New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global magnesium acetate market size is expected to expand at ~ 5% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 15 Million by the end of 2035, up from a revenue of ~USD 10 Million in the year 2022. Magnesium acetate is a colorless, hygroscopic, crystalline solid compound with the chemical formula Mg(C₄H₆O₄)₂. It is the acetate salt form of magnesium and is widely used in many end-use industries such as the pharmaceutical industry, textile industry, food industry, transportation industry, and others.
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Hence, the rapid global industrialization as well as the exponential growth of all these industries are expected to support the market growth of the global magnesium acetate over the projected years. According to a study, the manufacturing industry to contribute nearly USD 2.5 trillion to the US GDP in 2021.
Global Magnesium Acetate Market: Key Takeaways
- Market in North America to propel the highest growth
- Anhydrous Magnesium Acetate segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Exponentially Expanding Food Industry to Boost Market Growth
The global magnesium acetate market is estimated to grow over the projected years on the back of tremendously growing revenue from food retail and food service as well as the rising demand for packaged food as well as the burgeoning number of food processing plants and the rising production of various types of food and beverages worldwide. In the United States, retail and food service sales were nearly USD ~7 trillion in 2021. Magnesium acetate is widely used in the food and drug industries as an additive, antacid, laxative, and drying agent, and as an additive in various industries owing to its essential properties such as flame retardant, moisture absorbent, and others. Moreover, the increasing number of smokers as well as the growing volume of cigarette paper manufacturing are also expected to boost market growth over the projected period. Though tobacco use is considered a global epidemic, there are currently more than 1 billion smokers worldwide.
Global Magnesium Acetate Market: Regional Overview
The global magnesium acetate market is segmented into five major regions including North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa region.
Rapidly Rising Expenditure in Pharmaceutical Research and Development (R&D) to Drive Growth in the North American Region
The magnesium acetate in the North American region market is estimated to garner the largest revenue by the end of 2035. Over the projected years, the market growth in the segment can be attributed to the presence of giant pharmaceutical companies that are responsible for the increased investment in R&D in the pharmaceutical sector. It was found that the pharmaceutical industry of the United States spent about USD 80 billion in 2019 for research and design purposes. The rapidly rising GDP per capita of the regional population as well as the rising burden of chronic diseases such as diabetes, hypertension, back pain, and others are expected to boost the pharma and healthcare sectors in the region, indirectly resulting in regional magnesium acetate market growth over the projected years. As per the CDC, almost 6 in 10 adults in the United States live with a chronic disease such as cancer, heart disease, or diabetes.
Prospering Chemical Industries to Drive Asia Pacific Growth
The magnesium acetate market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The rapidly augmenting industrialization as well as the flourishing growth of the chemical industries in emerging economies such as India and China are expected to boost market growth in the region over the projected years. China was the largest chemical producer in the world with ~USD 1900 billion in 2021 and contributed nearly 43% of global chemical sales in 2021. Magnesium acetate is widely used for manufacturing various chemicals such as dyes and pigments that have huge utilization in several industries, including textiles, ceramic tiles, paper, plastic, paints and coatings, and construction materials, among others. Hence, the presence of a large number of textile, plastic, paper, paint, and coating industries in the region is also expected to boost the growth of the global magnesium acetate in the Asia Pacific region market.
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Global Magnesium Acetate, Segmentation by Type
- Anhydrous Magnesium Acetate
- Hydrous Magnesium Acetate
The anhydrous magnesium acetate segment is anticipated to hold the largest revenue by the end of 2035. The massively wide spreading burden of diseases as well as the skyrocketing growth of the global healthcare sector are leading to the rapid development of pharma companies worldwide. The United States is projected to spend nearly USD 600-630 billion on medicines by the end of 2025. Moreover, the pharmaceutical industry in the United States alone generated about USD 300 billion in domestic revenue and about USD 115 billion in international revenue in 2020. Anhydrous magnesium acetate is used as an additive in the pharmaceutical industry for the preparation of numerous pharmaceutical formulations, including capsules, syrups, tablets, and others. All these factors are estimated to foster segment growth over the projected years.
Global Magnesium Acetate, Segmentation by Application
- Pharmaceutical Industry
- Food Industry
- Textile Industry
- Transportation Industry
- Others
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The textile segment is anticipated to hold the largest revenue by the end of 2035. The factors applicable to the growth of the segment include the radically growing textile and apparel industry as well as the rapidly changing consumer behavior and demand that are backed by the heightening influence of the fashion industry as well as the increasing disposable income. In India alone, the domestic apparel and textile industry contributes around 2% to the country's GDP and ~7% of industry output in value terms. Magnesium acetate is used in the textile and apparel industries as a processing aid for fiber finishing and to increase the softness of the fibers. It also aids in reducing fabric shrinkage and increasing fiber stability. Therefore, the growth in the textile segment is expected to lead to growth in magnesium acetate as well over the projected years.
A few of the well-known market leaders in the global magnesium acetate that are profiled by Research Nester are Merck KGaA, American Elements, Celtic Chemicals, Niacet Corporation, Hefei TNJ Chemical Industry, VASA PharmaChem, Lehmann&Voss&Co., Shanxi Zhaoyi Chemical Co. Ltd., Wuxi Yangshan Biochemical, Weifang Yuze Chemical, and other key market players.
Recent Development in the Global Magnesium Acetate Market
- Merck KGaA, a German multinational science and technology company partnered with Micron Technology Inc., to develop gas with low global warming potential (GWP). This sustainable gas solution will be used in the making of semiconductors.
- Kerry Group Plc., an international leader in taste & nutrition innovation announced its agreement to acquire Hare Topco, Inc., which is trading as Niacet Corporation. This acquisition will integrate Naicet Corp.’s clean preservation technologies in the categories of bakery, meat, and pharma into Kerry’s global food protection and preservation platform.
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