Market Size of Magnesium Stearate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Magnesium Stearate Market Analysis
The Global Magnesium Stearate Market is projected to register a CAGR of over 6% during the forecast period (2021-2026).
Due to the recent outbreak of COVID-19, although several industries have been hard hit, the pharmaceutical industry which accounts for the largest share of the magnesium stearate market application has witnessed a strong development considering it as an essential industry vital for human survival, which is, in turn, driving the market studied. The pandemic has changed the insight of the consumers globally and people around the world are now more inclined towards healthcare and are spending more on health and pharmaceutical amenities, which is boosting the consumption of magnesium stearate in the medical industry. The healthcare spending currently in the United States is USD 11,674 million in the 2020-2021 period. However, the personal care segment is negatively impacted by COVID-19 thus slightly impacting the magnesium stearate market, it is estimated that the makeup sales in the United States were down by 22% in the first quarter of 2020, compared to that of the previous year.
- In the medium term, the growing use of magnesium stearate as fillers & binders and lubricants in the pharmaceutical industry is expected to be the driving factor in the market studied.
- On the flip side, health risks associated with magnesium stearate and probable contamination during the manufacturing process are the factors hindering the market growth.
- Asia-Pacific region dominated the market and is expected to dominate during the forecast period.
