Sales Of Magnesium Nitrate Hexahydrate Are Projected To Increase At A CAGR Of Over ~3.8% During 2022 – 2032

Posted on 2022-11-07 by Fact.MR in Chemicals // 0 Comments

Global magnesium nitrate hexahydrate consumption volume surpassed over 1,413 Kilo tons during 2021. The magnesium nitrate hexahydrate market value is anticipated to grow at a CAGR of 3.8% over the forecast period of 2022 to 2032.

The market is set to reach US$ 890 Mn by 2032 end, which amounts to less than 0.1% share of the overall inorganic chemical market as per the latest study by Fact.MR – a market research and competitive intelligence provider.

Magnesium nitrate hexahydrate continues to witness a significant surge in demand in light of its robust adoption as an efficacious oxidizing, stabilizing and dehydrating agent across various industrial sectors. Effectiveness in nitrogen fertilizers production, has been expected to pose a burgeoning impact on growth of the magnesium nitrate hexahydrate market.

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What are the Prominent Driving Factors of the Magnesium nitrate hexahydrate?

Magnesium nitrate hexahydrate application in manufacturing nitrogen fertilizers, it being the source of nitrogen, is expected to present potential growth opportunities for the growth of the market in the years to follow. This growth can be underlined with the increasing use of nitrogen in the agriculture sector fertilizers across the globe.

According to FAO (Food and Agriculture Organization of the United Nations), world nitrogen fertilizer demand witnessed significant growth since 2014. In 2020, it touched around 118 million tons, which is expected to reach 121 million tons by end of 2018. Food and Agriculture Organization of the United Nations (FAO) predicts the demand for nitrogen fertilizers will further increase in the years to follow, which is expected to generate significant opportunities for magnesium nitrate hexahydrate in terms of use, consequently aiding the market’s growth.

What makes United States a Prominent Market for Magnesium nitrate hexahydrate?

According to the International Energy Agency (IEA), the petrochemical industry in the United States has witnessed a significant boost in 2019 and the overall outlook of the industry is likely to maintain its status quo throughout 2021. Manufacturers of magnesium nitrate hexahydrate anticipate high growth opportunities in North America with increasing production and exports of petrochemicals from the US to other countries globally.

According to United States Energy Association (USEA), the US exported around 75 billion gallon of petrochemicals to over 100 countries and the production is expected to witness a 20% increase by 2020.

In addition, increasing manufacturing of explosives in the US followed by increasing government spending on military and defense sector witnessing for high consumption of magnesium nitrate hexahydrate in the US.

Following the fact that magnesium nitrate hexahydrate functions as a catalyst and stabilizing agent in petrochemicals and explosive manufacturing are anticipated to auger well for the growth of the magnesium nitrate hexahydrate market in the US during the period of forecast.

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Category-wise Analysis

How Growing Use of Fertilizer Escalating the Demand for Magnesium Hexahydrate?

Being the backbone of an economy, agriculture continues to witness steady growth worldwide. According to OECD and FAO, agricultural trade is expected to remain resilient to economic downturns. That said, the demand for fertilizers is expected to increase in the coming years, which is likely to have a significant impact on the use of magnesium nitrate hexahydrate.

Increasing use of magnesium in fertilizers has been observed as it facilitates the development and growth of plants and promotes photosynthesis as it is the central element of the chlorophyll molecule.

In addition, it is both an activator as well as an enzyme that promotes strength. Magnesium carries out efficient sugar synthesis, starch translocation, fat formation and enhanced iron utilization. It also supports the fixation of nitrogen and control on nutrient uptake. Benefits offered by magnesium in plant health has translated into increased use in the fertilizer industry.

In response, magnesium nitrate hexahydrate being a core source of magnesium is witnessing increased adoption, consequently furthering the growth of the global magnesium nitrate hexahydrate market during the period of assessment.

Competitive landscape

Key manufacturers have high global presence and a good distribution network across the globe. Medium enterprises need to focus on developing a good distribution network in order to increase their consumer base. The manufacturers that rely on access to international markets or are planning to increase investments on offshore operations might find themselves on the receiving end.

Magnesium nitrate hexahydrate Market Key Segments

· By Manufacturing Process

- Nitromagnesite
- Synthetic Process

· By Primary Function

- Solubilizing Agent
- Dehydrating Agent
- Oxidizing Agent
- Reducing Agent
- Catalyzing Agent
- Others

· By Application

- Additives
  - Food & Feed Additives
  - Specialty Chemical Additives
  - Soil Additives
- Process Chemicals
  - Manufacturing Explosives
  - Catalysts & other Magnesium Salts
  - Admixtures for Concrete
  - Others

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