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.
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.
The powder bifurcation, on the basis of form, is expected to witness the faster magnesium stearate market growth in the coming years. This is attributed to the wide usage of powdered magnesium stearate as a release agent, to make sure that the drugs do not stick to the manufacturing equipment. In addition, in several cosmetic products, including face powders and foundation cakes, the powdered form of the magnesium salt is used as an anti-caking agent. This is because it absorbs the extra moisture from the skin as well as prevents lumps from forming in the cosmetics.
The pharmaceutical division, under segmentation by end-use industry, would continue dominating the magnesium stearate market in the years to come. This would be because of the growing demand for the compound in the expanding pharmaceutical industry, as a suitable filler, binder, and release agent for drugs. Owing to the rising demand for drugs, the consumption of the compound is increasing. In addition, pharma companies are investing heavily in the research and development for new products, thereby helping raise the usage of the salt.
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.
Source: www.psmarketresearch.com
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