, making it a versatile ingredient. Apart from these its use in industrial applications include rubber, plastics, and fireproofing. Its demand is on the rise due to the increasing preference for eco-friendly and manufacturing of lightweight materials.
Demand for this chemical is particularly strong in regions with expanding fitness industries and industrial development, like Asia-Pacific and North America. As of 2024, light magnesium carbonate held a prominent share of about 70.1% in terms of volume. The demand for light magnesium carbonate is anticipated to remain firm and is projected to witness a promising CAGR of 5.1% over the assessment period.
| Attributes | Key Insights |
|---|---|
| Estimated Size, 2024 | USD 8,553.5 million |
| Projected Size, 2034 | USD 16,052.9 million |
| Value-based CAGR (2024 to 2034) | 6.5% |
By 2034, demand for magnesium carbonate is expected to increase by 1.8X from the current value. Consumption of magnesium carbonate is likely to increase with its growing applications in various industries. Notably, its use in industrial sectors such as rubber, plastics, and fireproof materials is rising due to its lightweight nature and eco-friendly advantages.
In terms of mineral type, the magnesite segment occupies significant share, accounting for over 78% share in 2024. Its demand is particularly driven by industrial growth, urbanization, and inflated demand for high-performance materials.
Magnesite, a primary source of magnesium carbonate, is widely used in industries like construction, refractories, and steel manufacturing. These sectors are experiencing growth driven by increasing infrastructure projects and economic development. Increasing demand for eco-friendly and sustainable materials drives magnesite demand in applications related to ceramics and insulation products.
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The annual growth rates of the global magnesium carbonate market from 2024 to 2034 are illustrated below in the table. Starting with the base year 2023 and going up to the present year 2024, the report examined how the industry growth trajectory changes from the first half of the year, i.e. January through June (H1) to the second half consisting of July through December (H2). This gives stakeholders a comprehensive picture of the sector’s performance over time and insights into potential future developments.
The figures provided show the growth of the sector for each half-year between 2023 and 2024. The market was projected to increase at a CAGR of 6.3% in the first half (H1) of 2023. However, in the second half (H2), there is a noticeable increase in the growth rate.
| Particular | Value CAGR |
|---|---|
| H1 2023 | 6.3% (2023 to 2033) |
| H2 2023 | 6.4% (2023 to 2033) |
| H1 2024 | 6.5% (2024 to 2034) |
| H2 2024 | 6.6% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2024, the CAGR is projected to slightly increase to 6.5% in the first half and relatively increase to 6.6% in the second half. In the first half (H1), the sector saw an increase of 20 BPS while in the second half (H2), there was a slight increase of 20 BPS.
Growing Demand for Magnesium Carbonate in Pharmaceuticals, Especially Antacid Formulations
Magnesium carbonate is extensively used in pharmaceutical industry especially in antacid preparation. The demand for magnesium carbonate is rising for antacid preparations due to its ability to neutralize excess stomach acid, providing relief from conditions such as heartburn, indigestion, and acid reflux. The increasing health consciousness among people, combined with the safety and natural origin of magnesium carbonate, is boosting its adoption in the pharmaceutical industry.
Apart from that, the mild laxative properties of magnesium carbonate is further enhancing its usage in antacid formulation as it provides additional benefits against relieving symptoms of constipation.
Magnesium Carbonate's Role as a Reinforcing Extender Boosts Demand in Rubber Industry.
Magnesium carbonate is widely used in the rubber industry as an extender for products like rubber bands and threads, which is a key factor driving its market growth. Its role as an extender in rubber formulations enhances product performance and improves processing efficiency.
Magnesium carbonate is used mainly as a reinforcing filler in natural rubber by increasing its tensile, tear resistance, durability, and other mechanical properties. Its original characteristics help in improving translucency and appearance for the rubber items, which are viewed as more attractive to end-users.
This compound is known to offer advantages in terms of its low density, which helps in manufacturing of lightweight rubber products without compromising on quality or functionality. This property is particularly important where lightweight materials are of utmost importance.
