High-volume of magnesium stearate is used in the personal care industry, especially in India, Germany, South Korea, China, France, and the U.S., as the compound can serve as an excellent lubricant and texturizer in cosmetics. It is also utilized as a thickening agent in creams and haircare products such as hair masks, conditioners, and shampoos. With the rising consciousness about physical appearance, the adoption of personal care products will significantly increase in the coming years, which, in turn, will drive the demand for this chemical.
Apart from this, magnesium stearate also finds application in the food and beverages sectors, on account of its food additive property. This compound serves as a food additive in food supplements and food items like chewing gums, granulated mints, and confectionery products. Thus, the increasing consumption of the chemical in the personal care and food and beverages industries will drive the market for magnesium stearate at a CAGR of 5.3% during 2020–2030. The market was valued at $1,492.3 million in 2019 and it is expected to reach $2,637.6 million by 2030.
According to P&S Intelligence, Asia-Pacific consumed the highest quantity of magnesium stearate in 2019, due to the considerable rise in applications of the compound in food and beverages, plastics, pharmaceutical, and personal care industries in the region. Chemical companies in APAC nations are focusing on facility expansions to meet the high-volume demand from these end-use sectors. Additionally, the growing requirement for medicated drugs in the region will boost the consumption of the compound.
Thus, the rising consumption of medicated drugs, food items, and personal care products will fuel the adoption of magnesium stearate, globally, in the foreseeable future.
Read More: https://www.psmarketresearch.com/market-analysis/magnesium-stearate-market-growth
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