Caustic Calcined Magnesite Market Share

APAC Market Statistics

Asia Pacific industry is set to account for largest revenue share of 45% by 2037. The growth of the market can be attributed majorly to the increasing demand for products from the chemical industry, especially in China. Caustic calcined magnesite is a highly required chemical necessary for the production of various chemicals to add additional properties to them for commercial uses. For instance, chemical sales in China were observed to be growing by nearly 40% in 2021, up from approximately 25% in 2011. In addition, the rapidly growing construction sector in the Asia Pacific backed by the growth in the urbanizing process owing to growing industrialization and rapid migration of people from rural to urban areas. is also projected to fuel market growth in the region in the coming years. For instance, it was projected that half of the population dwelling in the Asia Pacific region will move to urban areas summing up to 1 billion people by 2065.  

North American Market Forecast   

Moreover, the market in North America is projected to grab the second-largest share during the forecast period. the growth of the market can be ascribed to the notable surge in the demand for caustic calcined magnesite from the cosmetics industry in the region coupled with the strong presence of prominent market players in the region. In the United States, in 2020, about USD 2 billion was generated from sales of eye cosmetics, and approximately USD 1.5 billion from the sales of facial cosmetics. The North American region is observed to be the region with higher cosmetics sales since the regional population is more inclined to spend a notable amount of money on cosmetics and personal care products. The sales generated by the cosmetic industry in the United States are projected to exhibit around USD 48 billion every year.