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Sales Forecast Of Magnesium Sulphate Market Reveals Positive Growth Through 2032 : Fact.MR
Magnesium sulphate finds its usage in agriculture, pharmaceuticals, and chemicals as a key additive. Effective sugar synthesis, starch translocation, fat synthesis, and improved iron utilization are all carried out by magnesium. Additionally, it aids with nitrogen fixation and nutrient absorption regulation.
Owing to the increasing global demand for effective medicines, drug makers are producing pharmaceuticals that are effective for rare diseases. Magnesium sulphate has been developed as a drug for various clinical uses. The ever-growing pharmaceutical industry and the increasing geriatric population in the world are likely to provide an impetus to the growth of the global magnesium sulphate market during the forecast period.
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To stimulate global agricultural production, greater emphasis is being placed on adopting more efficient agriculture techniques such as fertilizers. 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 reduced yield. Thus, the demand for agriculture-grade magnesium sulphate as fertilizer increased the demand for magnesium sulphate globally.
Key Takeaways from Market Study
• The global magnesium sulphate market is projected to expand at a CAGR of 5.3% and be valued at US$ 1,351.2 million by 2032
• Under type, Heptahydrate (Epsomite) dominates the market and is valued at US$ 506.6 million in 2022
• East Asia is estimated to dominate the market with a 28.9% market share in 2022
• Agriculture application is estimated to showcase a major market share of 47.1% in 2022
"The utilization of MgSO4 as an additive in various industries and growing demand of food and medicines due to population growth will propel the market," says a Fact.MR analyst.
Segmentation of Magnesium Sulfate Industry Research
• By Product Type:
o Heptahydrate (Epsomite)
o Anhydrous (Calcined Kieserite)
o Monohydrate (Kieserite)
• By Application:
o Agriculture Additive
o Food & Feed Additives
o Pharmaceuticals Additives
o Chemical Intermediaries
o Pulp & Paper Additives
o Others Applications
• By Region:
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA
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Rising demand for Nutraceuticals to drive Magnesium Sulphate Market
The nutraceuticals sector of the food industry is growing quickly in terms of invention, development, and marketing. Their demand is rising as a result of the rising consumer demand for all-natural dietary supplements that provide nourishment and protection against chronic diseases.
The World Health Organization (WHO) said that the global kilocalories (kcal) per capita per day, which were recorded at 2940 Kcal in 2015, are expected to reach 3050 Kcal by 2030.
Nutraceuticals may be taken alone or in combination with food supplements or functional foods. Growing incidence of chronic diseases and the detrimental effects of traditional treatments on health have changed consumer desire for organic or natural items.
Competitive Landscape
The companies have been significantly developing grades against the backdrop of growing applications. Hefty investments are being made in the end-use market such as agrichemicals enabling them to reach out to new application avenues. Economies of density are a major trend followed by the firms to enhance their marginal profits and lower the cost factors such as FOB, custom duty, extensive tax structure, and higher incompatible price points with regional players.
• In Nov 2021, FDA approved Milla Pharmaceutical's generic magnesium sulphate injection.
• In April 2021, K+S closed the sale of its American Salt business to US-based Stone Canyon Industries Holdings to reduce its debt.
Prominent magnesium sulphate manufacturers:
• Giles Chemical
• Jiangsu Kolod Food Ingredients Co., Ltd
• K+S Group
• Laizhou City Laiyu Chemical Co. Ltd
• Laizhou Guangcheng Chemical Co., Ltd
• Mani Agro Chem Pvt. Ltd.
• Mag Products India Private Limited (MPIPL)
• PQ Corporation
• Rech Chemical Co. Ltd
• UMAI CHEMICAL Co. Ltd.
• WeifangHuakang Magnesium Sulphate Co., Ltd.
• ZIBO JINXING CHEMICAL CO., LTD.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global magnesium sulphate market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (heptahydrate (epsomite), anhydrous (calcined kieserite), monohydrate (kieserite), and application (agriculture additive, food & feed additives, pharmaceuticals additives, chemical intermediaries, pulp & paper additives, others applications), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
https://www.prnewswire.com/news-releases/magnesium-chloride-market-to-exceed-us-2-74-bn-by-2032-as-application-in-pharmaceutical-and-food--beverage-sectors-rises-301572903.html
https://www.globenewswire.com/en/news-release/2022/09/07/2511942/0/en/Burgeoning-Demand-for-Packaging-Labelling-Applications-Enhancing-Stance-of-Magnesium-Photoengraving-Plate-Manufacturers-States-Fact-MR.html
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