PUBLISHER: Market Research Future | PRODUCT CODE: 1572703
PUBLISHER: Market Research Future | PRODUCT CODE: 1572703
Global Magnesium sulfate Market Research Report Information by Form (Crystal, Powder, and Granules) By Type (Heptahydrate, Anhydrous, Monohydrate, and Others) By End-Use Industry (Fertilizer, Medical, Food Additive, Industrial, Chemical, and Others) and By Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa)- Forecast to 2032
During the forecast period (2024-2032), the Magnesium sulfate Market industry is anticipated to expand to USD 1136.74 million, with a compound annual growth rate (CAGR) of 3.79%. Magnesium sulfate is a critical nutrient for plants, as it contributes to the improvement of soil structure, the increase in nutrient availability, and the improvement of crop yields. It is anticipated that this application will stimulate market expansion in the agricultural sector. Magnesium sulfate is particularly advantageous for commodities that necessitate elevated magnesium levels, including nuts, vegetables, and fruits. In the construction industry, magnesium sulfate is employed as a setting retarder in cement and concrete. It is anticipated that this application will facilitate market expansion within the construction industry. Large-scale construction projects necessitate a controlled setting period for cement and concrete, and magnesium sulfate is particularly advantageous in this regard. Magnesium sulfate is a drug that has a lengthy history of use in obstetrics, particularly for the prevention and treatment of eclampsia. It is established and well-established. Nevertheless, its applications are not limited to this domain. The medication is also employed as a laxative, to treat convulsions, and to address magnesium deficiency. The demand for magnesium sulfate in pharmaceuticals is being driven by the increasing prevalence of chronic diseases and the growing global population. Magnesium sulfate's potential as a neuroprotective agent is one of the most promising opportunities in the pharmaceutical market. Research has demonstrated that magnesium sulfate may have a protective effect on the brain, thereby reducing the likelihood of neurological complications following traumatic brain injury, stroke, and other neurological disorders. This has resulted in a surge in interest in the development of magnesium sulfate-based therapies for neurological conditions.
Market segment insights
Based on form, the Magnesium sulfate Market has been segmented into Crystal, Powder, and Granules. In 2023, the crystal segment held most of the market with a revenue share of 61.90%. It is anticipated to experience a compound annual growth rate (CAGR) of 3.71% during the forecast period. Manganese sulfate is a solid, structured compound that consists of manganese, sulfur, and oxygen in its crystal form. Agriculture is the primary beneficiary of this variant, which is employed in a wide range of sectors.
The Heptahydrate segment is the most dominant variety of segment in 2023, with a market value of USD 535.09 million and a share of 65.64%. Heptahydrate manganese sulfate, designated as MnSO4 * 7H2O, is a crystalline compound that is extensively employed in both the agricultural and livestock industries. It functions as a micronutrient fertilizer in agriculture, ensuring that soil manganese deficiencies are strategically rectified.
During the 2024-2032 forecast period, the Fertilizer segment is anticipated to expand at a compound annual growth rate (CAGR) of 4.46, with a market revenue share of 29.36% in 2023.
The primary market players
K+S Aktiengesellschaft, PQ Corporation, Nafine Chemical Industry Group Co. Ltd, UMAI CHEMICAL CO., Ltd, Giles Chemical, Morton Salt, Inc, Acuro Organics Limited, and Laizhou Guangcheng Chemical Co. Ltd. are the main players in the market. Additionally, LHCHEM and VINIPUL INORGANICS PVT. LTD. are significant players.