NEWARK, Del, March 23, 2023 (GLOBE NEWSWIRE) -- The magnesium sulfate market is anticipated to expand its roots at an average CAGR of 5.7% between 2023 and 2033. The market is anticipated to cross a market share of US$ 1.68 billion by 2033 while it is likely to be valued at US$ 1.0 billion in 2023.
- The applications of magnesium sulfate in the food and beverage sector along with the increased focus on reduced plastic consumption are expected to gain momentum in the market.
- Expanding pharmaceutical operations, and research-based activities are likely to contribute a positive share of the magnesium sulfate market. Furthermore, the higher agricultural applications to increase the sulfate and magnesium content in soil have pushed the demand for agriculture-grade magnesium chloride.
- The application of heptahydrate magnesium sulfate as a cathartic agent. Alongside this, its increased usage as a brewing salt in beer-making procedures has increased the demand for magnesium sulfate.
- Its medicinal benefits for pregnant women as it controls seizures along with its benefits against constipation increase the sales of pharma-grade magnesium sulfate.
- One of the most important uses of magnesium sulfate is the formation of intravenous magnesium which is further used as a medication for eclampsia.
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Key Points
- The United States thrives at a CAGR of 3.5% between 2023 and 2033. The regional market is anticipated to reach a revenue of US$ 100.5 million by 2033. The growth is attributed to the expanding food and beverages sector. The market is likely to hold a value of US$ US$ 33.3 million.
- China on the other hand holds the utmost opportunity as it thrives at a leading CAGR of 4.1% between 2023 and 2033. The growth is attributed to the higher medicinal usage against different diseases. The region is expected to witness a market revenue of US$ 470.8 million by 2033.
- By product type, the Heptahtdrate segment thrives at a leading CAGR of 5.8% between 2023 and 2033. The growth is attributed to its role as a laxative and cathartic agent in different chemical operations.
- By grade, the agriculture segment stays on top as it thrives on a CAGR of 5.9% during the forecast period. The growth is attributed to degrading soil quality, higher crop demand, and increased pollution.
Competitive Landscape
The competitors are focusing on producing application-specific products while saturating them according to the grade. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel. The key players in the market are K+S Aktiengesellschaft, Giles Chemical, Laizhou City Laiyu Chemical Co. Ltd, Laizhou Guangcheng Chemical Co., Ltd, Mani Agro Chem Pvt. Ltd., PQ Corporation, ZIBO JINXING CHEMICAL CO., LTD., Mag Products India Private Limited, Weifang Huakang Magnesium Sulphate Co., Ltd., Rech Chemical Co., Ltd.
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Key Segments
By Product Type, the Market of Magnesium Sulfate is segmented as:
- Heptahydrate
- Monohydrate
- Anhydrous
By Grade, the Market of Magnesium Sulfate is segmented as:
- Industrial Grade
- Food Grade
- Agriculture Grade
- Pharma Grade
By End User, the Market of Magnesium Sulfate is segmented as:
- Chemicals
- Pharmaceuticals & Personal Care
- Pulp & Paper
- Agriculture
- Food & Feed Additives
- Others
By Form, the Market of Magnesium Sulfate is segmented as:
- Solid
- Liquid
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Recent Market Developments
- Giles Chemical has introduced its Epsom salt for varied uses such as agriculture, United States Pharmacopeia (USP) grade, and technical grade. The company claims to apply quality, innovation, and focus to make these grades application specific.
- Mag Products India Private Limited has launched its Mag Shakti Magnesium Supphate for agricultural usage.
Table of Content
1. Executive Summary | Magnesium Sulfate Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
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Magnesium Carbonate Market Value: The global magnesium carbonate market was valued at around US$ 267.3 Mn in 2021, registering Y-O-Y growth of 4.4%. Magnesium carbonate sales are projected to increase at a CAGR of 4.7% by 2032.
Magnesium Hydroxide Market Share: Future Market Insights (FMI) has anticipated the demand of magnesium hydroxide to witness a year over year growth of 5.6% in 2022 reaching a value of about US$ 992.5 Mn by the end of 2022.
Ferric Sulfate Market Demand: The ferric sulfate market size is anticipated to grow at a CAGR of 3.9% from 2022 to 2032, from a value of US$ 977.7 Bn in 2022 to US$ 1433.38 Bn by 2032.
Persulfates Market Growth: The global persulfates market is expected to be worth US$ 869.7 Million in 2023, and it is anticipated to increase at a compound annual growth rate (CAGR) of 3.7% between 2023 and 2033.
Potassium Sulfate Market Size: According to Future Market Insights (FMI), the global potassium sulphate market registered a year-on-year (YoY) growth of 4.9% in 2021. Future Market Insights (FMI) forecasts the market value to top US$ 4,742.0 Mn in 2022.
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Source: Magnesium Sulphate Market to be worth US$ 1,007.3 Million by the year 2030 - Comprehensive Research Report by FMI
