Magnesium Sulfate Market | Size, Share, Trends, Analysis | 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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