India, Pune, July 25, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) in its latest study finds that the Global Magnesium Sulfate Market is set to register an above-average CAGR of 5.50% from 2018 to 2024. The market has is expected to reach a valuation in excess of USD 1,334.6 Mn by the end of the forecast period. Magnesium Sulfate is highly commercialized product, which finds widespread industrial application.
Fertilizers are one of the primary end use industry of Magnesium Sulfate. As requirement for higher agricultural yields grows further, new windows of opportunities for the fertilizers open. The growing food demand for across the world on the back of rising global population is prompting the use of advanced irrigation techniques. This in turn is driving the demand for fertilizers. Data released by Food and Agriculture Organization (FAO) of the United Nations reveals that global agricultural industry is likely to surpass a valuation of USD 4 trillion by 2020. Agrarian economies such as China and India present attractive market opportunities. The incessant expansion of the agricultural sector across the globe and growing requirement for higher agricultural yield are the key forces behind the increased demand for Magnesium Sulfate. Such factors are supporting the growth of the Global Magnesium Sulfate Market.
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The product is also popular in the personal care & cosmetics sector. It is used for formulation of a wide rage of personal care product include skin care products, hair products, skin fresheners sun-tan products, among other.
Competition Tracking:
Some of the key companies operating in the Global Magnesium Sulfate Market include PQ Corporation (US), UMAI CHEMICAL CO., Ltd (Japan), Morton Salt, Inc (US), Acuro Organics Limited (India), LaizhouGuangcheng Chemical Co. Ltd (China), K+S KALI GmbH (Germany), Nafine Chemical Industry Group Co. Ltd (China), Mani Agro Chem Pvt Ltd (India), Balaji Industries (India), and Giles Chemical (US).
Summary:
The Global Market for Magnesium Sulfate is expected to remain highly attractive during the forecast period (2018-2024). Increased application in the agriculture sector is driving the global demand for Magnesium Sulfate. Emerging economies such China and India making significant contribution to the Magnesium Sulfate Market in terms of revenue.
Global Magnesium Sulfate Market: Segmental Overview
The Segmental Analysis of the market has been conducted based on Form, Type, Application and Region.
On the basis of Form, the market has been segmented into granules, powder, and crystal. Of these, the crystal segment accounts for the largest market share in terms of value. Crystal Magnesium Sulfate is extremely common. In 2018, the crystal segment was valued at USD 600 Mn. Crystal Magnesium Sulfate is used in production of textile, agrochemicals and food and beverage products.
Browse the market data and information spread across 165 pages with 211 data tables and 27 figures of the report “Magnesium Sulfate Market Report - Forecast 2018-2024” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/magnesium-sulphate-market-2282
On the basis of Type, the market has been segmented into monohydrate, anhydrous, eptahydrate [Epsom Salt] and others.
On the basis of Application, the market has been segmented into medical, industrial, fertilizer, chemical, food additive and others. The fertilizer segment currently represents the largest market share. In 2018, the segment accounted for 30% share of the market in terms of revenue. Magnesium Sulfate is increasingly used in production of fertilizer. The medical segment is also expected to remain highly attractive during the forecast period. Magnesium Sulfate find widespread application in pharmaceutical manufacturing.
Global Magnesium Sulfate Market: Regional Analysis
On the basis of Region, the market has been segmented into Asia Pacific (APAC), North America, Latin America, Europe and the Middle East & Africa (MEA). The market in APAC is expected to remain highly profitable during the projection period. In 2018, APAC accounted for more than 40% share of the market in terms of revenue. The APAC Magnesium Sulfate Market is expected to witness a 6.5% CAGR between 2018 and 2024. Increased use of Magnesium Sulfate in fertilizers is a major factor supporting the market in region. Countries such as China and India represent massive agrarian economies, which is boost the agricultural consumption of Magnesium Sulfate. China is one of the largest producers of Magnesium Sulfate in the world, the country is also amongst the leading consumer of the material. APAC is followed by Europe, which holds the second spot in the Global Magnesium Sulfate Market. Germany makes a significant contribution to the region’s market in terms of revenue.
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