Magnesium Fluoride Market - Forecast(2024 - 2030)

Magnesium Fluoride Market Overview

The Magnesium Fluoride Market size is estimated to reach $1,010 million by 2027. Furthermore, it is poised to grow at a CAGR of 3.9% over the forecast period of 2022-2027. The said compound is inorganic, which has appeared to look like white crystalline, and has a physical property that allows use for a wide array wavelength. The transparent property allows it to use in optics. Magnesium fluoride occurs from the naturally occurring- rare mineral sellaite. Similarly, another compound, copper sulfate belonging to the same family has been used to kill bacteria, algae, roots, and others, hence it is popularly used in fertilizers. The compound magnesium gluconate helps the body to achieve the required mineral levels and is provided as a supplement to people suffering from a deficiency. Magnesium fluoride can be obtained in numerous ways such as in form of magnesium powder, ultra-high purity, high purity, and others. The property of the said compound helps its case to be used in various applications. Owing to its use in various end-user industries such as pharmaceuticals, food and beverages, supplements, and others are some of the factors responsible for driving the Magnesium Fluoride Industry forward in the projected period of 2022-2027.

Report Coverage

The report: “Magnesium Fluoride Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Magnesium Fluoride Market.

Key Takeaways

• Geographically, North America’s magnesium fluoride market held a dominant share in the year 2021. It is owing to the robust demand from the region and also the presence of major mining houses and organizations which facilitate the entire process and provide the needful to the end-user industries. Moreover, Asia-Pacific is estimated to be the fastest-growing, over the forecast period of 2022-2027. It is owing to the new dimension of compound used in various industries, and also the rising support from the global communities to rely on mining and associated needs.
• The rise of the mining industry for magnesium metal along with increasing investment towards fluorine gas production by utilizing electric power are some of the factors responsible for the growth of the magnesium fluoride market. However, excessive intakes and unregulated trade are some of the barriers impeding the overall market growth.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Magnesium Fluoride Market Report.

Magnesium Fluoride Market- Geography (%) for 2021

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Magnesium Fluoride Market Segmentation Analysis- By Type

The magnesium fluoride market based on type can be further segmented into ultra-high purity, high-purity, and others. High Purity held a dominant market share in the year 2021. The following type has a purity of 99.99%, which provides excellent chemical stability and cross applicative uses. Furthermore, the high-purity factor helps in creating a unique molecular structure that easily binds to the water molecules, and thereby stops them form ice crystals.

However, the ultra-high purity segment is estimated to be the fastest-growing, with a CAGR of 4.4% over the forecast period of 2022-2027. It is owing to the extremely low impurities present in the said form. Products can be manufactured under tight guidelines, which can go as high as +/- 0.0000025, which in turn makes it 100 billion times purer than the typical saltwater or NaCl. Owing to such factors, the said segment would grow at a steadfast pace.

Magnesium Fluoride Market Segmentation Analysis- By Application

The magnesium fluoride market based on the application can be further segmented into optics, pharmaceuticals, food industry, cremains, and Others. Optics held a dominant market share in the year 2021. It is owing to their extremely high optical transmittance, which too at a wide spectral range from 100 nm to 7.5um, which makes it extremely favorable for IR-VUV- and laser applications. MgF2 is produced via an aqueous reaction and residual oxygen and moisture must be essentially eliminated or risk spit from degassing, surface oxides, or exploding particles.

However, the Pharmaceutical segment is estimated to be the fastest-growing, with a CAGR of 4.6% over the forecast period of 2022-2027. It is owing to the rising cases of osteoporosis and heart attacks. The said inorganic compounds exhibit properties that can prevent the constriction of blood vessels and arteries. As per WHO, 15.215 million people faced mortality owing to heart attack and stroke. Hence, pharmaceuticals are currently supplying medicines to curb the said fatality and mortality.

Magnesium Fluoride Market Segmentation Analysis- By Geography

The magnesium fluoride market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a predominant market share of 33% as compared to its other counterparts. As per analysis, under the category of “magnesium and article thereof” has North America is a leader. Moreover, the USA had a value of $165,327 million dollars in 2016, which jumped off to reach the value of $239,870, which is a relative increase of 44% within 5 years.

However, Asia-Pacific is estimated to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the growing pharmaceutical industries, additionally, CDMOs or Contract Research and Development Manufacturing Organizations are being set up in off-shore locations such as Asia to take benefit of the economies of scale.

