Magnesium Sulfate Market Trends, Industry Analysis Report, Competitive Market Share & Forecast, 2022 – 2030
Market Highlights
The global Magnesium Sulfate
Market Trends 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 alsoinfluences 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 sulfatecauses 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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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.
Segment Analysis
The global magnesium sulfate market Trends has been segmented on
the basis of form, 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 of type, the global magnesium sulfate market share
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 is classified into fertilizer,
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 that magnesium 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.
Key Findings of the Study:
- The
global magnesium sulfate market Trends 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 agricultural 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 new
growth avenues for the players in this market.
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