Magnesium Sulfate Market Analysis 2023 Disclosing Latest Trends And...

Magnesium Sulfate Market Analysis 2023 Disclosing Latest Trends And Advancement Outlook 2028

Posted 2023-02-09 04:11:02

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Market Synopsis

According to Market Research Future (MRFR), the global magnesium sulfate market is anticipated to acquire a market value of USD 1,334.6 million, expanding at a CAGR of 5.50% by 2028.

The increasing food demand owing to the growing population is likely to surge the adoption of magnesium sulfate fertilizers which can drive the Magnesium Sulfate Market Analysis 2023. Furthermore, the extensive application of magnesium sulfate in pesticides to correct the price of magnesium or sulfur deficiency in soil is anticipated to enhance the demand for product in agricultural sector and augment the market in the review period. Besides, the usage of magnesium sulfate as nutrient supplements, flavor enhancers, and firming agents are expected to boost the demand for the same and grow the market.

On the contrary, allergic reaction cases caused due to magnesium sulfate can hamper the market growth during the forecast period. However, the growing application of magnesium sulfate in the healthcare sector due to its cost-effectiveness and safe treatment along with prior stated factors, can counter the impeding causes and aid in market growth.

Key Players

Some prominent players of the global magnesium sulfate market are Laizhou Guangcheng Chemical Co. Ltd (China), PQ Corporation (US), K+S KALI GmbH (Germany), Nafine Chemical Industry Group Co. Ltd (China), Giles Chemical (US), UMAI CHEMICAL CO., Ltd (Japan), Morton Salt, Inc (US), Acuro Organics Limited (India), Mani Agro Chem Pvt Ltd (India), Balaji Industries (India), among others.

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Regional Analysis

On the basis of region, the global magnesium sulfate market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

As per the analysis, the global market is projected to be dominated by the APAC region, with the highest CAGR during the forecast period. The increasing demand for fertilizers from emerging economies like India, China, and Japan is likely to drive the regional market. Furthermore, the support provided by the government to develop agriculture and pharmaceutical sector can augment the regional market.

Europe is expected to acquire the second-largest market during the forecast period owing to the increasing demand of magnesium sulfate in agriculture, healthcare, and pharmaceuticals. Germany is anticipated to be a significant contributor to expanding the regional market during the review period.

North America is expected to acquire significant market value during the forecast period owing to the growing demand for magnesium sulfate in the agriculture and pharmaceutical sectors. Furthermore, the significant participation of the US and Canada in surging the demand for the product is expected to enhance the regional market growth.

The MEA region is likely to acquire the least market share during the forecast period owing to the lack of awareness and underdeveloped economies. However, the region comprises of various untapped opportunities that can grow the regional market.

Market Segmentation

The segmental analysis of the global Magnesium Sulfate Market Revenue Growth is done by distribution channel, type, product type, grade, and application.

The distribution channel based segments of the global magnesium sulfate market are online and offline.

The type-based segments of the global magnesium sulfate market are anhydrous (Calcined Kieserite), comprises types heptahydrate (Epsom Salt) and monohydrate (Kieserite).

The product type-channel-based segments of the global magnesium sulfate market are solid crystal, powder, and liquid.

The grade-based segments of the global magnesium sulfate market are magnesium sulfate anhydrous (calcined kieserite), kieserite (magnesium sulfate monohydrate), & Epsom salt (magnesium sulfate heptahydrate).

The application-based segments of the global magnesium sulfate market are food additives & pharmaceuticals, agriculture, chemical & industrial uses (Pulp & Paper Industry), and others.