Magnesium Carbonate Market Thrives on Expanding Role in Personal Care and Cosmetics
Magnesium carbonate is a key ingredient in the personal care and cosmetics industry, due to its unique absorbent properties and other beneficial characteristics. These properties make it highly suitable for use in a variety of formulations across the sector.
Magnesium carbonate is also utilized in various cosmetic products, including face powders, dry shampoos, and body powders, by the cosmetics industry for making of products which absorb oil and moisture from skin and hair. It improves shine, controls sebum, and gives a smooth, matte finish that enhances the appearance and length of makeup applications.
There is an increasing consumer demand for products that are free from harsh chemicals and that can provide extra benefits beyond mere skin care or makeup. Consumers' preference for safer, more effective, and eco-friendly products has driven the incorporation of magnesium carbonate into various formulations.
Stringent Government Regulation on Mining of Magnesite Ore
Government Environmental Protection Agency (EPA) regulations on mining magnesite ore have always been strict and remain as a constraint to the development of magnesium carbonate market. As a result of environmental and safety issues surrounding the mining of magnesite, governments attempt to enact rigorous laws on the operation of mines.
In most instances, compliance involves adherence to a multi-level system of environmental impact assessment, permitting procedures, and operational parameters that normally entail intensive documentation, monitoring, and reporting.
The high level of regulation raises the barrier to entry and cost of operation for magnesite mining companies, who invest in sophisticated technology, upgrading infrastructure, and expertise to fulfill their compliance requirements. Sometimes, government regulations can limit access to specific mining areas or reduce extraction volumes with the aim of protecting sensitive ecosystems or cultural heritage sites.
Raw Material Price Volatility Constrains Magnesium Carbonate Market Growth
Magnesium Carbonate's production is highly dependent on the raw materials. The price volatility of raw materials such as magnesium hydroxide, magnesite ore, and others acts as a restraining force in the magnesium carbonate market.
Magnesium hydroxide is the raw material for magnesium carbonate. It also depends on the availability, mining, kind of extraction, and demand condition across the globe. These volatile changes in the raw material costs will ultimately impact production cost, profit margin, and overall profitability of the business. Fluctuations in raw material prices have posed significant challenges for magnesium carbonate manufacturers.
The global magnesium carbonate industry recorded a CAGR of 2.9% during the historical period between 2019 and 2023. The growth of magnesium carbonate industry was positive as it reached a value of USD 8,075.4 million in 2023 from USD 7,199.1 million in 2019.
Between 2019 and 2023, the global magnesium carbonate industry experienced a modest CAGR of 2.9%, driven by its growing adoption across various industries. It is highly used in sports and fitness in the form of chalk, in medicines for the treatment of stomach acid, and in cosmetics to absorb moisture.
Similarly, the expansion of industries led to increased use of magnesium carbonate in the production of rubber, plastics, and heat-resistant materials. Upcoming construction projects in growing economies added to the demand, as magnesium carbonate is used in building materials. These combination of factors resulted in an increase in overall market value, as the industry grew from USD 7,199.1 million in 2019 to USD 8,075.4 million in 2023.
Tier 1 companies include industry leaders with annual revenues exceeding USD 100 million. These companies are currently capturing a significant share of 20-22% globally. These frontrunners are characterized by high production capacity and a wide product portfolio.
They are distinguished by extensive expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base. The firms provide a wide range of products and utilize the latest technology to meet regulatory standards. Prominent companies within Tier 1 include : Israel Chemicals Ltd, Omya, and Others.
Tier 2 companies encompass mid-sized participants with revenues ranging from USD 21-100 million, holding a presence in specific regions and exerting significant influence in local economies. These firms are distinguished by robust presence overseas and in-depth industry expertise.
They possess strong technology capabilities and adhere strictly to regulatory requirements. However, the firms may not wield cutting-edge technology or maintain an extensive global reach. Noteworthy entities in this category include Konoshima, Hebei Meishen Technology Co., Lehmann and Voss and Co. KG, Hari Om Fine Chem, and few others.
