The voluminous use of magnesium stearate in the production medical tablets and powders is expected to boost the growth of the global magnesium stearate market during the forecast period 2015-2025. The prominence of magnesium stearate as one of the most widely used additive in supplement drugs is also anticipated to fuel the demand in the future. Being a significantly important compound for several medical and healthcare applications will continue to drive the growth of the global market for magnesium stearate.
Nonetheless, the marginally controversial status of magnesium stearate is likely to reduce the anticipated upsurge of the global market. Increased R&D work on the side effects of magnesium stearate will determine the compound’s fate as a globally accepted drug. However, owing to the clinical benefits, medicine manufacturers will continue to use magnesium stearate in drugs, thereby driving the growth of the global market.
Magnesium Stearate: Market Dynamics
The key factors that are expected to shape up the dynamics of the global market for magnesium stearate include,
- As an excipient in medicine
It is important to identify that the extensive use of magnesium stearate in drugs is owing to its anti-adherent properties that enable long-term stabilisation of any medical ingredient. As a result, the demand for magnesium stearate is expected to surge onward as the compound will continue being a constituent of majority of medical drugs and capsules.
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- As a binding agent
The commercial application of magnesium stearate as a binding agent in paints will hike the production of the compound, owing to the global expansion of residential and commercial real estate.
- As a lubricant
The demand for magnesium stearate will increase, owing to its lubricating properties that prevent ingredients from sticking to manufacturing equipment during the production of medicinal tablets.
The use of magnesium stearate in baby formula and other dietary supplements as well as in cosmetic products are some of the lesser known factors driving the growth of the global market. However, the controversial status of the compound isn’t the only restraint challenging the growth of the market. Environmental regulations regarding the use of magnesium stearate vary from region-to-region and are strict in several countries in the world, which is restraining the global expansion of the magnesium stearate market size. The high cost of extracting or deriving magnesium stearate as a raw material is also a major impediment in the growth of the global market.
The global magnesium stearate market is classified on the basis of applications, end-users, and the geographic regions.
On the basis of application, the market is segmented into,
- Food additive
- Powder & tablet lubricant
- Binders & Fillers
Owing to the pervasive use, the powder & tablet lubricant segment will continue to procure a majority share of the global market, whereas food additives segment is projected to show substantial growth in terms of volumes.
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Based on the end-users, the market is segmented into,
- Plastic industry
- Personal care industry
- Food manufacturers
- Paint industry
- Pharmaceutical manufacturers
Owing the leading application-based segment, the pharmaceutical companies are expected to be the dominant end-user based segments. Increased consumption of nutraceutical products is also expected to trigger the growth of the food industry segment.
Regional Status of Magnesium Stearate
Among the geographical segmentation of the global market, Asia Pacific (APAC) region will continue the dominance in terms of market value. The increased adoption of food additives in several APAC region is estimated to be one of the primary reason favouring the growth of the magnesium stearate market. In terms of the revenue share, China is expected to be a major contributor in the APAC magnesium stearate market. Moreover, North America is also expected to be emerge as an opportune region for the growth of the magnesium stearate market. Consumption of food products with added supplements that claim health benefits is a growing trend in the US, resulting into the driving factor for North American magnesium stearate market.
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Magnesium Stearate Market: Competitive Landscape
The key players in the global market for magnesium stearate include, Kirsch Pharma GmbH, PT Halim Sakti Pratama, Bronson & Jacobs, Parchem fine & specialty chemicals, Nimbasia, Aromantic Ltd., and Amik Italia Spa-Chemical Company, among others. The key pharmaceutical manufacturers are expected to develop processing methods to enhance surplus production of magnesium stearate. However, the end-user food manufacturers are facing challenges to expand the usage capacity, owing to the strict FDA regulations regarding the additive amount of magnesium stearate in a food product.