According to a study conducted by P&S Intelligence, the global magnesium stearate market is projected to reach a value of $2,637.6 million by 2030, increasing from $1,492.3 million in 2019, advancing at a 5.3% CAGR during the forecast period (2020–2030). The market is growing due to the swift expansion of the pharmaceuticals industry in Asia-Pacific and the rising consumption of magnesium stearate in the personal care industry. In terms of form, the market is divided into flakes and powder, between which, the powder division held the larger share of the market in 2019.
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The demand for powdered magnesium stearate is high in the pharmaceuticals industry, which can be ascribed to its growing utilization as an ideal release agent during the drug manufacturing process. This compound prevents the sticking of tablets to the manufacturing equipment and thus, makes the production process time-saving and efficient. Furthermore, the use of powdered magnesium stearate is also growing in cosmetic products, including foundations, pressed powders, and eye shadow, since it has the ability to function as an anti-caking agent.
Geographically, the Asia-Pacific (APAC) region dominated the magnesium stearate market in 2019, which can be ascribed to the increasing demand of this compound from food & beverages, pharmaceuticals, personal care industries, and plastics industries. Chemical industries in APAC are increasingly focusing focus on expanding their facilities for meeting the surging demand from end-use verticals. In addition to this, the growing requirement for medicated capsules and tablets, owing to the surging prevalence of various diseases, is also predicted to result in the increasing requirement for magnesium stearate in APAC during the forecast period.
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A major trend being observed in the magnesium stearate market is the rising demand for this compound in the food & beverages industry. The consumption of magnesium stearate has been increasing in the food & beverages industry since the past few years because of the growing awareness regarding its beneficial properties as a food additive. Owing to this, magnesium stearate is being utilized as a food additive for a number of products, including granulated mints, chewing gums, and confectionery items, and food supplements.