The pharmaceutical industry has been registering significant growth at the present time, which can be ascribed to the rapid spread of COVID-19 across the globe. Heavy investments are being made in the industry so that companies can come up with a cure for the virus as quickly as they can. The pharmaceuticals has majorly been registering significant growth in the Asia-Pacific (APAC) region, on account of the surging number of patients, increasing geriatric population, and growing prevalence of chronic diseases. It is obvious that with the increasing need for drugs, the demand for raw materials is bound to increase as well.
Attributed to this, the demand for magnesium stearate in the pharmaceutical industry is rising. The compound is extensively utilized as an inactive ingredient by manufacturers in the industry, as it helps in preventing the ingredients from sticking to the equipment. A fine white powder made up of mineral magnesium and stearic acid is referred to as magnesium stearate. Since this compound is a low-cost solution and has the ability to act as a release agent, its demand in the pharmaceutical industry is rising, thereby resulting in the growth of the magnesium stearate market.
Other than the pharmaceutical industry, the food & beverages industry is also creating significant demand for the compound. The food & beverages industry has been expanding rapidly, owing to the increasing disposable income of people, rising demand for ready-to-eat food products, increasing adoption of processed food items, globalization. Magnesium stearate is used as a food additive in a number of products, including granulated mints, chewing gums, confectionery items, and food supplements, in the food and beverages industry.
Owing to all these factors, the global magnesium stearate market is predicted to attain a revenue of $2,637.6 million by 2030, increasing from $1,492.3 million in 2019, progressing at a 5.3% CAGR during the forecast period (2020–2030). On the basis of application, the market is divided into thickeners, binders & fillers, food additives, and texturizers, among which, the binders & fillers applications held the largest share of the market in 2019 and is further projected to account for the major share of the market during the forecast period as well. This is because of the increasing need for magnesium stearate as a binder in the pharmaceutical industry.
Moreover, the compound is also being used as a filler in cleaning products including laundry detergents. Geographically, the APAC region dominated the magnesium stearate market in 2019, which can be ascribed to the increasing consumption of the compound in personal care, plastics, food & beverages, and pharmaceuticals industries. In addition to this, chemical manufacturers in the region are focusing widely on expanding their facilities for meeting the surging demand from end-use industries. The rising need for medicated capsules and tablets in APAC is further creating high demand for magnesium stearate.
Hence, the demand for magnesium stearate is growing due to the rapid expansion of the food & beverages and pharmaceuticals industries across the globe.
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