ID: MRFR/CnM/1675-CR | June 2021 | Region: Global | 180 pages
The Magnesium Sulfate Market is projected to register a CAGR of over 5.50% to reach USD 1334.6 million by the end of 2028.
Magnesium sulfate (MgSO4) is a chemical compound containing magnesium, sulfur, and oxygen. It occurs naturally in seawater, mineral springs as well as in minerals such as kieserite and epsomite. Magnesium sulfate is commercially available in various types including heptahydrate, monohydrate, anhydrous, or dried. Magnesium heptahydrate, also known as Epsom salt, is the most commonly available form of magnesium sulfate.
Magnesium sulfate is an essential nutrient for plant growth; it enhances food quality. Magnesium (Mg) plays a vital role in chlorophyll formation and photosynthesis. It influences various metallic processes and reactions such as photophosphorylation (i.e., ATP formation in chloroplasts), photosynthetic carbon dioxide (CO2) fixation, protein synthesis,partitioning and utilization of photo-assimilates, generation of reactive oxygen species, and photooxidation in leaf tissues. These processes and reactions are important in the growth phase of the plants and to gain high yields. With the rising food demand globally on account of the growing population, the need for increasing the yield is likely to drive the demand for magnesium sulfate in the production of fertilizers.
According to the Food and Agriculture Organization (FAO) of the United Nations, the global agricultural industry is expected to surpass USD 4.1 trillion by the end of 2020, registering a CAGR of around 4%. Moreover, the organization also estimated that the overall demand for fertilizer was over 190 million tons in 2017 and the global market for fertilizers is projected to exhibit a CAGR of over 3% in the coming years. Asia-Pacific is one of the major markets for fertilizers, wherein India is expected to be the potential agricultural economy in the coming years. The arable land in India and other emerging economies in the region is declining on account of the expanding industrial sector. This has created pressure on farmers to increase the agricultural yield, which is increasing the adoption of fertilizers.
Thus, the growth of the agricultural industry globally and increasing need for attaining high agricultural yield are factors likely to boost the demand for magnesium sulfate in the production of fertilizers and fuel the global market growth during the forecast period.
Additionally, the increasing use of magnesium sulfate in the treatment of eclampsia and severe pre-eclampsia as a first-line drug is expected to be the other major factor propelling the growth of the global market.
However, improper doses of magnesium sulfate injection results in adverse health effects such as heart problems, breathing difficulties, weakness, poor reflexes, lowered blood pressure, anxiety, and extreme drowsiness, which is a key restraint in the market growth. Nevertheless, widespread use of magnesium sulfate in various application such as paper manufacturing, amino acid production, etc. is likely to create new opportunities in this market.
Covid Impact Analysis
The outbreak of COVID-19 has had a negative impact on magnesium sulfate production due to the disruption in the supply chain across the globe. This is because of the restrictions on travel and face-to-face meetings coupled with lockdown and curfews to limit the spread of the coronavirus.
In the agriculture sector, the unavailability of labor and travel restrictions have posed a significant challenge for the farmers. Since harvesting, packaging, and transportation have all been affected by strict measures to contain the spread of the virus, stockpiles of food and food products. Owing to the pandemic, people are now focusing on their food consumption, how their food is sourced, and finally delivered to them. Due to the rises in health concerns among the consumers, the dairy sector witnessed a massive decline in sales, whereas; a growing inclination has been noticed toward consuming plant-based foods and beverages among the consumers in 2020.
In addition to this, the imposition of various fiscal and monetary policies across the globe to limit the damage caused by COVID -19 by the governments and managements is expected to result in certain relief.
Supply Chain Analysis
The supply chain analysis is the process of evaluating every stage and steps taken by stakeholders involved throughout the production and distribution of magnesium sulfate. The supply chain includes raw materials and suppliers, magnesium sulfate producers, distributors, and end-use industries.
The key raw material used in the production of magnesium sulfate is kieserite or epsomite.Some of raw material suppliers in the magnesium sulfate market include K+S KALI GmbH, Giles Chemical, etc.
The distribution channel in this market comprises distributors, wholesalers, and e-commerce merchants. Generally, the distributors are engaged in long-term sales agreements with producers and end-users.
Introduction of e-commerce is the latest trend in the market offering on-door delivery and competitive pricing edge. Players engaged in e-commerce are third-party online platforms, such as Alibaba, IndiaMARTInterMESH Ltd, Amazon, Flipkart, etc.
