Market Size of Magnesium Compounds Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Magnesium Compounds Market Analysis
The magnesium compounds market is projected to register a CAGR of more than 5% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The increasing use of magnesium compounds in the construction industry is expected to fuel market growth.
- The availability of substitutes such as alumina, chromite, and others is expected to hinder market growth.
- The growing use of magnesium in medicines is expected to provide opportunities for the market to flourish.
- The Asia-Pacific region dominated the market around the world, with countries like China, India, and Japan being the biggest consumers.
