Magnesium Stearate Market Analysis Report By Application (Pharmaceuticals (Lubricants, Binders), Food & Beverages, Personal Care), By Region, Vendor Landscape, And Segment Forecasts, 2018 - 2025

Industry Insights

The global magnesium stearate market size was estimated at USD 398.3 million in 2017. Significant usage of the product in the pharmaceutical industry, coupled with heightened demand in the Asia Pacific, is anticipated to drive the market over the forecast period.

The product finds application in various industries including pharmaceutical, personal care, and food & beverages. It is extensively used as a lubricant, binder, and filler in tablet processing, excipients, and the production of ointments in the pharmaceutical industry. The market is expected to witness an increased investment from key market participants in R&D activities. Key players have been focusing on broadening their product portfolio in order to sustain competition in the market.

Spiraling usage of magnesium stearate as an excipient in tablets, capsules, and other drug formulations is likely to stoke the growth of the market. Increasing health consciousness among people across the world coupled with rising disposable incomes in countries such as China and India is bolstering the growth of the market. However, demand for the product has been hindered by increasing prices of raw materials such as stearic acid. Increasing raw material prices are adversely affecting the upward climb of the market, notably in countries such as China and Japan.

The regulatory framework for manufacturing the product is governed by various regulatory bodies including the Occupational Safety and Health Administration (OSHA) and the Toxic Substance Control Act (TSCA). The framework specifies the chemical and physical dangers of raw materials employed in magnesium stearate manufacturing and postulates general requirements for storage and use of these raw materials. Restrictions on the use of products have forced manufacturers in the market to conform to regulatory guidelines set up by various bodies.

The product is also widely used in the personal care industry as a texturizer, opacifier, non-gelling thickener, film-forming, anti-caking, and lubricating agent. It is also used in numerous personal care products including color cosmetics, creams, lotions, pomades, ointments, and cream shampoos. The number of retail & distribution chains and online platforms aids easy availability of personal care items, thereby fueling the demand for the product.

The Asia Pacific is poised to emerge as the most promising market for magnesium stearate over the forecast period. The demand for the product in the region is driven by the pharmaceutical, food & beverage, and cosmetic industries, with major demand coming from countries such as China and India. The booming pharmaceutical industry, due to the surging demand for generic drugs, is boosting the demand for magnesium stearate.

Furthermore, the China Food and Drug Administration (CFDA) has issued several policies to encourage new innovations in the pharmaceutical industry in the country. This, in turn, is estimated to propel the market.

Application Insights

Key applications of the product include pharmaceuticals, personal care, and food & beverages. The pharmaceutical segment dominated the market in 2017. It is anticipated to sustain its position until 2025. The pharmaceutical segment is further divided into two categories namely, lubricants, and binders & fillers.

As a lubricant, magnesium stearate is used to enhance the flowability of formulations. It is also used to prevent pharmaceutical formulations from adhering to processing equipment surfaces. The use of the product as binders & fillers is intended to bind ingredients in dosages together. The rapid growth of the pharmaceutical industry, especially in the Asia Pacific, is expected to trigger the demand for plasticizers, which in turn is likely to augment the overall magnesium stearate market.

The pharmaceutical segment is projected to witness significant growth over the forecast period. The functionality of the product in pharmaceuticals makes it a preferred filler in these applications. Magnesium stearate is used as a filler in solid dosage forms to ensure the stability of fill weight. The use of the product eliminates any reaction with drug ingredients and helps retain the properties of other excipients.

Magnesium stearates are increasingly being used in pharmaceutical applications owing to benefits offered by them such as increased dissolution time with regard to capsules and tablets, the achievement of ideal hopper flow, and minimal force of ejection among others. It is also used to enhance the quality control aspect and consistency of capsules and tablets.

Regional Insights

The Asia Pacific dominated the market in 2017. It is poised to maintain its position in the arena through 2015. Countries such as India and China are at the forefront of the regional market. The region is also estimated to register the highest CAGR during the forecast period.

China is one of the key manufacturers of drugs across the globe. Pharmaceutical production in the country is anticipated to rise at a noteworthy CAGR during the same period, owing to supportive policies implemented by the government. Furthermore, the personal care industry in China is expanding at a fast pace with the presence of numerous multinational companies. Cosmeceuticals, which are products that combine cosmetics and pharmaceutical properties, such as acne treatment or anti-aging, are also gaining popularity in the country. Growing consumer awareness regarding natural and organic products is expected to stimulate the growth of the personal care industry in China. This, in turn, is expected to stir up the demand for magnesium stearate.

The market is also expected to gain impetus in Europe over the coming years. Europe has been experiencing profitable parallel trade in the pharmaceutical industry following the exit of the U.K. from the European Union. Furthermore, emerging markets in Central and Eastern Europe (CEE) such as Belarus, Bulgaria, Greece, Republic of Macedonia, Moldova, Montenegro, and Romania are expected to remain a lucrative markets for multinational pharmaceutical companies, thereby is projected to boost the product demand over the forecast period.

Magnesium Stearate Market Share Insights

The market is expected to witness consistent growth over the forecast period backed by high demand from various application industries. Some of the key players operating in the market are Kirsch Pharma GmbH, PT Halim Sakti Pratama, Parchem Fine & Specialty Chemicals, Nimbasia, and Baerlocher GmbH, Valtris Specialty Chemicals, and FACI SPA. The key players have adopted several strategies to gain a competitive edge in the market. Partnerships and acquisitions are notable strategies adopted by major players.

Key players in the market are focusing on manufacturing the product as an excipient and lubricant to aid the formulation process of tablets pertaining to dietary supplements. Therefore, the key players in the market are expected to develop enhanced methods related to the production of the product.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, & country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global magnesium stearate market report based on application and region:

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Pharmaceuticals

    • Lubricants

    • Binders & fillers

  • Personal Care

  • Food & Beverages

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • North America

    • The U.S

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa