(I-BusinessNews.Com, June 01, 2021 ) Magnesium Sulfate Market is forecast to reach $1,233.3 million by 2026, after growing at a CAGR of 5.1% during 2021-2026. The growing need to achieve high agricultural yields coupled with the substantial growth of the worldwide agricultural industry is expected to be the main driver of demand growth in the years ahead. Furthermore, increasing use of magnesium sulfate in the personal care & cosmetics sector to formulate a range of important personal care items, including hair products, skincare products, sun-tan products and skin fresheners will create new opportunities for the growth of the global magnesium sulfate industry in the forecast era.
Magnesium Sulfate Market Segment Analysis – By Form
Crystal form of magnesium sulfate is widely used in the magnesium sulfate market. Magnesium sulphate crystals are also called gypsum salt, Epsom salt, green vitriol, and alum. Magnesium sulphate crystals are used in various industrial applications such as pigment, agriculture, chemical, and textile and leather industry. Magnesium sulfate crystals are also odourless and have the white appearance that is used to treatment of pre-eclampsia and eclampsia as an anticonvulsant, cathartic and electrolyte replenish. When magnesium sulfate is applied to soil in its crystal form, the crystals can also be composed of chlorides, potassium salts, sodium salts, and lead salts. Thus, the increasing use of magnesium sulfate in crystal form will drive the magnesium sulfate market in the forecast period.
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Magnesium Sulfate Market Segment Analysis – By Type
Monohydrate type held the largest share in the magnesium sulfate market in 2020. Magnesium sulfate monohydrate is a source of magnesium that is moderately soluble in water and acid for applications consistent with sulfates. Magnesium sulfate monohydrates are effective, pure, and provide accurate pH value and precise composition. Owing to such properties it is widely used for the preparation of medical solutions as well as various other industrial applications. Magnesium sulfate monohydrate is extremely hygroscopic and should therefore be placed in airtight condition away from the ambient condition and bags sealed and stored. Also, in most quantities, magnesium sulfate monohydrate is usually immediately available in super high purity, elevated purity, submicron and nanopowder types. Thus, with the growing demand for magnesium sulfate monohydrates, the market for magnesium sulfate is also anticipated to rise in the forecast period.
Magnesium Sulfate Market Segment Analysis – By Applications
Fertilizers held the largest share in the magnesium sulfate market in 2020 and are projected to grow at a CAGR of 4.9% during the forecast period 2021-2026. Inorganic crop production, fertilizers composed of synthetic or non-synthetic materials containing synthetic magnesium sulfate can be used as a plant or soil modifications. Magnesium sulfate fertilizer is designed for fast correction or prevention of magnesium deficiencies in all types of crop and soil conditions. The fertilizer is best used before or during planting to avoid magnesium shortages, but it can also be used during the growing season to fix growth problems. Rapid development of magnesium sulfate in fertilizers will in turn propel the market growth over the forecast period.
Magnesium Sulfate Market Segment Analysis – By Geography
Asia-Pacific held the largest share with 40.6% in magnesium sulfate market in 2020. Strong agricultural production, a supportive government stance towards the agricultural industry, increased personal care expenses coupled with well-established paper & pulp industries appear to drive the Asia-Pacific magnesium sulphate market over the long-term forecast period. For instance, Asia Pulp & Paper (APP), Indonesia is planning to set up a paper & pulp mill in Andhra Pradesh, India with an annual production capacity of 5 million tons, as per the Environmental Paper Network, 2019. In addition, with growing medical tourism and focusing on patient-centric trends, the pharmaceutical industry is expected to expand in the Asian region, further promoting the magnesium sulfate market. For patients from North America and Europe, Indonesia, Thailand and India are a big destination for medical tourism. Hence, owing to all the aforementioned factors, the market for magnesium sulfate is expected to increase in the forecast period.
