Press release
Demand For Animal Feed And Livestock Has Been Raising The Need For Magnesium Sulphate During The Forecast Period 2022-2032
Global Magnesium Sulphate Market to Witness an Increase in Pharmaceutical R&D SpendingMagnesium sulphate is being used as one of the most basic ingredients for many industries including agriculture, pharmaceutical, food, personal care and others. Magnesium sulphate serves different purposes in these industries and with these industries witnessing an upward trend, the market for magnesium sulphate is also expected to witness a significant growth over the long term forecast.
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The major applications of magnesium sulphate include pharmaceuticals, agriculture and food & feedstock. According to a report published by the World Health Organization (WHO), the global kilocalories (kcal) per capita per day is set to reach 3050 Kcal by 2030, which was measured to be 2940 Kcal in 2015.
In addition, the global population is projected to surpass 9 billion by 2050. Therefore, the agricultural output needs to be increased all over the world. To stimulate global agricultural production, greater emphasis is being laid on adopting more efficient agricultural methods and chemicals such as fertilizers, herbicides etc.
Hence, to maintain the balance of agricultural output and increasing food demand, the adoption of magnesium sulphate based fertilizers would increase, creating lucrative opportunities for the magnesium sulphate market.
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Food shortage remains a major global issue; one of the primary reasons behind it is the use of conventional methods which in turn results in a reduced crop yield. Thus, the demand for agriculture grade magnesium sulphate as a fertilizer has increased the demand for magnesium sulphate globally.
Nutraceuticals to Bring About a Paradigm Shift in the Global Magnesium Sulphate Market
As per Fact.MR estimates, the global nutraceutical market is expected to rise two folds the growth of the global GDP up till 2027. Rising focus on the advantages of nutraceuticals, increasing instances of chronic diseases coupled with rapid technological advancements in the nutraceuticals sector by the key players are some of the major factors propelling the nutraceuticals market over the long term forecast.
Furthermore, nutraceuticals are consumed exclusively or as a part of food additives or functional foods. Increasing incidences of chronic diseases and adverse health effects of conventional medicines have diverted consumer preference towards organic or natural products.
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Magnesium Sulphate Market Segmentation
Fact.MR has studied the magnesium sulphate market with detailed segmentation on the basis of product, application and key regions.
Product
Heptahydrate
Anhydrous
Monohydrate
Application
Agriculture
Food & Feed additives
Pharmaceuticals & Personal Care
Chemicals
Pulp & Paper
Others
Region
North America
Latin America
Europe
East Asia
South Asia
Middle East & Africa
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Key Players Targeting Capacity Expansion to Strengthen Their Hold in the Global Magnesium Sulphate Market
The global magnesium sulphate market consists of well-diversified global and regional players with global manufacturers capturing only 30% of the global market.
The prominent players of magnesium sulphate market include Giles Chemical, Jiangsu Kolod Food Ingredients Co., Ltd., K+S Group, Laizhou City Laiyu Chemical Co. Ltd., Mani Agro Chem Pvt. Ltd., PQ Corporation, Mag Products India Private Limited (MPIPL) and others. These key players are adopting various strategies such as capacity expansion, product launches, mergers & acquisitions, joint ventures etc. to strengthen their hold within the global magnesium sulphate market.
Production capacity expansion along with technology upgrades have been identified as the prime strategies adopted by these players in the global magnesium sulphate market. For instance, Weifang Huakang Magnesium Sulphate Co., Ltd. is gradually increasing its magnesium sulfate production capacity from 20,000 tons/annum to 50,000 tons/annum.
The company has purchased its production lines from Germany to meet the demand for magnesium sulfate. In addition, in 2019, the company expanded its production capacity of anhydrous magnesium sulphate at Wintershall site, Werra plant. Hence, such initiatives by the key players will continue to increase their footprint in the global magnesium sulphate market.
Volatility in Pricing & Availability of High Grade Magnesium are significant Growth Deterrents for the Market
Among the major restraints identified in the magnesium sulphate market, volatility in pricing and availability of high grade magnesium are the major restraints that hamper the market growth. In the recent past, raw material prices have witnessed sharp fluctuations, along with energy costs, which in turn has been affecting the overall cost of magnesium sulphate compounds.
Asia is one of the key regions taking into account the magnesium production. China is the leading producer of magnesium compounds and policy changes in China have affected the price and availability of magnesium in the global magnesium sulphate market. Prices for magnesium also surged in the year 2017 and remained at these higher than normal levels since then.
Magnesium plant shutdown in China for environmental concerns affected the price and supply of magnesia. In addition, the Chinese Government also banned use of explosives and other equipment in magnesite mines that resulted in raw material shortages.
For More Insights- https://www.einpresswire.com/article/557146132/asia-to-account-for-40-of-the-market-share-of-nano-lubricants-over-the-forecast-period
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