Magnesium Sulfate Market - Forecast(2021 - 2026)

 

Magnesium Sulfate Market  Overview

Magnesium Sulfate Market is forecast to reach $1,233.3 million by 2026, after growing at a CAGR of 5.1% during 2021-2026. The growing need to achieve high agricultural yields coupled with the substantial growth of the worldwide agricultural industry is expected to be the main driver of demand growth in the years ahead. Furthermore, increasing use of magnesium sulfate in the personal care & cosmetics sector to formulate a range of important personal care items, including hair products, skincare products, sun-tan products and skin fresheners will create new opportunities for the growth of the global magnesium sulfate industry in the forecast era.


Magnesium Sulfate Market Report Coverage

The report: “Magnesium Sulfate Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the magnesium sulfate market.
By Form: Crystal, Powder, and Granules
By Type: Heptahydrate, Anhydrous, Monohydrate, and Others
By Application: Fertilizer, Pharmaceutical, Food Additive, Industrial, Chemical, and Others
By Geography: North America, Asia Pacific, Europe, Middle East & Africa, and South America


Key Takeaways

  • As food demand is rising globally due to the growing population, the need to increase the yield is likely to drive the demand for magnesium sulfate in fertilizer production. 
  • According to the United Nations Food and Agriculture Organization (FAO), the global agricultural industry is projected to reach USD 4.1 trillion by the end of 2020, with a CAGR of about 4%.
  • Global pharmaceutical industry is also on the rise, creating favourable opportunities for the magnesium sulfate market to increase.
  • According to the Association of the British Pharmaceutical Industry (ABPI), the pharmaceutical industry is expected to increase by the end of 2022 with an annual investment of US$ 181 billion which will boost the demand over the forecast period.
  • Due to the COVID-19 pandemic situation, there has been created disruption in agrochemical manufacturing because of the scarcity of raw materials. In addition, this ongoing trend will have a cascading impact on food production and crop yields on economies that are primarily agricultural, at a time when demand for agricultural-producing products will report a spike in the medium term in 2020. 


Magnesium Sulfate Market Segment Analysis - By Form

Crystal form of magnesium sulfate is widely used in the magnesium sulfate market. Magnesium sulphate crystals are also called gypsum salt, Epsom salt, green vitriol, and alum. Magnesium sulphate crystals are used in various industrial applications such as pigment, agriculture, chemical, and textile and leather industry. Magnesium sulfate crystals are also odourless and have the white appearance that is used to treatment of pre-eclampsia and eclampsia as an anticonvulsant, cathartic and electrolyte replenish. When magnesium sulfate is applied to soil in its crystal form, the crystals can also be composed of chlorides, potassium salts, sodium salts, and lead salts. Thus, the increasing use of magnesium sulfate in crystal form will drive the magnesium sulfate market in the forecast period.


Magnesium Sulfate Market Segment Analysis - By Type

Monohydrate type held the largest share in the magnesium sulfate market in 2020. Magnesium sulfate monohydrate is a source of magnesium that is moderately soluble in water and acid for applications consistent with sulfates. Magnesium sulfate monohydrates are effective, pure, and provide accurate pH value and precise composition. Owing to such properties it is widely used for the preparation of medical solutions as well as various other industrial applications. Magnesium sulfate monohydrate is extremely hygroscopic and should therefore be placed in airtight condition away from the ambient condition and bags sealed and stored. Also, in most quantities, magnesium sulfate monohydrate is usually immediately available in super high purity, elevated purity, submicron and nanopowder types. Thus, with the growing demand for magnesium sulfate monohydrates, the market for magnesium sulfate is also anticipated to rise in the forecast period.

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Location: United States

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