Analysis of Magnesium Nitrate Hexahydrate market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
Market size value in 2021
USD 682 Million
Market forecast value in 2032
USD 890 Million
Global Growth Rate
Top 5 Players Market Share
Key Companies Profiled
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.
In addition, fireworks and explosives production involves extensive use of magnesium nitrate hexahydrate as a catalyst as well as a dehydrating agent.
The industry research performed by Fact.MR delves on key insights such as current and speculative production capacity, capacity utilization rates of each producer, current and speculative pricing, and price optimization strategy across value chain, techno-economic analysis of chlorinated polyolefin production and many more.
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In terms of volume, the global magnesium nitrate hexahydrate market grew at a CAGR of 3.0% over the historical period and had reached at US$ ~1,412 kilo tons in 2021.
During the 2017-2021 timeline, the global magnesium nitrate hexahydrate market is remained on the positive side of the growth graph, with a significant proliferation across various end-use industries. Product has been witnessing significant adoption in the manufacturing of multi-nutrient fertilizers. That said, the growth of the agriculture industry is anticipated to push the overall demand for magnesium nitrate hexahydrate during the forecast period.
In addition, the uses magnesium nitrate hexahydrate as petrochemical catalyst in the manufacturing of petrochemical products anticipated to present potential growth opportunities in the coming years.
Emerging economies in the Asia Pacific region are anticipated to reflect higher adoption of magnesium nitrate hexahydrate, given the increase in the agriculture and construction sectors. Albeit its harmful effects such as skin and eye irritation, to name a few, magnesium nitrate hexahydrate is projected to witness steady adoption across various regions.
Overall the prospects for magnesium nitrate hexahydrate continue to increase, and manufacturers can expect torrents of opportunities in the global market during the period of forecast of 2022-2032.
Below points summarize the magnesium nitrate hexahydrate market over the long-run forecast period
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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.
Used as an additive in concrete due to its efficient stabilizing characteristics, magnesium nitrate hexahydrate adoption in India anticipated to spearhead with growing construction sector. Backed up with a high government support and spending on construction and infrastructure activities in India. The construction sector in India is expected to swell in the coming years, reveals BAI (Builders Association of India).
In addition to this, National Investment and Infrastructure Fund (NIIF) partnered with DP World to mobilize investments worth around US$ 3 billion during 2018. This factor was anticipating the growth of the magnesium nitrate hexahydrate as an effective plasticizer concrete admixtures over the past-half decade.
Moreover, use of magnesium nitrate hexahydrate in fertilizers is anticipated to pave potentially strong pathways in the India, given its agricultural stronghold. The scenario for growth of magnesium nitrate hexahydrate in the country continues to remain positive with a volley of opportunities stacked in emerging Indian marketplace.
India magnesium nitrate hexahydrate market anticipated to grow at a CAGR 5.1% over the forecast period and reach over US$ 112 Mn by 2032 end.
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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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.
Magnesium nitrate hexahydrate is widely used as a catalyst and a stabilizer in petrochemical manufacturing, given its superior preservative effect. The petrochemical industry plays a key role in the economic development of a nation by supplying basic as well as useful raw material to various industries. Increased proliferation of petrochemical products in every area including but not limited to furniture, construction, horticulture, automobiles and irrigation, has pushed their industry growth. That said, the petrochemical industry has witnessed steady growth since the past decade and is expected to maintain its status quo going ahead.
For instance, the United States petrochemical industry is expected to witness a surge with growing exports along with the production of petrochemical products. Likewise, Asia Pacific also reflected an upsurge in the petrochemical sector, with China to be at the forefront. Significant growth in the manufacturing of petrochemical products has translated into increased adoption of magnesium nitrate hexahydrate, which in turn is anticipated to fuel the growth of the global magnesium nitrate hexahydrate market during the period of forecast.
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.
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Sales of magnesium nitrate hexahydrate are projected to increase at a CAGR of over ~3.8% during 2022 – 2032.
Sales of magnesium nitrate hexahydrate increased at a CAGR of over 3.1% during 2017 – 2021.
Tier-1 manufacturers of magnesium nitrate hexahydrate account for over 71% share in the market.
The top 5 countries driving demand for magnesium nitrate hexahydrate are the China, India, United States, Japan and Germany.
North America accounted for nearly 21% of global magnesium nitrate hexahydrate demand in 2020.
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