Magnesium nitrate hexahydrate continues to witness a significant surge in demand in light of its robust adoption as an efficacious dehydrating, oxidizing, and stabilizing agent across various industrial sectors. Its effectiveness in fertilizer production, particularly nitrogen fertilizers, has been expected to pose a proliferative impact on growth of the magnesium nitrate hexahydrate market. Additionally, explosives and fireworks production involves extensive use of magnesium nitrate hexahydrate as a dehydrating agent as well as a catalyst.
However, given the increasing concerns with regard to environmental protection policies that aim at curtailing pollution levels, regulatory bodies have imposed a ban on the use of fireworks. This is expected to keep growth of the magnesium nitrate hexahydrate market in check. Nevertheless, remarkable adoption of magnesium nitrate hexahydrate in the petrochemical industry will offset the confined market growth prospects against the backdrop of fireworks’ prohibition.
Fact.MR has recently published a study that prognosticates the magnesium nitrate hexahydrate market to showcase a modest rise during the forecast period (2018-2028). The study has envisioned the synthetic process used for manufacturing of magnesium nitrate hexahydrate to account for significantly larger market share than the nitromagnesite process. However, revenues from nitromagnesite are set to grow at a comparatively higher rate through 2028.
Magnesium Nitrate Hexahydrate Market: High Adoption as Additives, Trailed by Use in Explosives Manufacturing
Magnesium nitrate hexahydrate seeks extensive employment as soil additives, food & feed additives and specialty chemical additives, in light of its effective functionalities including solubilizing and oxidizing. Leading stakeholders in the magnesium nitrate hexahydrate market have gained prominence in processing & supplying this high-in-demand chemical. The property of magnesium nitrate hexahydrate to build chlorophyll in trees and plants has significantly led its adoption as an effective soil additive for promoting the vegetable crop growth.
Growth of the magnesium nitrate hexahydrate market will be led by adoption of the chemical as additives, followed by its robust employment in manufacturing explosives. Widely demanded for use in combination with other magnesium salts, magnesium nitrate hexahydrate is formulated under strict supervision. Prominent companies in the magnesium nitrate hexahydrate market are offering this increasingly essential chemical at reasonable prices to retain their position in this highly competitive market.
Magnesium nitrate hexahydrate has been capaciously utilized as a catalyst and a dehydrating agent in the production of explosives. With widespread adoption of explosives in the military, construction, and mining industry, coupled with growing mining activities worldwide, growth of the magnesium nitrate hexahydrate market will remain sustained in the near future. Additionally, robust expenditure in the defense sector, which has proliferated the use of explosives, will continue to underpin expansion of the magnesium nitrate hexahydrate market.
Magnesium Nitrate Hexahydrate Market: Rising Adoption in Petrochemical Industry to Pave Lucrative Growth Avenues
Abundant employment of magnesium nitrate hexahydrate as a stabilizer in the petrochemical manufacturing, in light of its preservative effect, is likely to pave remunerative growth avenues for the magnesium nitrate hexahydrate market. The petrochemical industry plays a vital role in a nation’s economic development, facilitating supply of fundamental & imperative raw materials to a wide range of industries. Steady growth in the petrochemical industry worldwide, particularly in emerging countries of Asia-Pacific excluding Japan (APEJ), such as China, will continue to fuel adoption of the magnesium nitrate hexahydrate in the upcoming years.
Favorable thermal properties of magnesium nitrate hexahydrate has led its adoption as a phase change material (PCM), as this quality chemical imparts high heat during fusion. The heat released can further be leveraged as a lucrative source of energy in various industrial sectors. Growth of the magnesium nitrate hexahydrate is likely to be underpinned by use of the chemical as a phase change material in the use of urban waste heat, which emanates from co-generation systems. Additionally, benefits of this chemical in the formulation of biocidal products, plant protection products, processing aids, and fertilizers will further drive expansion of the magnesium nitrate hexahydrate market.
Magnesium Nitrate Hexahydrate Market: Growth Driven by High Demand for Nitrogen Fertilizers
Manufacturing of nitrogen fertilizers involves use of magnesium nitrate hexahydrate, as the compound is a rich source of nitrogen. Growing requirement for nitrogen fertilizers in tandem with the steadily growing agricultural sector will continue to fuel growth of the magnesium nitrate hexahydrate market. The Food and Agricultural Organization (FAO) states that demand for nitrogen fertilizers across the globe has remained significant in recent years, with sales estimated to close in on 119,418,000 tons by 2018-end. Given such robust sales of nitrogen fertilizers, growth of the magnesium nitrate hexahydrate market will continue to surge in the foreseeable future.
