Magnesium Stearate Market Insights, Leading Players and Forecast to 2030

With the expansion of the pharmaceutical sector in the developing countries of Asia-Pacific (APAC) such as India, Indonesia, and China, the demand for magnesium stearate is rising sharply across the world. The compound is extensively used as an inactive ingredient in pharmaceutical drug production for preventing the sticking of the ingredients to the production equipment. It can serve as a low-cost release agent and is, thus, preferred by drug producers across the world. 

Besides the aforementioned factor, the mushrooming usage of the compound in the personal care industry, in the U.S., France, Germany, South Korea, and India, is also fueling its sales. Magnesium stearate can serve as an excellent lubricant and texturizer in cosmetics. Additionally, the compound is extensively used as a thickening agent in haircare products and creams such as conditioners, hair masks, and shampoos. Thus, the booming sales of these products is fueling the worldwide demand for the compound.

This is, in turn, driving the growth of the global magnesium stearate market. As a result, the market revenue is expected to grow from $1,492.3 million in 2019 to $2,637.6 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 5.3% between 2020 and 2030. Depending on industry, the market is classified into food & beverages, pharmaceuticals, and personal care categories. Out of these, the pharmaceuticals category dominated the market in 2019.

This trend is also predicted to continue in the upcoming years, on account of the surging utilization of the compound as a release agent during drug production processes. Moreover, the pharmaceutical manufacturing sector is expanding rapidly, due to the soaring medical requirements of people around the world. This is further boosting the demand for magnesium stearate. The magnesium stearate market is also divided, based on form, into flakes and powder. Between these, the powder category led the market in 2019.

This is attributed to the increasing demand for the compound from various end-use industries and the surging sales of personal care products and cosmetics such as eye shadows and pressed foundation cakes, on account of the increasing disposable income of people in the region. As magnesium stearate is used in these products, because of its ability to absorb the excess moisture and prevent lump formation, their soaring sales are driving the demand for the compound in the region.

Therefore, it is quite clear that the demand for magnesium stearate will surge in the coming years, primarily because of its soaring usage in pharmaceutical and personal care products and the booming sales of these products across the world. 

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