Magnesium fluoride Market size is forecast to reach $930.45 million by 2025, growing at a CAGR of 3.78% during the forecast period 2020-2025. Magnesium fluoride is an inorganic, white crystalline compound, which is transparent over a wide array of wavelengths. Increasing usage of magnesium fluoride in oil refining and organic chemistry are the major factors driving the growth of the market. Its utilization as a protective coating on medical devices and glass is set to further enhance the overall market demand of magnesium fluoride during the forecast period 2020-2025.
Form- Segment Analysis
The Ultra High Purity segment held the largest share in the Magnesium fluoride Market in 2019 and is estimated to grow at a CAGR of 4.16% during the forecast period 2020-2025. The ultra-high purity of magnesium fluoride is highly useful in optics. The magnesium fluorides are crystalline and have thermal expansion coefficients that are too high for advanced deep-UV lithographic lenses. It has no chromatic correction and it requires that the laser bandwidth be optically narrowed to preserve the focal length and resolution of the imaging optics. The nanopowder form of magnesium fluoride had a single crystal with x-ray pattern characteristics of the mineral sellaite. The ultra-high purity is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
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Applications – Segment Analysis
Optics segment held the largest share in the Magnesium fluoride Market in 2019 Magnesium fluoride compound has commercial uses in optics that are used in space telescopes. It occurs naturally as the rare mineral sellaite. Magnesium fluoride is transparent over an extremely wide range of wavelengths. Windows, lenses, and prisms made of this material can be used over the entire range of wavelengths from 0.120 μm (vacuum ultraviolet) to 8.0 μm (infrared). High-quality synthetic Vacuum Ultraviolet grade magnesium fluoride is quite expensive. Lower-grade magnesium fluoride is sometimes used in the infrared but here it is inferior to calcium fluoride. Magnesium Fluoride is tough and works and polishes well, but it is slightly birefringent and should be cut with the optic axis perpendicular to the plane of the window or lens. The optics is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
Geography – Segment Analysis
The Asia Pacific dominated the magnesium fluoride market in 2019 with a share of more than 38.72%, followed by North America owing to the rapid increase in agricultural and industrial activities. The increasing demand in the pharmaceutical industry owing to its property of low index and transparency in a wide range of wavelengths is increasing the demand of the magnesium fluoride market in the region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to its increasing utilization as a protective coating on medical devices and glasses along with its anti-reflection property.
Drivers – Magnesium fluoride Market
Rapid increase in agriculture and industrial activities
The rapid increase in agriculture and industrial activities is increasing the growth of the magnesium fluoride market. Magnesium fluoride is an inorganic compound with the formula MgF2. The compound is a white crystalline salt and is transparent over a wide range of wavelengths with commercial uses in optics that are also used in space telescopes. It occurs naturally as the rare mineral sellaite. The properties of magnesium fluoride such as anti-reflection, low index material, and transparency in a wide range of wavelengths make it a suitable chemical compound that can be utilized as a protective coating on medical devices and glass. Thus, increasing the growth of the magnesium fluoride market during the forecast period 2020-2025.
Increasing usage of magnesium fluoride as a drug and replacement therapy in patients with magnesium fluoride deficiency as hypomagnesemia
Increasing usage of magnesium fluoride as a drug and replacement therapy in patients with magnesium fluoride deficiency as hypomagnesemia is increasing the growth of the magnesium fluoride market. Magnesium is one of the most abundant essential minerals in the body. It is primarily stored in the bones of the body. Low magnesium is typically owing to decreased absorption of magnesium in the gut or increased excretion of magnesium in the urine. Low magnesium levels in otherwise healthy people are uncommon owing to the magnesium levels are largely controlled by the kidneys. The kidneys increase or decrease the excretion of magnesium-based on what the body needs. Very low magnesium levels have been linked to poorer outcomes trusted Source for severely ill, hospitalized patients. Conditions that increase the risk of magnesium deficiency include gastrointestinal (GI) diseases, advanced age, type 2 diabetes, use of loop diuretics (such as Lasix), treatment with certain chemotherapies, and alcohol dependence. Thus, increasing the growth of the magnesium fluoride market during the forecast period 2020-2025.
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Challenges – Magnesium fluoride Market
Side effects can cause skin & eye irritation and respiratory problem
Some of the factors which can impede the growth of the Magnesium fluoride Market are its side effects can cause skin & eye irritation and respiratory problem.
Magnesium Fluoride Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the magnesium fluoride market. In 2019, Magnesium fluoride Market share is consolidated by the top ten players present in the market. Magnesium Fluoride, the top 10 companies are Changshu Donghuan Chemical, Fairsky Industrial, Fluoro Chemical, Fujian Qucheng Chemical, Henan Kingway Chemical, Jiangxi Yono Industry, Morita Chemical Industry, Shangrao Comprehensive Fluoride Chemical, Stella Chemifa Corporation, and Wuxi Ruiyuan Chemical among others.
In October 2019, Stella Chemifa Corporation collaborated with Sumitomo Heavy Industries Ltd.
In July 2019.Stella Chemifa Corporation collaborated with Tencent.
The Asia Pacific dominated the Magnesium fluoride Market in 2019 owing to its characteristics of antireflection and transparency in a wide range of wavelengths which is used in oil refining. The Magnesium fluoride Market scope for different regions will be provided in the final report.
Increasing usage of magnesium fluoride as a drug and replacement therapy in patients with magnesium fluoride deficiency as hypomagnesaemia is likely to aid in the market growth of magnesium fluoride.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Magnesium fluoride Market report.
Side effects of using magnesium fluorides such as skin and eye irritation and respiratory problems is set to create hurdles for the Magnesium Fluoride Market.
A. Magnesium Perchlorate Market
B. Calcium Fluoride Market
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