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.
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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.
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.
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.
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