According to a statement by P&S Intelligence, the magnesium stearate market will advance at a 5.3% CAGR, to reach USD 2,637.6 million, by 2030.
The growth in the magnesium stearate industry is mainly credited to the rapid growth of the pharmaceuticals sector in APAC, as well as the rising utilization of the compound in the personal care sector.
The pandemic of COVID-19 has had a positive impact on the magnesium stearate industry, owing to the increasing utilization of the compound in the pharmaceuticals sector.
Based on form, the powder category accounted for the larger industry size in the past few years. This is mainly attributed to the high-volume requirement for powdered magnesium stearate in the pharmaceuticals sector, because of its utilization as an appropriate release agent in drug manufacturing.
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In the past few years, the binders & fillers category, based on application, observed the highest product demand in the magnesium stearate market, and it will remain the highest in the years to come. This is attributed to the high-volume demand for the compound, as a binder, in medicated drugs, because of its capability to hold the ingredients together.
Additionally, the compound is increasingly used as a filler in cleaning products, like laundry detergents. As a result of this, the requirement for the compound as a filler and binder will advance in the years to come.
Based on end users, the pharmaceuticals category will witness the fastest-growing demand for the compound in the years to come, owing to the growing consciousness about its usage as an appropriate release agent, along with a low-cost filler and binder, in medicated drugs.
It is because of the mounting consumption of the product in the personal care sector, as well as the rapid development in the pharmaceuticals sector in APAC, the global magnesium stearate industry will continue to grow in the years to come.