The global magnesium stearate market is expected to grow at a CAGR of over 5.5% during the forecast period. Magnesium stearate is a simple salt that is produced using mineral magnesium and saturated fat stearic acid. It is majorly used as a nutritional supplement in the food & beverage industry and in several pharmaceutical applications.
- The growing use of magnesium stearate as fillers & binders and lubricants in the pharmaceutical industry and increasing use in the production of dietary supplements are expected to be the driving factor in the market studied.
- Probable contamination of magnesium stearate during the manufacturing process is expected to significantly hinder the growth of the market studied.
Key Market Trends
Growing Usage in Pharmaceutical Industry
- Magnesium stearate is an inactive ingredient which has significant usage in the pharmaceutical industry as a diluent for the manufacture of tablet, capsule, and powder dosage forms. Owing to its lubricating properties, it is used during the production of medicative capsules and tablets. It prevents the individual ingredients in a capsule from sticking to each other and the machine that creates the capsules.
- It further helps to improve the consistency and quality control of medication capsules. Though it is possible to create medication capsules without magnesium stearate, consistency and quality of those capsules cannot be guaranteed to be of a superior product and hence it is preferable to use magnesium stearate in tablets and capsules.
- Moreover, its usage helps to delay the breakdown and absorption of medications, so they’re absorbed in the correct area of the bowel. Overall, the growing market for medical drugs is significantly expected to drive the market for magnesium stearate in the pharmaceutical industry.
- In Europe, the production of medicines is expected to increase owing to increasing ailing population and growing research & development activities in this sector.
- In Asia-Pacific region, China and India are some of the leading producers of pharmaceuticals. India is the largest provider of generic drugs globally. China is the world’s second-largest market for pharmaceuticals and is the fastest emerging market for the sector. The country has a large and diverse domestic drug industry, comprising around 5,000 manufacturers, of which many are of small or medium-sized, and base their businesses on generics, active pharmaceutical ingredients (APIs) or traditional Chinese medicine. Additionally, the “Made in China 2025” initiative is expected to reinvent to reinvent the country’s pharmaceutical industry.
- Production of medical drugs is also growing at a stable rate in United States; however, the growth is minimal than Asia-Pacific countries.
- Overall, the market for magnesium stearate in the pharmaceutical industry is expected to rise at a stable rate through the forecast period.
India – the fastest growing market in Asia-Pacific region
- India is the largest provider of generic drugs globally, supplying over 40% of generic demand in the United States, and 25% of all medicine in the United Kingdom. According to India Brand Equity Foundation, the pharmaceutical industry in the country is expected to reach USD 55 billion, averaging a growth rate of 20% year-on-year.
- Moreover, according to data released by the Department of Industrial Policy and Promotion (DIPP), the drugs and pharmaceuticals sector attracted cumulative FDI inflows worth USD 15.98 billion between April 2000 and March 2019. This is expected to offer enormous opportunities to the pharmaceutical sector in the country.
- Additionally, production of food & beverage and personal care products too are significantly rising in the country, all of which is expected to contribute to the growing market for magnesium stearate in India.
The global magnesium stearate market is partially fragmented with the presence of various international and local players in the global market. Some of the major players of the market studied include, Baerlocher GmbH, Nimbasia, Valtris Specialty Chemicals, FACI SPA, and James M. Brown Ltd., among others.
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