| Product Code: ETC089923 | Publication Date: Jul 2023 | Product Type: Report | ||
| Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
The India magnesium carbonate market import shipment demonstrated a modest compound annual growth rate of 0.7% from 2020 to 2024. However, the growth momentum decelerated notably between 2023 and 2024, with a decline of 18.7%. Overall, the market expansion slowed down towards the end of the period, indicating a potential stabilization or retraction.
The India magnesium carbonate market is expected to grow at a CAGR of 6-7% over the next five years. The growing demand for magnesium carbonate from its various applications such as pharmaceuticals, cosmetics & personal care products, and food & beverage industry will be a major driver for this growth. Additionally, increasing awareness about the health benefits associated with consuming magnesium compounds will drive further adoption of these compounds by consumers. Moreover, government initiatives to promote green chemistry and reduce air pollution are also expected to provide impetus to the growth of this market in India.
The Indiamagnesium carbonate market is being driven by growing demand from the food and beverage industry, increased industrial applications, rising disposable incomes of consumers, and government regulations. Furthermore, increasing awareness about health benefits associated with magnesium carbonate consumption has also been driving its use across various industries.
In terms of challenges faced by the India magnesium carbonate market, high cost of raw materials used for manufacturing is one major factor hindering growth. Additionally, environmental concerns related to this product???s production process can act as a challenge to market expansion.
Some of the key players operating in the India magnesium carbonate market include Gujarat Alkalies & Chemicals Ltd., Jost Chemical Co., Orient Abrasives Ltd., The Minerals Technologies Inc., Sibelco Group (Aurum Mining), Cales De Llierca SLU among others.
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