Tier 3 encompasses most of the small-scale enterprises operating within the regional sphere and catering to specialized needs with revenues below USD 20 million. These businesses are notably focused on meeting local demand and are hence categorized within the Tier 3 segment.
They are small-scale participants with limited geographical presence. In this context, Tier 3 is acknowledged as an informal sector, indicating a segment distinguished by a lack of extensive organization and formal structure in comparison to the structured one. This category includes Kyowa Chemical Industry Co, Yunbo, Fengchen Group Co, Hebei Messi Biology Co., Ltd. / Dr Magnesia, SCORA S.A.S, Celtic Chemicals Ltd., and many more small and local players.
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The section below covers assessments of magnesium carbonate sales across key countries. Countries from East Asia, and South Asia Pacific, are anticipated to exhibit promising double-digit growth over the forecast period. All the below-listed countries are collectively set to reflect a CAGR of around 6% through the forecast period.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| India | 7.3% |
| China | 6.5% |
| South Korea | 7.2% |
| Chile | 7.0% |
| Japan | 6.8% |
India is projected to surge at a CAGR of 7.3% from 2024 to 2034, with sales expected to reach USD 2,373.7 million by 2034.
In India, rapid urbanization and extended growth in industrial development are considered vital factors that create a great demand for magnesium carbonate. The rise in construction activities, driven by infrastructure projects and the growth of residential and commercial spaces, has elevated the importance of magnesium carbonate. Its lightweight and fire-resistant properties make it a valuable component in cement and other building materials.
Magnesium carbonate has been applied in ceramics and refractories industries, for the production of refractory bricks and coatings among other uses. The main end-users include the steel, glass, and cement industries for applications that operate on very high temperature.
The infrastructural development by the government in initiatives such as "Smart Cities Mission" and "Housing for All" further propels the demand for magnesium carbonate in construction-related applications. Additionally, the expanding manufacturing base and increasing exports of ceramic products and cement reinforce India's position as a growing market for magnesium carbonate, highlighting its versatile applications in industrial and urban development.
China is projected to grow at a CAGR of 6.5% from 2024 to 2034, with sales expected to reach USD 5,223.6 million by 2034.
In China, the increase in the steel, automotive, and advanced material industries is leading to a high demand for magnesium carbonate. Being one of the biggest steel-producing countries in the world, China needs magnesium carbonate in refractory materials and heat-resistant coatings, which are of critical essence in the manufacture of steel. The Chinese boom in the automotive sector further raises the consumption of magnesium carbonate in rubber and plastics for the enhancement of its performance and durability.
The strong impetus that China has given to the development of sustainability and eco-friendly materials in construction, manufacturing, and automotive industries increases the demand for magnesium carbonate owing to its lightweight, nontoxic, and an eco-friendly properties.
Application of magnesium carbonate in green technologies such as carbon capture and storage (CCS) application further supports the market. As China's industrial production continues to expand, it is expected that these industries will foresee sustained demand, which will continue to push the consumption of magnesium carbonate in the next few years.
In the forecast period, South Korea's magnesium carbonate industry is predicted to rise steadily at a CAGR of 7.2% and attain a total worth of USD 349.5 million by 2034.
The rapid increase in the electronics and automobile sectors in South Korea is contributing significantly to the demand of magnesium carbonate. South Korea, renowned in the global market for its fabricated electronic equipment, relies on magnesium carbonate for manufacturing plastic and rubber components used in various electronic appliances and consumer devices.
The interest in magnesium carbonate is derived from its properties of moisture absorption, flame resistance, and lightweight nature for insulation materials and electronic housings.
Magnesium carbonate is used in the production of rubber and plastic parts, especially in the making of heat-resistant and durable parts in South Korea's automotive industries, which are among the largest in the world.
The demand for magnesium carbonate is further improved by the emphasis on eco-friendly vehicles and lightweight materials in the automotive sector, for which magnesium carbonate is an environmentally friendly raw material. These industries will continue to drive the market growth of magnesium carbonate as South Korea continues with its industrial development.
