Magnesium Sulfate Market to Capture a CAGR of 5.50% Between 2023 and 2032 While Touching Approximately USD 1.78 Billion by 2032 – Report by Market Research Future (MRFR)
Magnesium Sulfate Market Research Report Information By Form (Crystal, Powder, Granules), By Type (Heptahydrate (Epsom Salt), Anhydrous Monohydrate, Others), By Application (Fertilizer, Medical, Food Additive, Industrial, Chemical, Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
New York (US), June 22, 2023 (GLOBE NEWSWIRE) — Magnesium Sulfate Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Magnesium Sulfate Market Information by Form, Type, Application, and Region – Forecast till 2032”, Magnesium Sulfate Market could thrive at a rate of 5.50% between 2023 and 2032. The market size will be reaching around USD 1.78 Billion by the end of the year 2032.
Magnesium Sulfate, commonly known as Epsom salt, is a chemical compound comprised of magnesium, sulfur, and oxygen. It possesses a range of versatile properties that make it highly valuable across various industries. With its crystalline structure and solubility in water, magnesium sulfate finds extensive applications in agriculture, pharmaceuticals, food additives, and cosmetics. In the field of agriculture, magnesium sulfate serves as a significant supplement to enhance soil fertility and foster plant growth. It provides a source of essential magnesium to address deficiencies in the soil, supporting the development of healthy and robust crops. The compound’s soluble nature allows for easy absorption by plants, ensuring efficient nutrient uptake and overall improvement in agricultural productivity.
Within the healthcare sector, magnesium sulfate is employed for the treatment of magnesium deficiencies. It serves as a valuable therapeutic agent administered through intravenous infusions to replenish magnesium levels in patients. This application is particularly vital in cases where magnesium deficiencies can lead to adverse health conditions. Furthermore, magnesium sulfate is utilized in pharmaceutical formulations, contributing to the development of various medications and treatments.
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Market Competitive Landscape:
The affluent companies in the Magnesium Sulfate industry include
- PQ Corporation
- UMAI CHEMICAL CO.Ltd
- Giles Chemical
- Morton Salt Inc
- Mani Agro Chem Pvt Ltd
- Acura Organics Limited
- Balaji Industries
- Among others.
|Market Size in 2032||USD 1.781 billion|
|CAGR||5.50 % (2023-2032)|
|Historical Data||2018- 2022|
|Forecast Units||Value (USD billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Form, Type,Application, and Region|
|Geographies Covered||North America, Europe, AsiaPacific, and the Rest of the World|
|Key Market Drivers||With the rising food demand globally due to the growing population, the need to increase the yield is likely to drive the demand.|
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B. Braun Medical Inc, a company with expertise in infusion therapy and pain management, has launched a series of injectable drug products that are pre-prepared and contain magnesium sulfate. The company has opted to produce these products in Irvine, California, to guarantee the reliable availability of this vital medication for the prevention and management of seizures associated with preeclampsia and eclampsia.
Market USP Covered:
The increasing demand for high crop yields and the need for sustainable farming practices drive the use of magnesium sulfate as a soil enhancer and nutrient supplement. The rising prevalence of magnesium deficiencies and the use of magnesium sulfate for therapeutic applications, such as preventing and controlling seizures linked to preeclampsia and eclampsia, contribute to market growth. The beauty and personal care industry’s focus on natural and organic products has fueled the demand for magnesium sulfate in cosmetics, especially for exfoliation and skin rejuvenation purposes.
The Magnesium Sulfate Market faces certain restraints such as fluctuating raw material prices, which directly impact the manufacturing cost. Additionally, stringent regulations regarding the safe handling, storage, and transportation of magnesium sulfate pose challenges for market players.
COVID 19 Analysis
The COVID-19 pandemic had a mixed impact on the Magnesium Sulfate Market. While the healthcare sector witnessed increased demand for intravenous magnesium sulfate to treat patients with severe symptoms, the overall market growth was hindered by supply chain disruptions and restrictions on non-essential activities. However, with the easing of restrictions and the resumption of industrial operations, the market is expected to rebound gradually, driven by the healthcare and agriculture sectors.
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By Form, the segment includes Crystal, Powder, and Granules.
By Type, the segment includes Heptahydrate (Epsom Salt), Anhydrous Monohydrate, and Others.
By Application, the segment includes Fertilizer, Medical, Food Additive, Industrial, Chemical, and Others.
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North America is expected to be one of the prominent regions in the Magnesium Sulfate market. The region has a well-established agricultural sector, where magnesium sulfate is widely used as a soil supplement to address magnesium deficiencies and promote healthy plant growth. Additionally, the region’s pharmaceutical industry is robust, driving the demand for magnesium sulfate in medications and treatments.
Europe is another significant region in the Magnesium Sulfate market. The agricultural sector in countries like France, Germany, and the U.K. heavily relies on magnesium sulfate as a soil amendment to enhance crop productivity. Moreover, the region has a strong healthcare and pharmaceutical industry, where magnesium sulfate is utilized for treating magnesium deficiencies and as an essential component in medical formulations.
Asia Pacific is anticipated to witness substantial growth in the Magnesium Sulfate market. The region encompasses countries such as China, India, Japan, and Australia, which have a large agricultural sector. The increasing adoption of modern agricultural practices and the need to improve crop yield and quality drive the demand for magnesium sulfate in the region. Additionally, the expanding pharmaceutical industry in the Asia Pacific contributes to market growth, as magnesium sulfate is utilized in various medical applications.
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