Magnesium Fluoride Market Drivers

The rising use of biomaterials has readily aided the growth of magnesium fluoride.

Temporary transplants are of growing use across the globe. Moreover, within the US, approximately 6.3 million fracture injuries take place, which roughly translates to 2.4 in every 100. Out of the said, a proportion of the population needs a temporary implant to fasten the pace of recovery. Magnesium-based alloys are being preferentially used by doctors across owing to the physical and mechanical properties, which include specific strength and modulus elasticity close to the cartilage and bone which leads to the excellent bone formation process. However, magnesium doesn’t pertain to all the necessary quantities which are required for it to be used as a bio-material. The said compound is prone to high corrosion, which would translate into lower efficiency as the temporary implants are supposed to degrade post tissue heal, and not before. Hence, magnesium fluoride is used. The thin layer of MgF2 increases the polarization resistance and reduces the corrosion density, thereby helping to elongate the implant’s life post-exposure to body fluids.

The rising cases of osteoporosis owing to the steeping geriatric population and other ailments have aided the overall market growth.

Osteoporosis is a common bone disease causing them to become extremely weak and brittle, that mild stress on the bone can result in a fracture. Moreover, about 60% of the total MgF2 is stored in the bone, and the deficiency of the said mineral can cause the discussed problems. Hence doctors recommend medications particularly focusing to increase the consumption of the said compound. Moreover, magnesium fluoride has been shown results to treat or prevent the constriction of blood vessels and arteries, which in turn saves from malignancies of heart attacks and failures. Lastly, the geriatric population is on the rise which will further propagate the cases pertaining to osteoporosis and heart failures. As per CDC, within the US, the senior population would break even the younger population by 2036. The composition currently represents 54.1 million.

Magnesium Fluoride Market Challenges

Magnesium Fluoride's side effects on health persuaded by the extravagant mining has impeded the overall market growth.

Mining has been a key aspect and is now being heavily publicized owing to the growing trend to curb the carbon-pollution levels. However, mining poses unique health disadvantages- to both environment and personal well-being. Across the world, mining contributes to erosion, sinkholes, deforestation, loss of biodiversity, significant use of water resources, dammed rivers, and ponded waters, wastewater disposal issues, acid mine drainage, and contamination of soil, ground, and surface water, all of which can lead to health issues in local populations. Moreover, cases such as tuberculosis and black lung diseases are the prevalent features that impede market growth. Lastly, Paris Climate Accord would substantially push the mining industry forward, however at the cost of people’s long-term health.

Magnesium Fluoride Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Magnesium Fluoride top 10 companies include:

1. Morita Chemical Industries,
2. Henan Kingway Chemicals,
3. Stella Chemifa Corporation,
4. Fairsky Industrial,
5. Fluoro Chemicals,
6. Wuxi Ruiyuan Chemical,
7. Fujian Qucheng Chemical,
8. Jiangxi Yono Industry,
9. Shangrao Comprehensive Fluoride Chemical,
10. Changshu Donghuan Chemical

Recent Developments

• In January 2021, Magloy Tech has invented OrthoMag, a first-of-its-kind bone implant that dissolves naturally in the body as the bone heals. Magloy Tech has secured $200,000 worth of funding from NUS GRIP and Origin Ventures, as well as a $500,000 Startup, SG Tech Grant, by Enterprise Singapore. OrthoMag significantly reduces post-surgery complications and can potentially render revision operations obsolete in the trauma fixation sector hence reducing the long-term physical, financial and emotional burden on patients.
• In March 2019, Syntelix launched its highly innovative magnesium-based special implant. The said implant has a thin layer of magnesium fluoride which mitigates the corrosion process. The “MAGNEZIX- STAR FUSE” product line has been developed especially for forefoot surgery procedures, and the cooperation of experts was taken before rolling out the said product. The new product line offers a combination of unique material and patented design coupled with a geometry that is innovative worldwide in the field of implants.
• In March 2019, Magnesium Development Company, an organization with a breakthrough magnesium alloy technology received an investment from Genesis Innovation Group’s Cultivate MD. The latter company focuses on providing funding to budding healthcare companies. MDC’s solution is an exclusive and proprietary technology that combines the strength and handling properties of metal with complete and controllable absorption. The company’s many targeted devices will include interference screws for anterior cruciate ligament (ACL) repair, sports medicine anchors, various plates, screws, and wires addressing foot and ankle procedures, as well as trauma applications.

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