Significant benefits of magnesium in the fixation of nitrogen, and controls nutrient uptake in plants, has further translated into robust use of this compound in the fertilizer industry, particularly in nitrogen fertilizer production. As magnesium nitrate hexahydrate is a core source of nitrogen, steady adoption in the fertilizer industry will significantly impact growth of the magnesium nitrate hexahydrate.
Note: The insights mentioned here are of the respective analysts, and do not reflect the position of Fact.MR
A new report by Fact.MR presents detailed insights and forecast of the magnesium nitrate hexahydrate market for the period 2018 – 2028. This report is a comprehensive assessment of the performance of the market for magnesium nitrate hexahydrate across key geographies in the globe. This study presents an in-depth analysis of the magnesium nitrate hexahydrate market and provides detailed insights on the various drivers pushing sales of magnesium nitrate hexahydrate in the worldwide market.
The report also highlights the various restraints challenging revenue growth of the magnesium nitrate hexahydrate market and opportunities available to manufacturers of magnesium nitrate hexahydrate. The current and future trends anticipated to impact growth in revenue of the market for magnesium nitrate hexahydrate are also clearly elucidated in this research publication.
Magnesium nitrate hexahydrate is a white flake, which presents high stability at ambient temperature, and is easily soluble in water, methanol and alcohol. Ideally utilized in the formulation of the mixed metal nitrate solutions across various applications, including catalyst systems for biocides, and stabilizer. It is also employed as a source of nitrogen and magnesium in horticulture.
Agriculture continues to showcase a steady increase, being the backbone of several. The FAO and OECD have envisaged the agricultural trade to remain reluctant to economic downturns. As the population continues to rise worldwide, demand for fertilizers, on account of farming proliferation, will continue to rise, in turn impacting the growth of the magnesium nitrate market, as the compound is vital for production of fertilizers.
Benefits exerted by magnesium in improving health of plants, has translated into its significant adoption in the production of fertilizers. Magnesium nitrate hexahydrate, being a rich source of magnesium, has therefore been gaining high demand. This has consequently influenced growth of the magnesium nitrate hexahydrate market.
Magnesium Nitrate Hexahydrate Market: Report Summary
This report on the magnesium nitrate hexahydrate market is structured in a systematic manner to facilitate ease of reading and understanding of the different sections. A separate section is devoted to each segment in the magnesium nitrate hexahydrate market, with individual sections for each of the assessed regional markets. For each of the market segments and the assessed geographies, the report tracks all the metrics and also presents a market attractiveness analysis that supplements the insights provided in this report on the magnesium nitrate hexahydrate market.
An attractive feature of this report on the magnesium nitrate hexahydrate market is a detailed analysis of the various market segments and the regional magnesium nitrate hexahydrate markets. The report studies the performance of the magnesium nitrate hexahydrate market on the basis of manufacturing process, primary function, application, and region. Critical value and volume data is provided for each of the segments for the entire duration of the forecast period.
Segmental insights and data are indicated in separate sections dedicated to each of the magnesium nitrate hexahydrate market segments. In these sections, the report studies the various market forces impacting revenue growth of the different market segments and also provides information on the regional factors influencing the growth of the magnesium nitrate hexahydrate market in specific countries across the world. These sections present useful information on the demand and supply scenario of magnesium nitrate hexahydrate and help the reader make crucial investment decisions.
One of the main sections of the report features the competitive landscape of the magnesium nitrate hexahydrate market. This section presents a dashboard view of the top manufacturers, suppliers, and distributors of magnesium nitrate hexahydrate all over the world. Details of the market share held by these companies helps the reader understand the current market structure of the magnesium nitrate hexahydrate market. This section also includes the profiles of the top companies functional in the magnesium nitrate hexahydrate market.
Company profiles include details such as company and business information, management information, current revenue, key financials, business and growth strategies, as well as details of mergers and acquisitions and partnerships. A comprehensive SWOT analysis for each company has been added with an objective to study the strengths, weaknesses, opportunities, and threats of these leading companies engaged in the magnesium nitrate hexahydrate market.
Magnesium Nitrate Hexahydrate Market: Extensive Research Methodology
The analysts have used a proven and tested methodology of research to arrive at the key market estimations of magnesium nitrate hexahydrate across various regional markets. Exhaustive secondary research is used to ascertain the market size, growth rate, key segments, and prominent factors driving revenue growth of the magnesium nitrate hexahydrate market, along with challenges and restraints impacting market growth.
Data thus acquired through secondary research is validated through elaborate primary research by speaking to top industry stakeholders in the magnesium nitrate hexahydrate market. Based on these data points, the analysts derive key metrics such as CAGR, Y-o-Y growth, market value, consumption data, absolute and incremental opportunity, and market share. The final data points are then thoroughly scrutinized using advanced tools to derive pertinent insights on the magnesium nitrate hexahydrate market.
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