Magnesium Fluoride Market: Global Industry Analysis and Forecast (2024-2030)

Magnesium Fluoride Market size was valued at US$ 925.34 Mn. in 2023 and the total Magnesium Fluoride revenue is expected to grow by 4.3% from 2024 to 2030, reaching nearly US$ 1242.49 Mn.
Magnesium Fluoride Market Overview:
Magnesium fluoride, abbreviated MgF2, is an inorganic chemical. The substance is a white crystalline salt that is transparent over just a wide range of wavelengths and has industrial applications in optics, including space telescopes. It's often found in nature as the uncommon mineral sellaite. The report explores the Magnesium Fluoride market's segments (Form, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2023. The report investigates the Magnesium Fluoride market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Magnesium Fluoride market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Magnesium Fluoride Market Dynamics:
The increasing usage of biomaterials has boosted magnesium fluoride's use in commercial and medical applications. Temporary transplants are becoming more popular across the world. Furthermore, around 6.2 million fracture injuries occur in the United States, which equates to 2.3 in every hundred. A subset of the population needs a temporary implant to expedite healing. Doctors all over the world choose magnesium-based alloys because of their physical and mechanical qualities, which include particular strength and modulus elasticity near the bone and cartilage, resulting in a great bone formation phase. However, magnesium does not have all of the requisite proportions for it to be applied as a biomaterial. The aforementioned material is prone to excessive corrosion, which translates to decreased effectiveness because temporary implants are designed to disintegrate after tissue healing, not before. As a result, magnesium fluoride is utilized.

The increased incidences of arthritis as a result of the aging population, as well as other disorders, have benefited the overall market growth. Osteoporosis is a common bone condition that causes bones to become so weak and fragile that even minor force can result in a fracture. Furthermore, around 55% of total MgF2 is stored in bone, and a lack of the mineral might result in the aforementioned difficulties. As a result, physicians offer drugs that are specifically designed to promote the intake of the aforementioned substance. Furthermore, magnesium fluoride has been demonstrated to cure or prevent blood vessel and artery stiffness, which saves from cancers of heart problems and failures. Finally, the aging population is growing, which will increase the number of instances of osteoporosis and heart failure.

The adverse health impacts of magnesium fluoride, as a result of the excessive mining, have hampered overall market growth. Mining has been an essential element, and it is currently receiving a lot of attention as a result of the rising tendency to reduce carbon pollution levels. Mining has distinct health risks that affect both the ecosystems and local well-being. Mining makes a significant contribution to erosion, mudslides, habitat destruction, species extinction, significant use of water resources, flooded rivers, and groundwater, municipal wastewater issues, acid mine drainage, and soil contamination, around the world, all of which can lead to health problems in local populations. Additionally, frequent factors that restrict product demand include TB and black lung illnesses. Finally, the Paris Climate Accord would significantly advance the mining sector, but at the expense of consumers’ long-term health.
Magnesium Fluoride Market Segment Analysis:
By Type, the magnesium fluoride market can be further segmented into ultra-high purity, high-purity, submicron, and nano powder. In 2023, the High Purity segment had an overwhelming market share of more than 20%. The ultra-high kind has a purity of 99.999 percent, allowing for good chemical stability and cross-application usage. Additionally, the high purity factor aids in the formation of a distinct chemical composition that easily bonds to water molecules, preventing them from forming ice crystals.

The ultra-high purity market, on the other hand, is expected to increase at the quickest rate, with a CAGR of 3.8% between 2024 and 2030. It is due to the exceptionally low contaminants present in the aforementioned form. Products may be created under strict standards that can reach as high as 0.000002% error margin, making it 100 billion times purer than regular sodium chloride. As a result of such circumstances, the aforementioned segment is expected to grow at a rapid pace.

By Application, The magnesium fluoride market can be further segmented into optics, pharmaceuticals, food industry, ceramics, and others. In the year 2023, optics held an overwhelming market share of more than 30%. It is because of their extremely high optical absorption, which occurs throughout a large spectrum range of 100 nanometers to 7.5 micrometers, that they are ideal for laser applications. Magnesium Fluoride is formed in an aqueous process, and any leftover oxygen or moisture is substantially removed or it can lead to damage from degassing, surface oxides, or bursting particles.

The Pharmaceutical segment, on the other hand, is expected to grow at the quickest rate, with a CAGR of 3.9% between 2024 and 2030. It is due to an increase in cardiovascular illnesses. The inorganic compounds created from Magnesium have features that can prevent blood vessel and artery restriction. According to the WHO, 18 million individuals died as a result of a heart attack or a stroke. As a result, pharmaceutical companies are presently manufacturing drugs to reduce lethality.
Magnesium Fluoride Market Regional Insights:
North America (especially the US) held a strong market share of 33% in 2023. However, Asia-Pacific is expected to provide profitable growth prospects for manufacturers between 2024 and 2030. Because of the growing pharmaceutical industry in the APAC region, Contract Research and Development Manufacturing Organizations, are being established in off-shore regions in Asia to capitalize on economies of scale. China and South Korea are the major markets for magnesium fluoride due to the rising demand for the same from the local optics industry. Danyang is regarded as China's primary production hub for eyeglasses. According to mainland media estimates, the city has about 1,590 commercial companies involved in the manufacture of eyeglasses and associated items. The city's production of eyeglass frames accounts for around a third of China's total, while its production of optical and glass lenses is said to account for 70% of China's total and 38% of the world's total.

The objective of the report is to present a comprehensive analysis of the Magnesium Fluoride market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Magnesium Fluoride market dynamics, and structure by analyzing the market segments and projecting the Magnesium Fluoride market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Magnesium Fluoride market make the report investor’s guide.

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Global Magnesium Fluoride Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 925.34 Mn.


Forecast Period 2024 to 2030 CAGR:
4.3 %
Market Size in 2030:
US $ 1242.49 Mn.


 Segments Covered:
by Form
1. Ultra-High Purity
2. High-Purity
3. Submicron
4. Nano Powder


by Application
1. Optics
2. Pharmaceuticals
3. Food Industry
4. Ceramics
5. Others.



Magnesium Fluoride Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America).
Magnesium Fluoride Market, Key Players are:
• Morita Chemical Industries
• Henan Kingway Chemicals
• Stella Chemifa Corporation
• Fairsky Industrial
• Fluoro Chemicals
• Wuxi Ruiyuan Chemical
• Fujian Qucheng Chemical
• Jiangxi Yono Industry
• Shangrao Comprehensive Fluoride Chemical
• Changshu Donghuan Chemical
• Harshil Fluoride
• Powder Pack Chem
• Noah Chemicals
• International Crystal Laboratories
• Reade Advanced Materials
• ACI Alloys

FAQs:

1. Which is the potential market for Magnesium Fluoride in terms of the region?
Ans. APAC is the potential market for Magnesium Fluoride in terms of the region.

2. What are the restraints for new market entrants?
Ans. The adverse health impacts of magnesium fluoride, as a result of the excessive mining, have hampered overall market growth

3. What is expected to drive the growth of the Magnesium Fluoride market in the forecast period?
Ans. The increasing usage of biomaterials has boosted magnesium fluoride's use in commercial and medical applications

4. What is the projected market size & growth rate of the Magnesium Fluoride Market?
Ans. The Magnesium Fluoride Market size was valued at US$ 925.34 Mn. in 2023 and the total Magnesium Fluoride revenue is expected to grow by 4.3% from 2024 to 2030, reaching nearly US$ 1242.49 Mn.

5. What segments are covered in the Magnesium Fluoride Market report?
Ans. The segments covered are Form, Application, and Region.