Magnesium Stearate Market Is Estimated To Witness High Growth Owing To Rising Demand from Pharmaceutical Industry

The magnesium stearate market is estimated to be valued at US$ 75.43 Bn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period of 2024-2031, as highlighted in a new report published by Coherent Market Insights’ The magnesium stearate market is driven by the rising demand from the pharmaceutical industry.

Magnesium stearate is widely used as a lubricant in pharmaceutical tablets and capsules manufacturing. It prevents ingredients and powders from clumping and sticking to processing equipment. Furthermore, magnesium stearate facilitates even distribution of active ingredients. With the increasing generics market and growing focus on patient compliance through oral drug delivery, the demand for tablets and capsules is surging, thus propelling the magnesium stearate market growth.

Key Market Trends: Increasing applications of halal magnesium stearate: Halal magnesium stearate derived from Halal-certified sources is gaining popularity with the growing Muslim population worldwide. Major players are focusing on developing and supplying halal-compliant magnesium stearate to cater to the specific needs of halal drugs and supplements manufacturers. Rising consumption of nutritional supplements: With growing health concerns and lifestyle diseases, the demand for dietary supplements is increasing rapidly. Magnesium stearate plays a key role as an excipient in varied supplements like calcium, fish oil, multivitamins, and others. This widespread use in the supplements industry is expected to present lucrative opportunities for magnesium stearate market over the forecast period.

Magnesium Stearate Market Opportunity: The growing use of magnesium stearate as an excipient in food and pharmaceutical applications is expected to create significant growth opportunities for the market over the forecast period. Magnesium stearate is widely used as a lubricant in pharmaceutical tablets and capsules to improve the flow properties of granulations during manufacturing. It also prevents capsules and tablets from sticking to processing and packaging equipment. The rising pharmaceutical industry output and growing consumption of medicines globally is favouring the demand for magnesium stearate.

Moreover, magnesium stearate is considered generally recognized as safe (GRAS) by the FDA for use in food applications such as bakery products and confectionery items. It provides anti-caking properties to powdered seasonings and spices. The rising processed food industry and growing demand for condiment powders present abundant opportunities for magnesium stearate suppliers in the food space. Rapid urbanization and changing lifestyles have boosted the packaged food sector in developing nations, thus driving the use of anti-caking agents like magnesium stearate.

Magnesium stearate finds widespread applications as an internal lubricant in plastic manufacturing. It helps ease the flow of plastic compounds during extrusion processes. The compounding and polymer processing industry has witnessed steady growth over the past few years on account of rising plastic consumption globally. Magnesium stearate enhances the lubrication and dispersion properties of plastic additives like stabilizers and flame retardants during compounding. Its non-migratory nature also prevents lubricant bleeding or blooming on plastic surfaces. These attributes have increased its adoption in the thriving plastic additives market.

Key Market Takeaways: Magnesium Stearate market is anticipated to witness a CAGR of 3.6% during the forecast period 2024-2031, owing to the growing pharmaceutical and food industries. On the basis of Type, Pharmaceutical Grade segment is expected to hold a dominant position, owing to wide application in tableting and capsule manufacturing.

On the basis of Form, Powder segment is expected to hold a dominant position over the forecast period, due to ease of working and uniform distribution. North America is expected to hold a dominant position over the forecast period, due to high consumption of processed food and well established pharmaceutical industry.

Competitor Insights: Key players operating in the Magnesium Stearate market include Faci S.p.A., James M. Brown Ltd, Peter Greven GmbH, and fine chemicals manufacturer Struktol. These companies are focused on enhancing their production capabilities and distribution networks to strengthen market presence.

Recent Developments: In July 2023, Faci launched its Nanostead range of nano-sized particle dispersions. These claim to deliver superior emolliency and moisture-locking attributes as thinner coatings. BASF meanwhile focuses on micro-encapsulation technologies using magnesium stearate shells for slow active ingredient release over several hours. More information in full report.