The pharmaceutical industry has been registering significant growth at the present time, which can be ascribed to the rapid spread of COVID-19 across the globe. Heavy investments are being made in the industry so that companies can come up with a cure for the virus as quickly as they can. The pharmaceuticals has majorly been registering significant growth in the Asia-Pacific (APAC) region, on account of the surging number of patients, increasing geriatric population, and growing prevalence of chronic diseases. It is obvious that with the increasing need for drugs, the demand for raw materials is bound to increase as well.

Attributed to this, the demand for magnesium stearate in the pharmaceutical industry is rising. The compound is extensively utilized as an inactive ingredient by manufacturers in the industry, as it helps in preventing the ingredients from sticking to the equipment. A fine white powder made up of mineral magnesium and stearic acid is referred to as magnesium stearate. Since this compound is a low-cost solution and has the ability to act as a release agent, its demand in the pharmaceutical industry is rising, thereby resulting in the growth of the magnesium stearate market.

Owing to all these factors, the global magnesium stearate market is predicted to attain a revenue of $2,637.6 million by 2030, increasing from $1,492.3 million in 2019, progressing at a 5.3% CAGR during the forecast period (2020–2030). On the basis of application, the market is divided into thickeners, binders & fillers, food additives, and texturizers, among which, the binders & fillers applications held the largest share of the market in 2019 and is further projected to account for the major share of the market during the forecast period as well. This is because of the increasing need for magnesium stearate as a binder in the pharmaceutical industry.

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Geographically, APAC held the largest market share in 2019, on account of a significant rise in the consumption of the compound, majorly in the pharmaceuticals, food & beverages, plastics, and personal care industries. Chemical manufacturers present in the region are putting an immense focus on facility expansions, in order to meet the high-volume demand from the end-use industries in the region. Additionally, the rising prevalence of several diseases is increasing the consumption of prescribed medicated tablets and capsules.

In order to meet the increasing demand for such drugs, the consumption of the compound is witnessing a rise in the APAC region, and the trend is likely to continue in the coming years, in turn, boosting the magnesium stearate market.