Growing Pharmaceuticals Industry To Boost Magnesium Stearate Market

Factors such as the rapidly growing pharmaceuticals industry in Asia-Pacific (APAC) and the rising use of magnesium stearate in the personal care sector are projected to propel the growth of the magnesium stearate market at a CAGR of 5.3% during the forecast period (2020–2030). According to P&S Intelligence, the market generated $1,492.3 million revenue in 2019, which is expected to reach $2,637.6 million by 2030. Moreover, the market is witnessing the surging consumption of this chemical as a food additive in the food and beverages industry. 

One of the prime factors propelling the magnesium stearate market is the rapid growth in the pharmaceuticals industry in APAC. Pharmaceutical drug manufacturers are widely using magnesium stearate as an inactive ingredient, to avoid the sticking of ingredients to manufacturing tools. Additionally, this chemical also serves as a low-cost release agent in the industry. With the rise in the production of pharmaceuticals in the developing countries of the region, such as India, China, and Indonesia, the demand for the compound is increasing.


Moreover, the surging use of this chemical in the personal care sector is another key factor driving the magnesium stearate market. Magnesium stearate can serve as a lubricant and excellent texturizer in the production of cosmetics. Also, the compound is widely applied as a thickening agent in haircare products and creams. Due to the expanding personal care industry, the demand for this chemical is increasing. With the rising consumer spending in emerging economies, the usage of personal care products is increasing, which, in turn, drives the market.

Geographically, the APAC magnesium stearate market accounted for the largest share in 2019, and it is also projected to record the highest CAGR during the forecast period. This is due to the surging consumption of the chemical in end-use industries such as pharmaceuticals, plastics, food and beverages, and personal care. Moreover, chemical manufacturers in regional countries are focusing on facility expansions to meet the high demand from the end-use sectors. Furthermore, the growing incidence of several diseases is raising the need for medicated drugs, which, in turn, is driving the market.

Thus, the rising use of magnesium stearate in the personal care sector and the growing pharmaceuticals industry are expected to propel the demand for the salt during the forecast period.

Source: www.psmarketresearch.com

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