In recent years, there has been a growing demand for magnesium derivatives which has contributed to the overall development of the global market. Different magnesium derivatives such as magnesium chloride, magnesium sulfate, and magnesium hydroxide have flame retardant and smoke suppressant properties. These derivatives are used for reducing flammability in broad range of applications and materials. Growth in the number of fire accidents and issuance of stricter fire safety guidelines and regulations across the globe are also helping to drive the adoption of magnesium derivatives. Several major industries are adopting proactive steps in order to avoid fire outages and accidents. This too is helping the growth of the global market. Some of the other key factors for the development of the global magnesium derivatives market include rise in demand for food, increasing demand for sulfur free fertilizers, growing magnesium deficiency in soil due to excessive usage of ammonia based fertilizers, and dwindling of cultivation area.
Fluctuating Prices May Have Negative Impact on Market
However, there are some factors that might impede the growth of the global magnesium derivatives market in the near future and stop it from reaching its full potential. One of the key restraining factors for the global magnesium derivatives market is heavy dependency of manufacturers on the availability of raw materials. Historically, the magnesium derivatives’ prices have been quite fluctuating, which in turn has had a negative impact on the overall profits of the leading manufacturers.
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Asia Pacific segment accounted for nearly 50% of the overall share of the global magnesium derivatives market in 2018. China in particular has been the chief contributor for the development of the Asia Pacific market by being a major consumer of magnesite and magnesia. Increasing demand from the prominent end use industries in the emerging economies in India and China are also expected to drive the growth of the Asia Pacific market for magnesium derivatives.