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The growing demand for magnesium silicate, particularly in the personal care and cosmetic industry, is driving the growth of the market. When hydrated, it is referred to as talc and is used cosmetically in talcum as well as baby powder as an adsorbent. Talc is generally recognised as safe by the FDA, and thus, this is further boosting the demand for magnesium silicate. The pharmaceutical industry is also one of the major consumers of the product. With the outbreak of COVID-19 pandemic, the pharmaceutical sector is witnessing a robust growth, which will significantly aid the magnesium silicate industry growth over the forecast period. To fulfill the rising demand from various industries, the manufacturers are developing application specific magnesium silicate, which is expected to enhance its sales.
American Elements, the world's largest manufacturer of advanced materials in both industrial bulk and laboratory/research quantities, sells magnesium silicate. The company also offers custom specific solutions for commercial as well as research applications. Moreover, the growing penetration of smartphones and internet has made online shopping a great success. The consumers can easily buy various cosmetic and personal care products at their convenience. The e-commerce giants, namely, Amazon.com, Inc. (NASDAQ: AMZN) and Alibaba Group Holding Ltd (NYSE: BABA), provide various cosmetic products from leading brands like L'Oréal, Lakmé, and others, which is expected to boost their sales in the coming years. This, in turn, is expected to enhance the growth of the global magnesium silicate industry over the forecast period.
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The major players in the global magnesium silicate market are Spectrum Chemical Manufacturing Corp., Airotech Minerals, Neelkanth Finechem LLP, and Famous Minerals & Chemicals Pvt. Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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