Market Highlights: —
The Magnesium Sulfate Market is projected to be valued at USD 1,334.6 Million by the end of 2024 and expected to exhibit a CAGR of 5.50% during the forecast period.
The demand for Magnesium Sulfate is increasing as a fertilizer in the agriculture industry as it is an essential nutrient for plant growth; it enhances food quality. It is a major source of magnesium, which in turn 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.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/2282
The Medical Application Segment is expected to be the second major consumer of magnesium sulfate, due to the increasing use of Magnesium Sulfate for the treatment of pre-eclampsia and eclampsia. Magnesium Sulfate is an anticonvulsant drug recommended by the WHO as an effective, safe, and low-cost treatment for severe pre-eclampsia and eclampsia. With the increasing number of fatalities, the need for treatment of pre-eclampsia and eclampsia is increasing, which is expected to boost the demand for Magnesium Sulfate in medical applications during the review period.
However, the adverse effects associated with the use of drugs produced by using Magnesium Sulfate is expected to hamper the growth of the global market to an extent during the forecast period. Nevertheless, the healthy growth of the personal care industry is expected to create lucrative growth opportunities for the producers of Magnesium Sulfate during the review period.
The Global Magnesium Sulfate Market has been segmented on the basis of Form, Type, Application, and Region.
Based on Form, the global market has been segmented into crystal, powder, and granules. The crystal segment held the largest market share in 2018 and is expected to register the highest CAGR of around 6% during the forecast period. This is attributed to the growing use of the magnesium crystals in the agricultural, medical, and food and beverage industries.
Based on Type, the market has been divided into heptahydrate (Epsom salt), anhydrous, monohydrate, and others. Among these, the heptahydrate segment held the largest market share in 2018 and is projected to register the highest CAGR of 5.82% during the forecast period. Increasing demand for this type of Magnesium Sulfate in the pharmaceutical and agricultural industries is expected to be the prominent factor favoring the growth of the segment during the forecast period.
By Application, the Global Magnesium Sulfate Market has been segmented into fertilizer, medical, food additive, industrial, chemical, and others. The fertilizer segment was the leading application segment of the global market in 2018 with a market value of over USD 286 million in 2018. Widespread use of the Magnesium Sulfate-based fertilizers in the agricultural applications to get high yields is expected to boost demand for the product during the forecast period.
MRFR recognizes the following companies as the key players in the Global Magnesium Sulfate Market—PQ Corporation (US), K+S KALI GmbH (Germany), UMAI CHEMICAL CO., Ltd (Japan), Giles Chemical (US), Nafine Chemical Industry Group Co. Ltd (China), Morton Salt, Inc (US), Mani Agro Chem Pvt Ltd (India), Laizhou Guangcheng Chemical Co. Ltd (China), Acuro Organics Limited (India), and Balaji Industries (India), among others.
The Global Magnesium Sulfate Market is studied with respect to five key regions, namely Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. The Asia-Pacific market dominated the global market, accounting for the largest share in 2018 and is expected to register a CAGR of over 6.5% during the forecast period. The European market held the second-largest share of the global market and is projected to be valued at over USD 330 million by the end of 2024. North America also held a substantial market share of around 16% in 2018.
Key Findings of the Study:
Global Magnesium Sulfate Market is projected to reach over 3,600.0 kilotons by 2024 with a CAGR of around 5% during the forecast period of 2018–2024.
Asia-Pacific accounted for the largest market share owing to the increasing demand for magnesium sulfate for producing fertilizers in the major economies of India, China, Thailand, and Indonesia.
The crystal segment held 63% of the global market share in 2018 and is expected to be valued at over USD 850 million by the end of 2024.
The heptahydrate segment held the largest market share of around 66% in 2018 and is estimated to reach approximately USD 900 million at the highest CAGR.
Fertilizer is estimated to be the dominant application segment in the Global Magnesium Sulfate Market during the forecast period.
Have Any Query? Ask Our Expert @ https://www.marketresearchfuture.com/enquiry/2282
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Address: Market Research Future, Office No. 524/528, Amanora Chambers, Magarpatta Road, Hadapsar, Pune - 411028, Maharashtra, India, +1 646 845 9312
Phone: +1 646 845 9312
Release ID: 88897560