Market Overview and Forecast:
The need for magnesium sulphate is gradually rising due to constraining factors such as rising global population, increasing food demand and decreasing arable land, among others. Magnesium Sulphate is a chemical compound which is a mix of magnesium, sulphur & oxygen. Its formula is MgSO4. Magnesium sulphate frequently faced as sulphate mineral & epsomite are also knows as Epsom Salt. It is a key raw material used in many sectors such as Food industries, Chemical industries, Research and Development, Healthcare & Agriculture, among others. In medical, it is used both i.e. internally & externally. It is also used in main preparation of intravenous magnesium. Use of internal includes- replacements therapy – hypomagnesaemia, exacerbations of asthma, eclampsia & cerebral palsy. External use include in pregnancy. In the agricultural and farming sector, (Magnesium sulphate helps to correct magnesium deficiency) magnesium sulphate is kind of fertilizer used in especially promoting healthier growth of plants such as tomatoes among others. However, allergic reactions such as skin infection, diarrhoea or upset stomach could hamper the growth of the market.
Global Magnesium Sulphate Market has very wide market in 21st century and it has been valued as $ 10,731.05 million by 2027 with a CAGR of 4.28%. As per the International Fertilizer Industry Association: The fertilizers demand is rising steadily in 2015 and 2016. Global fertilizer demand is estimated to reach 200 million tones by 2020 Global fertilizer demand to grow by 1.5% to 2% per annum in the next five years.
Top Players in Global Magnesium Sulphate Market:
The major key players of this market are: COMPO GmbH & Co. KG, U.S. Chemicals LLC, Baymag, QingHai Salt Lake Industry, SDIC Xinjiang Luobupo Potash, Geermuzige Potash,Qinghai Hanhai Group, Rech Chemical, Yash Chemicals, Hengyang Jumbo Feed Additives, Jinxing Chemical, K+S Group, KOLOD, Mani Agro Chem, HebeiRongkemeiye and others.
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Asia-Pacific region comprises of more than 60% of the world’s population and is predicted to increase in coming years, due to which the country is facing issues of food sufficiency. This generated the need of increasing the food production. Use of magnesium sulphate in agriculture sector has proven to be an effective way to increase food productivity.
The magnesium sulfate worldwide is most extreme requested in APAC nations, because of land fragmentation, people/ farmers are left with little land property. The needs to get greatest yield from the accessible area assets has produced and will promote create the need of magnesium sulfate utlilization in farms
The Global Magnesium Sulphate Market is majorly segmented on the basis of product type and e application. Based on product type of magnesium sulphate the market is segmented into Heptahydrate (Epsom Salt), Anhydrous (Calcined Kieserite) and Monohydrate (Kieserite). Similarly, on the basis of application the market is classified into textile yarns, textile stiffeners, film coatings, synthetic leather, plastics, plasticizers and others.
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Following are the key drivers which largely helped in boosting the worldwide growth of global magnesium sulphate market are as: increased pressure on farmers to enhance the food quality , whether a farmer performs an operation in an extensive scale or little scale, they require credit facilities for the buy of costly equipments, ferilizers among others through a well-developed financial market. To obtain maximum profits from their products, it is important for farmers to maintain quality of the products offered which will further create demand for magnesium sulphate in the global marke. In-addition, to increase the supply of the food and speed of the agricultural productivity, the demand for magnesium sulphate is increasing so as to get maximum output. Additionally, the population in a number of countries is growing with time which has led to the increase in the overall demand of food and has created demand for magnesium sulphate in the global market.
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