The global magnesium sulfate market has been segmented on the basis ofform, type, application, and region.
By form, the magnesium sulfate market has been segmented into crystal, powder, and granules. Among these, the crystal segment accounted for the largest market share in 2020 owing to its high demand in agrochemicals, medical, textile, and food and beverage applications.
Based on the type, the magnesium sulfate market has been categorized into heptahydrate (Epsom salt), anhydrous, monohydrate, and others. The heptahydrate segment was the leading with CAGR of 5.21% during the review period. The growth can be attributed to the high use in agriculture, as it enhances the nitrogen and phosphorous intake of soil to cultivate potatoes, pepper, and tomatoes.
Global Magnesium Sulfate Market Revenue, by Application, 2020 (USD Million)
Sources: MRFR Analysis
On the basis of application, the global magnesium sulfate market has been segmented into fertilizer, medical, food additive, industrial, chemical, and others. The fertilizer segment emerged as the leading and fastest-growing segment during the assessment period. Increasing population across the globe resulting in high demand for food. The global population is expected to rise to 9.7 billion by 2050, as per the United Nations report. The demand for fertilizers is supported by the limited availability of cultivable land and decreased agricultural production.
Global Magnesium sulfate market Share, by Region, 2020 (%)
Sources: MRFR Analysis
The global magnesium sulfate market has been studied across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America accounted for more than 40% of the global market share in 2020. This is due to the presence of major agricultural countries such as India,China, Thailand, and Indonesia. China is the leading producer and consumer of magnesium sulfate, accounting for a significant share of the global market in 2020.
Europe is expected to witness high demand for magnesium sulfate owing to its widespread applications. Germany is the major contributors to the regional market growth in Europe.
Key players operating in the global magnesium sulfate market include K+S Minerals and Agriculture GmbH (Germany), PQ Corporation (US), Nafine Chemical Industry Group Co. Ltd (India), UMAI CHEMICAL CO., Ltd (Japan), Giles Chemical (US), Morton Salt, Inc (US), Mani Agro Chem Pvt Ltd (India), Acuro Organics Limited (India), Balaji Industries (India), and Laizhou Guangcheng Chemical Co. Ltd. (China).
Leading players in this market are K+S KALI GmbH, PQ Corporation, Nafine Chemical Industry Group Co. Ltd, and Laizhou Guangcheng Chemical Co. Ltd. This is owing to their large production capabilities, global revenue base, availability of raw materials (reserves of minerals), and global distribution network. The market has not witnessed an aggressive approach towards the strategic key developments and initiatives, and hence is expected to have a moderate intensity of rivalry.
Key strategic initiativessuch as merger and expansion were followed by the players in the global magnesium sulfate market. For instance, in November 2019, K+S Aktiengesellschaft announced merger of its two subsidiaries K+S KALI GmbH and esco - european salt company GmbH & Co. KG. The two companies are merged under new name of K+S Minerals and Agriculture GmbH.
August 2021- PQ Group Holdings Inc., a prominent integrated and innovative leader in specialty catalysts and services announced its plans to change its corporate name to Ecovyst Inc. post the aimed closing of the Performance Chemicals business sale. Ecovyst Inc. will encompass two businesses, Catalyst Technologies, and Ecoservices, previously known as Catalysts and Refining Services, respectively.
Global Magnesium Sulfate market, by Form
Global Magnesium Sulfate market, by Type
Global Magnesium Sulfate market, by Application
Global Magnesium sulfate market, by Region
Available Additional Customizations
|Market Size||2028: USD 1334.6 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Form, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||K+S Minerals and Agriculture GmbH (Germany), PQ Corporation (US), Nafine Chemical Industry Group Co. Ltd (India), UMAI CHEMICAL CO., Ltd (Japan), Giles Chemical (US), Morton Salt, Inc (US), Mani Agro Chem Pvt Ltd (India), Acuro Organics Limited (India), Balaji Industries (India), and Laizhou Guangcheng Chemical Co. Ltd. (China).|
|Key Market Opportunities||The growth of the agricultural industry globally and increasing need for attaining high agricultural yield are factors likely to boost the demand|
|Key Market Drivers||With the rising food demand globally on account of the growing population, the need for increasing the yield is likely to drive the demand|
Frequently Asked Questions (FAQ) :
Magnesium Sulfate Market is predicted to grow at 5.50% through forecast period of 2019-2028.
The forecast period for Magnesium Sulfate Market research report is 2020-2027.
Global Magnesium Sulfate Market is dominated by APAC region.