The fierce competition in the magnesium carbonate market has prompted companies to demand higher production processes, advanced technologies and control measures to ensure their position in their respective market segments. In order to remain competitive in today’s highly competitive market, these companies are focusing on new product development and innovation. Due to the increased demand for magnesium carbonate in various industries, the demand for innovative products is expected to increase in the coming years, thus providing ample opportunities for the growth of the magnesium carbonate industry. Currently, various new materials have been developed by Meishen Company to meet the growing needs of the market. For example, demand for high-quality magnesium carbonate, pharmaceutical grade magnesium carbonate and food grade magnesium carbonate are growing. Therefore, new product development and innovation can show high growth potential in the market in the next few years.
In recent years, magnesium carbonate has been widely used in the production of magnesium oxide.
In the end-use category, the magnesium oxide production sector is expected to be the largest in terms of market valuation. In the production of magnesium oxide, the increasing use of magnesium carbonate has stimulated growth in the industry and the entire market. Magnesium carbonate is a key raw material in the production of magnesium oxide and used as a refractory material in the cement and steel industries. Growth in these industries is expected to stimulate demand for magnesium oxide, which is expected to drive magnesium carbonate in the next few years. In 2017, the value of the magnesium oxide production segment was approximately $10.6 billion and is expected to exceed $16 billion by the end of 2027.
The growth of the personal care and cosmetics market have contributed to the growth of the global magnesium carbonate market.
In recent years, the personal care and cosmetics industry is growing steadily. The increase in disposable income of the middle class has promoted the use of cosmetics in developing countries. It is expected that the use of magnesium carbonate in the personal and cosmetic industries will grow in the coming years, which will lead to growth in the global market. The Personal Care and Cosmetics division is expected to reach significant market valuations by the end of 2027 and is expected to grow at a compound annual growth rate of 4.5%.