High-volume of magnesium stearate is used in the personal care industry, especially in India, Germany, South Korea, China, France, and the U.S., as the compound can serve as an excellent lubricant and texturizer in cosmetics. It is also utilized as a thickening agent in creams and haircare products such as hair masks, conditioners, and shampoos. With the rising consciousness about physical appearance, the adoption of personal care products will significantly increase in the coming years, which, in turn, will drive the demand for this chemical.

Apart from this, magnesium stearate also finds application in the food and beverages sectors, on account of its food additive property. This compound serves as a food additive in food supplements and food items like chewing gums, granulated mints, and confectionery products. Thus, the increasing consumption of the chemical in the personal care and food and beverages industries will drive the magnesium stearate market at a CAGR of 5.3% during 2020–2030. The market was valued at $1,492.3 million in 2019 and it is expected to reach $2,637.6 million by 2030.

Additionally, magnesium stearate is also consumed in large quantities in the pharmaceutical industry. The usage of the chemical has escalated in this sector, due to the increasing awareness regarding its utilization as a suitable release agent and as a cost-effective filler and binder, in the production of medicated drugs. Moreover, the amplifying investments in the pharmaceutical industry, especially in emerging economies, such as Indonesia, China, and India, will accelerate the consumption of the compound in the foreseeable future.

The form segment of the magnesium stearate market is bifurcated into powder and flakes. In 2019, the powder category held the larger market share, owing to the high-volume demand for powdered magnesium stearate from the pharmaceutical industry, as it is used as a release agent in the drug manufacturing process. The chemical prevents medicated tablets from sticking to the manufacturing devices, thereby, saving time and making production process efficient. Besides, the powdered form of the compound is also used in the production of cosmetics like eye shadows, foundations, and pressed powders.

According to P&S Intelligence, Asia-Pacific (APAC) consumed the highest quantity of magnesium stearate in 2019, due to the considerable rise in applications of the compound in food and beverages, plastics, pharmaceutical, and personal care industries in the region. Chemical companies in APAC nations are focusing on facility expansions to meet the high-volume demand from these end-use sectors. Additionally, the growing requirement for medicated drugs in the region will boost the consumption of the compound.

Furthermore, the APAC magnesium stearate market is expected to witness the fastest growth during the forecast period. This can be primarily attributed to the increasing consumption of pharmaceutical and personal care products in the region. The pharmaceutical sector in India, Thailand, China, and South Korea is observing a considerable growth, due to the escalating research and development (R&D) investments from major drug manufacturers of these countries. Moreover, the growing usage of magnesium stearate in cosmetic items like lipsticks, blushes, eyeshadows, and foundations will propel the demand for the chemical in the future.

Thus, the rising consumption of medicated drugs, food items, and personal care products will fuel the adoption of magnesium stearate, globally, in the foreseeable future.