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Magnesium Nitrate Hexahydrate Market Expectations & Growth Trends Up to 2028 | Key Players are GFS Chemicals Inc., Cosmic Chemicals, Avantor Performance Materials, etc.

03-08-2019 12:19 PM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Magnesium Nitrate Hexahydrate Market Expectations & Growth

In order to study the various trends and patterns prevailing in the concerned market, FactMR has included a new report titled “High Demand Drives Global Magnesium Nitrate Hexahydrate Market Progress Up to 2028” to its wide online database including upcoming trends and growth factors. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The report studies the magnesium nitrate hexahydrate market worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions.

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Magnesium nitrate hexahydrate continues to witness a significant surge in demand in light of its robust adoption as an efficacious dehydrating, oxidizing, and stabilizing agent across various industrial sectors. Its effectiveness in fertilizer production, particularly nitrogen fertilizers, has been expected to pose a proliferative impact on growth of the magnesium nitrate hexahydrate market. Additionally, explosives and fireworks production involves extensive use of magnesium nitrate hexahydrate as a dehydrating agent as well as a catalyst. However, given the increasing concerns with regard to environmental protection policies that aim at curtailing pollution levels, regulatory bodies have imposed a ban on the use of fireworks. This is expected to keep growth of the magnesium nitrate hexahydrate market in check. Nevertheless, remarkable adoption of magnesium nitrate hexahydrate in the petrochemical industry will offset the confined market growth prospects against the backdrop of fireworks’ prohibition.

FactMR has recently published a study that prognosticates the magnesium nitrate hexahydrate market to showcase a modest rise during the forecast period (2018-2028). The study has envisioned the synthetic process used for manufacturing of magnesium nitrate hexahydrate to account for significantly larger market share than the nitromagnesite process. However, revenues from nitromagnesite are set to grow at a comparatively higher rate through 2028.

Magnesium nitrate hexahydrate seeks extensive employment as soil additives, food & feed additives and specialty chemical additives, in light of its effective functionalities including solubilizing and oxidizing. Leading stakeholders in the magnesium nitrate hexahydrate market have gained prominence in processing & supplying this high-in-demand chemical. The property of magnesium nitrate hexahydrate to build chlorophyll in trees and plants has significantly led its adoption as an effective soil additive for promoting the vegetable crop growth.

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Abundant employment of magnesium nitrate hexahydrate as a stabilizer in the petrochemical manufacturing, in light of its preservative effect, is likely to pave remunerative growth avenues for the magnesium nitrate hexahydrate market. The petrochemical industry plays a vital role in a nation’s economic development, facilitating supply of fundamental & imperative raw materials to a wide range of industries. Steady growth in the petrochemical industry worldwide, particularly in emerging countries of Asia-Pacific excluding Japan (APEJ), such as China, will continue to fuel adoption of the magnesium nitrate hexahydrate in the upcoming years.

Favorable thermal properties of magnesium nitrate hexahydrate has led its adoption as a phase change material (PCM), as this quality chemical imparts high heat during fusion. The heat released can further be leveraged as a lucrative source of energy in various industrial sectors. Growth of the magnesium nitrate hexahydrate is likely to be underpinned by use of the chemical as a phase change material in the use of urban waste heat, which emanates from co-generation systems. Additionally, benefits of this chemical in the formulation of biocidal products, plant protection products, processing aids, and fertilizers will further drive expansion of the magnesium nitrate hexahydrate market.

Manufacturing of nitrogen fertilizers involves use of magnesium nitrate hexahydrate, as the compound is a rich source of nitrogen. Growing requirement for nitrogen fertilizers in tandem with the steadily growing agricultural sector will continue to fuel growth of the magnesium nitrate hexahydrate market. The Food and Agricultural Organization (FAO) states that demand for nitrogen fertilizers across the globe has remained significant in recent years, with sales estimated to close in on 119,418,000 tons by 2018-end. Given such robust sales of nitrogen fertilizers, growth of the magnesium nitrate hexahydrate market will continue to surge in the foreseeable future.

Significant benefits of magnesium in the fixation of nitrogen, and controls nutrient uptake in plants, has further translated into robust use of this compound in the fertilizer industry, particularly in nitrogen fertilizer production. As magnesium nitrate hexahydrate is a core source of nitrogen, steady adoption in the fertilizer industry will significantly impact growth of the magnesium nitrate hexahydrate.

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About FactMr

FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

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