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The global magnesium sulfate market size was valued at USD 856.2 million in 2020. The market is projected to grow from USD 881.6 million in 2021 to USD 1,423.8 million in 2030 at a CAGR of 5.5% in the 2021-2030 period. The global impact of COVID-19 has been unprecedented and staggering, with magnesium sulfate witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 2.9% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Magnesium sulfate (MgSO4) is a white crystalline magnesium salt usually found in hydrate form. Due to its versatile nature and range of properties, magnesium salt is used in various industries, including pharmaceutical, personal care, food & beverage, and water treatment. The rising consumption in the agriculture industry is the driving factor of the market. The salt is primarily used as a fertilizer to fulfill the magnesium deficiency in the soil. Additionally, the product is also getting consumed by the personal care & cosmetic industry due to its benefits. However, volatility in prices and the adverse effects of the magnesium compound will restrain the market.
Shutdown of Mining Activities During COVID-19 Pandemic Hampered Market Growth
The impact of the COVID-19 on the market is evaluated to be significant on the chemical, paints & coatings, detergent and personal care. The pandemic inflicted an unexpected halt to the mining of raw materials, production facilities, and supply chains. As a result, several end-use industries struggle to generate enough revenue to sustain their operations. The abrupt closure of production units declined the manufacturing sector's output and affected the GDP. Chemical industries reduced their production rate due to demand and the global lockdown. The falling production has also affected material suppliers and OEMs.
However, the increasing demand for magnesium sulfate from pharmaceutical and fertilizer industries decelerated the impact of COVID-19 on the market.
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Growing Popularity of Magnesium Compounds in Personal Care Industry to Offer Growth Opportunities
The increasing adoption of magnesium sulfate in the personal care industry promotes market growth. To combine the self-care and healing characteristics of the magnesium salt, personal care companies are increasingly adopting magnesium compound in their products, thereby surging its demand. Due to muscle pain and joint pain-relieving properties, personal care products such as bath salts use magnesium salt. Furthermore, epsom salt offers several benefits when used for hair improvement. These benefits associated with the salt have helped personal care and cosmetics companies rebrand their products and increase their sales, fueling the market.
Surging Demand from Agriculture Industry to Boost Market Growth
Globally, the population is expanding at an unprecedented rate, which has compelled the agricultural output. The excessive and continuous use of agricultural land has reduced soil nutrient content, decreasing crop yield. Due to these factors, magnesium compound is witnessing fueling demand from the agriculture industry. In the agriculture industry, magnesium salt is added as a fertilizer in the soil to correct its magnesium deficiency. Farmers who produce cash crops and vegetables heavily depend on magnesium-rich earth to create suitable crop growth conditions. The salt also has high demand from plant nurseries for efficient growth of potted plants. The population growth coupled with increasing disposable income in developing economies has resulted in dietary changes, thus acting as a global market driver.
Volatility of Prices and Adverse Effects of Magnesium Sulfate to Impact Market Growth
The volatility in prices of magnesium salt is one of the major factors restraining the market growth. The sharp rise in energy prices and raw material costs over the past few years are the prominent factors behind the fluctuation in the overall cost of magnesium sulfate. Additionally, reduction in the availability of high-quality minerals further influences the prices of raw materials. Furthermore, the adverse effects of magnesium compound-based drugs on human health are hindering the product demand. Compound-based drugs have a high possibility of causing hives, diarrhea, difficulty in breathing, and swelling of the throat, face or tongue. In addition, intake of salt can affect the absorption of antibiotics by the human body. Hence, such factors will hamper the market growth over the past few years.
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Crystal Held Dominant Share of the Market in 2020 due to Rising Demand from End-use industries
Based on form, the market is segmented into crystal, powder, and granules.
Crystal is estimated to be the fastest-growing segment during the forecast period and occupied the market's major share in 2020. The growing demand from end-use industries, including building & construction, paints & coatings, and water treatment is the primary factor leading to the segment growth.
The demand for powder form will significantly grow during the 2021-2030 period. Powder form has high demand from the pharmaceutical industry due to its range of applications, including cardiovascular drugs, anticonvulsants, anesthetics, and others. The growth of the granules segment is linked to rising demand for food & beverage, fertilizer, and personal care applications. Changes in dietary habits and rise in disposable income drive the need for granule form for food & beverage applications.
Heptahydrate to be Fastest-Growing Segment During Forecast Period Owing to Increasing Preference
Based on type, the market is segmented into heptahydrate, anhydrous, monohydrate, and others.
