November 08, 2022 13:00 ET | Source: FACT.MR FACT.MR

Rockville, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global magnesium sulphate market is estimated at US$ 783.6 million in 2022 and is expected to expand at a CAGR of 5.3% during the forecast years of 2022-2032. The market is poised to grow due to its remarkable use in the agricultural and pharmaceutical industries. Ammonium Bicarbonate Factory

Magnesium sulphate finds its usage in agriculture, pharmaceuticals, and chemicals as a key additive. Effective sugar synthesis, starch translocation, fat synthesis, and improved iron utilization are all carried out by magnesium. Additionally, it aids with nitrogen fixation and nutrient absorption regulation.

Owing to the increasing global demand for effective medicines, drug makers are producing pharmaceuticals that are effective for rare diseases. Magnesium sulphate has been developed as a drug for various clinical uses. The ever-growing pharmaceutical industry and the increasing geriatric population in the world are likely to provide an impetus to the growth of the global magnesium sulphate market during the forecast period.

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To stimulate global agricultural production, greater emphasis is being placed on adopting more efficient agriculture techniques such as fertilizers. Food shortage remains a major global issue; one of the primary reasons behind it is the use of conventional methods which in turn results in reduced yield. Thus, the demand for agriculture-grade magnesium sulphate as fertilizer increased the demand for magnesium sulphate globally.

Key Takeaways from Market Study

“The utilization of MgSO4 as an additive in various industries and growing demand of food and medicines due to population growth will propel the market,” says a Fact.MR analyst.

Segmentation of Magnesium Sulfate Industry Research

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Rising demand for Nutraceuticals to drive Magnesium Sulphate Market

The nutraceuticals sector of the food industry is growing quickly in terms of invention, development, and marketing. Their demand is rising as a result of the rising consumer demand for all-natural dietary supplements that provide nourishment and protection against chronic diseases.

The World Health Organization (WHO) said that the global kilocalories (kcal) per capita per day, which were recorded at 2940 Kcal in 2015, are expected to reach 3050 Kcal by 2030. Nutraceuticals may be taken alone or in combination with food supplements or functional foods. Growing incidence of chronic diseases and the detrimental effects of traditional treatments on health have changed consumer desire for organic or natural items.

The companies have been significantly developing grades against the backdrop of growing applications. Hefty investments are being made in the end-use market such as agrichemicals enabling them to reach out to new application avenues. Economies of density are a major trend followed by the firms to enhance their marginal profits and lower the cost factors such as FOB, custom duty, extensive tax structure, and higher incompatible price points with regional players.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global magnesium sulphate market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of product type (heptahydrate (epsomite), anhydrous (calcined kieserite), monohydrate (kieserite), and application (agriculture additive, food & feed additives, pharmaceuticals additives, chemical intermediaries, pulp & paper additives, others applications), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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Magnesium Hydroxide Market: The global magnesium hydroxide market has reached US$ 720.5 million in 2022 and is predicted to expand at a CAGR of 5.3% to reach a market size of US$ 1.22 billion by the end of 2032. Magnesium hydroxide is an important reagent that is used in controlling the pH factor in treatment plants.

Magnesium Photoengraving Plate Market: Revenue from the global magnesium photoengraving plate market has reached US$ 182 million in 2022 and is predicted to increase at a CAGR of 6.6% to reach US$ 344.9 million by the end of 2032. Foil stamping application leads revenue generation for magnesium photoengraving plate manufacturers, having accounted for nearly 24% share of the global market at the end of 2021.

Ferrosilicon Magnesium Market: The development of the iron and steel industry and foundry industry has escalated the growth of the ferroalloys industry and anticipated the growth of the ferrosilicon magnesium market. The ferrosilicon magnesium is used primarily as an alloying agent in the production of iron and steel. The steel industry is the principal user of ferrosilicon magnesium.

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