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Magnesium Sulfate Market Drivers
Growing use of nutraceuticals to bring about a paradigm shift in the global sulphate market for magnesium
Growing focus on the advantages of nutraceuticals, rising chronic disease instances coupled with rapid technological advances by key players in the nutraceuticals sector are some of the main factors that propel the magnesium sulfate market over the long-term forecast. Magnesium is an essential human body supplement and has been widely used in nutraceuticals. Furthermore, nutraceuticals are eaten solely or as part of food additives or functional foods. Increasing incidences of chronic diseases and adverse health effects of traditional medicinal products have redirected consumer preference to organic or natural products. As a result, increased demand for nutraceuticals opens up greater avenues for the magnesium sulfate market.
Animal feed to provide magnesium sulphate industry with lucrative growth opportunities
Magnesium sulphate allows animals to avoid self-mutilation, cannibalism, sudden cardiac death, reduced meat quality and transport mortality. The change in patterns of food consumption along with dietary trends in livestock products is driving the world food economy of the day. The Asian area has seen a rise in increased meat consumption over the past decade, and demand for milk along with other dairy products. There have been significant impacts on gross agricultural production as a result of the increase in demand. There has been a rapid increase in livestock production, consequently affecting the crop sector that supplies the feed for animals, including cereals, oilseeds, and fisheries. The feed demand has been considered as a dynamic element conditioning the growth of the cereals sector, particularly in the developed regions. Increasing demand for animal feed and livestock it has raised the need for animal feed magnesium sulfate in the market to keep animal health clear of side effects, thereby supporting the growth of the global magnesium sulfate industry.
Magnesium Sulfate Market Challenges
Price volatility & high-grade magnesium availability are major market disincentives
Among the major constraints identified in the market for magnesium sulfate, price volatility and high-grade magnesium availability are the major constraints which hamper the market growth. In the recent past, prices of raw materials have seen sharp increases along with energy costs which have in turn influenced the overall cost of magnesium sulphate compounds. China is the leading producer of magnesium compounds and China’s policy changes have influenced magnesium prices and supply on the global magnesium sulphate market. Magnesium plant shutdown in China was impacting the price and availability of magnesia for environmental concerns. Additionally, the government of different countries has prohibited the use of explosives and other machinery in magnesite mines resulting in shortages of raw materials. Also, high-grade dead-burned magnesia prices were also experiencing a jump, as demand was robust and supplies were minimal. High-grade production and prices are constantly affected by environmental problems in different regions. Thus, market fluctuations and availability have tightened the magnesium sulfate supply worldwide. In addition, as per the U.S. Geological Survey, 2019, global magnesite mine production decreased from 2017-2018 by around 0.3 per cent.
Magnesium Sulfate Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the magnesium sulfate market. Major players in the magnesium sulfate market are K+S KALI GmbH, UMAI Chemical Co., Ltd., PQ Corporation, Nafine Chemical Industry Group Co. Ltd., Morton Salt, Inc., Giles Chemical, Mani Agro Chem Pvt Ltd., Acuro Organics Limited, Balaji Industries, Laizhou Guangcheng Chemical Co. Ltd. and others.
Key Takeaways
As food demand is rising globally due to the growing population, the need to increase the yield is likely to drive the demand for magnesium sulfate in fertilizer production.
According to the United Nations Food and Agriculture Organization (FAO), the global agricultural industry is projected to reach USD 4.1 trillion by the end of 2020, with a CAGR of about 4%.
Global pharmaceutical industry is also on the rise, creating favourable opportunities for the magnesium sulfate market to increase.
According to the Association of the British Pharmaceutical Industry (ABPI), the pharmaceutical industry is expected to increase by the end of 2022 with an annual investment of US$ 181 billion which will boost the demand over the forecast period.
Due to the COVID-19 pandemic situation, there has been created disruption in agrochemical manufacturing because of the scarcity of raw materials. In addition, this ongoing trend will have a cascading impact on food production and crop yields on economies that are primarily agricultural, at a time when demand for agricultural-producing products will report a spike in the medium term in 2020.
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