The heptahydrate segment held the largest share of the market and is expected to maintain a leading position throughout the forecast period. Heptahydrate type is commonly known as epsom salt and has a high demand for agriculture-related applications due to the salt being a natural source of sulfur and magnesium. Additionally, heptahydrate type also significantly improves the nitrogen and phosphorus intake by the plants when added in combination.
The consumption of anhydrous magnesium salt is increasing in the chemical and metal fabrication industry. Anhydrous type has a high affinity toward the water from epsomite. Hence, it is an ideal substance during organic synthesis to induce dryness.
The growth of others and monohydrate segments is owed to fueling demand from applications, including textiles, water treatment, and detergents.
Fertilizer to be Major Application of Magnesium Sulfate Due to Surge in Agricultural Production
Based on application, the market is segmented into fertilizer, pharmaceutical, automotive, food & beverage, industrial, personal care, paints & textiles, chemical, water treatment, and others.
The fertilizer segment held the major magnesium sulfate market share in 2020. The segment's growth is linked to the rising consumption of MgSO4 by the agriculture industry. The growing population, rising disposable income, and dietary habits have fueled the demand for fertilizers.
The rise in demand for the magnesium compound for pharmaceutical application is attributed to its versatile nature. The salt is also known to act as an analgesic for migraine and treat eclampsia and preeclampsia. With the change in lifestyle and hectic work-life schedule, consumers are increasingly choosing processed food products, which is anticipated to fuel the product demand, leading to growth in the food & beverage segment.
The consumption of magnesium sulfate for personal care applications is increasing due to the female population's rise in demand for cosmetic products. Furthermore, the rising trend of personal grooming and high-end lifestyle has fueled the demand for cosmetic products, thereby supporting the market growth.
Asia Pacific Magnesium Sulfate Market Size, 2020(USD Million)
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In terms of geography, the market can be categorized into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
The market size in Asia Pacific was valued at USD 347.3 million in 2020. The region accounted for the largest share of the MgSO4 market in 2020 and is projected to remain the major region during the forecast period. The market's growth in Asia Pacific is attributed to China, India, and Japan due to their extensive industrialization and urbanization activities. China is the manufacturing hub for various end-use industries such as dyes, textiles, paints, and others. The country's robust manufacturing activities support the regional magnesium sulfate market growth.
Western countries of the region dominate the European market. Expansion of the chemical industry, increasing spending on personal care products, and technological advancements in the agriculture sector are a few factors fueling the product demand.
Factors such as a rise in the spending capacity of consumers and increasing awareness toward self-care and personal care are prominently fueling the product demand in North America. Furthermore, many industries in the region have undertaken projects to improve their water treatment facilities due to changing regulations, which shall boost the demand for MgSO4.
Increasing private & government investment in developing healthcare & pharmaceuticals infrastructure in South America is expected to create a positive environment for the market growth.
The market growth in the Middle East & Africa is owed to increasing population and changing lifestyle of consumers in the region. Furthermore, increasing spending toward the development of the agriculture sector is surging the product demand.
Adoption of Sustainable Practices will Offer Growth Opportunities to Key Players
The competitive landscape of the market is fragmented. Major companies are investing a significant amount toward developing eco-friendly production methods. Several companies have taken initiatives to adopt sustainable practices for raw material extraction. For example, in December 2021, K+S Group committed to the European Union’s principles for sustainable mining.
An Infographic Representation of Magnesium Sulphate Market
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The global magnesium sulfate market research report provides a detailed analysis of the market and focuses on key aspects such as profiles of leading companies and leading applications of the product. Besides this, it offers insights into the current market trends & dynamics and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market in recent years.
Value (USD Million), Volume (Kiloton)
By Form, Type, Application, and Geography
Fortune Business Insights says that the global market size was USD 856.2 million in 2020 and is projected to reach USD 1,423.8 million by 2030.
In 2020, the Asia Pacific market value stood at USD 347.3 million.
The market will exhibit decent growth of 5.5% CAGR during the forecast period.
The crystal segment is expected to lead the market during the forecast period.
Surge in demand from the agriculture industry is a major factor driving the market growth.
K+S Group, PQ Corporation, and China Nafine Group International are the major players in the market.
Asia Pacific dominated the market in terms of share in 2020.
Rising demand for processed foods and growing awareness regarding the health benefits of salt drive the adoption.
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