The section explains the about the market proportion of the leading segments in the industry. In terms of grade, the industrial grade category will dominate with a share of around 68.3% in 2024. Based on application, the chemical synthesis segment is projected to hold a share of 28.2% in 2024.
| Segment | Industrial Grade (Grade) |
|---|---|
| Value Share (2024) | 68.3% |
The industrial grade segment of magnesium carbonate is expected to grow at a healthy CAGR of 6.3% from 2024 to 2034 due to increasing demand across various industries. Key drivers include its use in various applications ranging from refractories to rubber and plastics to ceramics, as it possesses resistance to high temperature, durability, and an eco-friendly nature.
The growing construction and automotive industries in developing economies have increased demand for industrial-type magnesium carbonate usage in the manufacture of various building materials and components. Further, its increasing contribution to the production of steel, the processing of metals, and the chemical industry contributes to its stable growth rate. Growing industrialization and increased emphasis on greener manufacturing processes will continue propelling this segment.
| Segment | Chemical Synthesis (Application) |
|---|---|
| Value Share (2024) | 28.2% |
The chemical synthesis segment, with a projected value share of 28.2% in 2024, is poised to significantly impact the global industry.
Chemical synthesis application segment is expected to have a significant impact on the global market, accounting for 28.2% value share in 2024. The segment dominates due to the increasing consumption of magnesium carbonate for synthesizing various chemicals such as magnesium hydroxide, magnesium oxide, and other magnesium-based compounds. These compounds find their applications in various industries such as pharmaceuticals, agriculture, and water treatment.
The applications of magnesium carbonate also involve catalytic processes and as fillers in chemical formulations, thereby contributing to the growing demand. Its versatility in chemical synthesis combined with increasing industrial applications underpins its dominant market position.
The section provides comprehensive assessments and insights that highlight current opportunities and emerging trends for companies in developed and developing countries. It analyzes advancements in manufacturing and identifies the latest trends poised to drive new applications in the market.
A few key players in the magnesium carbonate industry are actively enhancing capabilities and resources to cater to the growing demand for the compound across diverse applications. Leading companies also leverage partnership and joint venture strategies to co-develop innovative products and bolster resource base.
Significant players are further introducing new products to address the increasing need for cutting-edge solutions in various end-use sectors. Geographic expansion is another important strategy that is being embraced by reputed companies. Start-ups are likely to emerge in the sector through 2034, thereby making it more competitive.
Industry Updates
In terms of product type, the industry is divided into Heavy Magnesium Carbonate, and Light Magnesium Carbonate.
In terms of mineral, the industry is divided into Hydromagnesite, Magnesite, Nesquehonite, Barringtonite, Lansfordite, and Others.
In terms of grade, the industry is divided into Pharma Grade, Food Grade, and Industrial Grade.
In terms of application, the industry is divided into Chemical Synthesis, Pharmaceuticals, Personal Care and Cosmetics, Paints and Inks, Plastic, Rubber, Food Additives, Pulp and Paper, and Others.
Key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, Middle East and Africa (MEA), have been covered in the report.
The global market was valued at USD 8,075.4 million in 2023.
The global market is set to reach USD 8,553.5 million in 2024.
Global demand is anticipated to rise at 6.5% CAGR.
The industry is projected to reach USD 16,052.9 million by 2034.
| Estimated Size, 2024 | USD 8,553.5 million |
|---|---|
| Projected Size, 2034 | USD 16,052.9 million |
| Value-based CAGR (2024 to 2034) | 6.5% |
| Estimated Market Size (2024E) | USD 241.5 million |
|---|---|
| Projected Market Value (2034F) | USD 386.7 million |
| Value-based CAGR (2024 to 2034) | 4.8% |
| Market Value for 2024 | USD 60.07 billion |
|---|---|
| Market Value for 2034 | USD 106.56 billion |
| Market Forecast CAGR for 2024 to 2034 | 5.90% |
| Market Value (2023) | USD 4.6 billion |
|---|---|
| Market Projected Value (2033) | USD 7.7 billion |
| Market CAGR (2023 to 2033) | 5.2% |
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