Magnesium Nitrate Hexahydrate Market
Magnesium Nitrate Hexahydrate Market Analysis by Manufacturing Process (Nitromagnesite, Synthetic Process), by Primary Function (Solubilizing Agent, Dehydrating Agent, Oxidizing Agent, Reducing Agent), by Application & Region - Global Forecast 2023-2033
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
Magnesium Nitrate Hexahydrate Market Growth Outlook (2023 to 2033)
Based on the analysis by Fact.MR, the global magnesium nitrate hexahydrate (Mg(NO3)2) market is valued to be US$ 770.8 million in 2023 and it is estimated to grow at a CAGR of 4.1% to reach US$ 1,152.0 million by the end of 2033.
The magnesium nitrate hexahydrate is a white flake and stable at ambient temperature. It is readily soluble in water, alcohol, and methanol. It works best when employed as a stabilizer and catalyst in mixed metal nitrate solution formulations for biocides.
Magnesium nitrate hexahydrate is also used as a source of nitrogen and magnesium in horticulture. Magnesium nitrate hexahydrate is found in mines and also can be synthetically derived using magnesium oxide or magnesium carbonate with nitric acid.
Magnesium Nitrate Hexahydrate Market Size (2022A)
US$ 740.5 Million
Estimated Market Value (2023E)
US$ 770.8 Million
Forecasted Market Value (2033F)
US$ 1,152.0 Million
Global Market Growth Rate (2023–2033)
North America Market Share (2023)
US Market Growth Rate (2023–2033)
Key Companies Profiled
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Consumption Analysis for the Magnesium Nitrate Hexahydrate (Mg(NO3)2)
According to Fact.MR, historically, from 2018 to 2022, consumption of magnesium nitrate hexahydrate increased at a CAGR of 2.7%.
The growth of the agriculture industry is anticipated to fuel the overall demand for magnesium nitrate hexahydrate during the forecast period. In addition, the use of magnesium nitrate hexahydrate as a catalyst and stabilizer in the manufacturing of petrochemical products is estimated to present potential growth opportunities in the coming years.
- Short Term (2023-2026): More than half of the total magnesium nitrate hexahydrate is used in fertilizers. The rising demand for fertilizers opened the gates for the growth of the magnesium nitrate hexahydrate market.
- Medium Term (2026-2029): The use of Mg(NO3)2 as a major component in the making of explosives to drive the market in the medium term.
- Long Term (2029-2033): Efforts led by market players coupled with flourishing end-use verticals to create immense growth opportunities for the market.
According to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at a CAGR of 4.1% CAGR between 2023 and 2033.
Market Dynamics Overview
“Growing Use of Fertilizers in Agriculture Industry”
Magnesium nitrate hexahydrate is used in the making of nitrogen fertilizers. Increasing use of magnesium in fertilizers has been observed because 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 of nutrient uptake. The benefits offered by magnesium in plant health have translated into increased use in the fertilizer industry.
“Ban on Fireworks to hinder the Growth”
The sale of magnesium nitrate hexahydrate as a catalyzing, dehydrating, and coloring agent in fireworks is expected to witness an all-time low, given the increasing awareness regarding environmental health that has led to a ban on firework manufacturing and sales in many regions. Implementation of stringent government regulations and legislation to curb pollution levels caused by fireworks is a potential growth deterrent for magnesium nitrate hexahydrate.
For instance, the Supreme Court of India has emphasized a ban on using firecrackers in Delhi during the festival of Diwali in 2022. This has been done citing heavy pollution and deterioration of air quality in Delhi during the festive season. This factor has resulted in a significant reduction in the manufacturing of fireworks, which in turn is expected to impede the growth in sales of magnesium nitrate hexahydrate at a global level, inhibiting its market’s growth.
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Why Magnesium Nitrate Hexahydrate Market in India is Estimated to Grow at a Faster Rate than the Global Average?
Magnesium nitrate hexahydrate is used as an additive in concrete due to its efficient stabilizing characteristics. Mg(NO3)2 adoption in India is anticipated to spearhead the growing construction sector.
As per the Builder’s Association of India, high government support and spending on developing infrastructure in India will lead to rapid growth in the construction industry.
Moreover, the use of magnesium nitrate hexahydrate in fertilizers is anticipated to pave potentially strong pathways in India, given its agricultural stronghold. The scenario for the growth of magnesium nitrate hexahydrate in the country continues to remain positive with an array of opportunities available in the emerging Indian market.
What makes the 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 the past few years and the same will continue during the forecast period. Increasing production and export of petrochemicals from the U.S. to other countries presents huge growth opportunities for manufacturers of magnesium nitrate hexahydrate in the North American region.
According to the United States Energy Association (USEA), the U.S. has exported more than 75 million gallons of petrochemicals to over 100 countries in 2020.
In addition, growth in the manufacturing of explosives in the U.S. followed by increasing government spending on the military and defense sector will lead to high consumption of magnesium nitrate hexahydrate in the U.S.
How Growing Use of Fertilizer Escalates the Demand for Magnesium Nitrate 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.
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 of nutrient uptake. The benefits offered by magnesium in plant health have translated into increased use in the fertilizer industry.
How Growing is Petrochemical Industry Fueling the Demand for Magnesium Nitrate Hexahydrate?
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 in the past decade and is expected to maintain its status quo in coming years.
For instance, the United States petrochemical industry is expected to witness a surge in 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.
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Eminent Players Key Stratagems
The market is highly competitive, but no company is having more than five percent of the total global market revenue, which shows that the market is highly fragmented with the presence of a large number of small players.
Companies like William Blythe Limited, Ricca Chemical Company LLC, GFS Chemicals Inc., Avantor Performance Materials, and Spectrum Chemical Manufacturing Corporation are the leading players facing tough competition with local players in terms of the effective pricing of the goods offered.
Focusing on making a good distribution network and retaining the end-users with good pricing will lead to higher revenue growth for companies in the future. Companies generating a major chunk of their overall revenues from a few markets can diversify and enter emerging markets to reduce their dependency on a single region for a major part of their revenues.
Fact.MR has provided detailed information about the price points of key manufacturers of magnesium nitrate hexahydrate positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Industry Research
By Manufacturing Process :
- Synthetic Process
By Primary Function :
- Solubilizing Agent
- Dehydrating Agent
- Oxidizing Agent
- Reducing Agent
- Catalyzing Agent
By Application :
- Food & Feed Additives
- Specialty Chemical Additives
- Soil Additives
- Process Chemicals
- Manufacturing Explosives
- Catalysts & other Magnesium Salts
- Admixtures for Concrete
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
The global magnesium nitrate hexahydrate market is valued at US$ 740.5 million in 2022.
Top five companies in magnesium nitrate hexahydrate account for 13.4% share of total revenue in the market.
The global magnesium nitrate hexahydrate market grew at a CAGR of 2.7% during 2018–2022.
The global magnesium nitrate hexahydrate market is projected to reach a valuation of US$ 1,152.0 million in 2033.
The global magnesium nitrate hexahydrate market is projected to grow at a CAGR of 4.1% during the forecast period 2023-2033.