Magnesium Sulfate Market - Global Industry Analysis, Size, Share, Growth, and Forecast 2020 – 2027
MRFR recognizes the following
companies as the key players in the global magnesium sulfate market—K+S
Minerals and Agriculture GmbH (Germany), PQ Corporation (US), Nafine Chemical
Industry Group Co. Ltd (India), UMAI CHEMICAL CO., Ltd (Japan), Giles Chemical
(US), Morton Salt, Inc (US), Mani Agro Chem Pvt Ltd (India), Acuro Organics
Limited (India), Balaji Industries (India), and Laizhou Guangcheng Chemical Co.
Ltd. (China), among others.
Market
Highlights
The
global magnesium sulfate market is projected to be valued at USD 1334.6
million by the end of 2028, registering a CAGR of 4.5% during
the forecast period.
Magnesium sulfate (MgSO4) is a
chemical compound containing magnesium, sulfur, and oxygen. It is naturally
found in seawater, mineral springs, and minerals such as kieserite and
epsomite. It is commercially available in various types, including
heptahydrate, monohydrate, anhydrous, or dried. Magnesium heptahydrate, also
known as Epsom salt, is the most commonly available form of magnesium sulfate.
The increasing use of
magnesium sulfate as fertilizer is a prime driver of the global market.
Magnesium, the mineral, plays an important role in chlorophyll formation and
photosynthesis for plants. It also influences various metallic processes and
reactions such as photophosphorylation (i.e., ATP formation in chloroplasts),
photosynthetic carbon dioxide (CO2) fixation, protein synthesis, partitioning
and utilization of photo-assimilates, generation of reactive oxygen species,
and photooxidation in leaf tissues. These processes and reactions are important
in the growth phase of the plants and to gain high yields.
Magnesium sulfate Market causes dilatation of the cerebral
blood vessels and reduces the chances of cerebral ischemia and therefore is
widely used in the treatment of eclampsia and severe pre-eclampsia as a
first-line drug. This is also expected to drive the global magnesium sulfate
market during the review period.
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Segment
Analysis
The globalmagnesium sulfate
market has been segmentedon the basis ofform, type, application, and region.
Based on form, the global
magnesium sulfate market has been segmented into crystal, powder, and granules.
The crystal segment accounted for the largest market share in 2020, owing to
its widespread use in various applications such as agrochemicals, medical,
textile, and food and beverage, among others.
On the basis oftype, the
global magnesium sulfate market is segmented into heptahydrate (Epsom salt),
anhydrous, monohydrate, and others.The heptahydrate segment emerged as the
dominating segment on account of its high use in agriculture. This is because heptahydrate
enhances the nitrogen and phosphorous intake of soil to cultivate potatoes,
pepper, and tomatoes.
By application, the global
market isclassified intofertilizer, medical, food additive, industrial,
chemical, and others. The fertilizer segment accounted for a significant market
share in 2020 and is expected to register a healthy growth rate during the
review period. This is due to the fact thatmagnesium sulfate is a convenient
source of magnesium, important for the formation of chlorophyll and aiding the
absorption of phosphorus. It also helps in speeding up the ripening process of
certain fruits and vegetables. With the growing population and rising food
demand globally, the demand for fertilizer is increasing, which in turn, will
drive the global magnesium sulfate market.
Covid Impact
Analysis
The restrictions on travel and
face-to-face meetings coupled with lockdown and curfews to limit the spread of
the coronavirushave negatively impacted magnesium sulfate production due to the
disruption in the supply chain across the globe.
The unavailability of labor
and travel restrictions have posed a significant challenge for the farmers,
resulting in decreased agricultural produce. The rising health concerns among
the consumers have resulted in a massive decline in sales of dairy products. On
the other hand, a growing inclination has been noticed toward consuming
plant-based foods and beverages among consumers in 2020.
The governments and
managements have imposed various fiscal and monetary policies across the
globeto limit the damage caused by COVID -19, which is expected to result in
certain relief for consumers.
Key
Findings of the Study:
- The global magnesium sulfate market is projected to
reach a value of USD 1,535.01 millionby 2028with a CAGR of around
4.5%during the forecast period of 2021–2028.
- Asia Pacific accounted for the largest market share
in 2020. This is due to the presence of major agro-based countries in the
region such as India, China, Thailand, and Indonesia, etc.
- Asia-Pacific is expected to be the fastest-growing
regional market due to the fast-paced industrialization and urbanization
in emerging economies such as India, China, Thailand, and Malaysia as well
as high agricultural produce.
- The market in the Middle East & Africa region
is the second-fastest growing market owing to the expanding agriclultral
base along with other end uses. Wheat and barley are the major staple
crops grown in the Middle East region. In addition, significant quantities
of rice, maize, lentils, chickpeas, vegetables and fruits are produced in
Egypt, Syria, Saudi Arabia, and Jordan.
- Growing popularity of magnesium sulfate in personal
care products such as hair products, skin care products, sun-tan products,
skin fresheners, etc. is likely to open up new growth avenues for the
players in this market.
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