the global magnesium nitrate hexahydrate market is estimated to be valued at US$ 770.8 million in 2023 and is estimated to grow at a CAGR of 4.1% during the forecast period of 2023–2033.
The global market for magnesium nitrate hexahydrate (Mg(NO3)2) continues to witness a significant surge in demand with the surging adoption of Mg(NO3)2 as an effective stabilizing, oxidizing, and dehydrating agent across a variety of applications in different sectors. However, its use in agriculture, particularly as a source of nitrogen fertilizers is expected to have a strong influence on its growth during the period forecast.
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The Mg(NO3)2 market sees higher demand from Asia Pacific countries like India and China with respect to its growing use as a concrete additive in the construction industry.
Rising government expenditures on developing their military and defense sectors across the world create higher demand for Mg(NO3)2, as it is highly used as a stabilizer and catalyst in explosives production. The primary functions of Mg(NO3)2 as oxidizing and dehydrating agents continue driving the market.
Key Takeaways from Market Study
- The projected CAGR for the magnesium nitrate hexahydrate market for 2023–2033 is 4.1%
- Use of magnesium nitrate hexahydrate as a phase change material in the effective exploitation of urban waste heat has become popular
- Countries like India, China, and others in the Asia Pacific region will present immense growth prospects during the forecast period
- Global magnesium nitrate hexahydrate market would reach over the valuation of US$ 1,152.0 million by the end of 2033
- Prominent players operating in the market are Avantor Performance Materials, GFS Chemicals Inc., Spectrum Chemical Manufacturing Corporation, and William Blythe Limited
Growing Demand for Stabilizing and Oxidizing Agents Driving the Magnesium Nitrate Hexahydrate Market, says a Fact.MR analyst.
Market Growth Stratagems
The chemical industry is witnessing intense competition as leading players are making alliances and joint ventures to grow rapidly. Focusing on industries like fertilizers and explosives where the scope of demand generation is higher than other relevant industries, will help manufacturers to sustain and increase their revenues bracket. Also, the companies like Spectrum Chemical focus on entering emerging markets and reducing their dependency on a single region/country for revenue generation.
The market is highly competitive, but no company is having more than five percent of the total global market revenue, which shows that the market is highly fragmented with the presence of a large number of small players.
Focusing on making a good distribution network and retaining the end-users with good pricing will lead to higher revenue growth for companies in the future. Companies generating a major chunk of their overall revenues from a few markets can diversify and enter emerging markets to reduce their dependency on a single region for a major part of their revenues.
Segmentation of Industry Research
- By Manufacturing Process:
- Nitromagnesite
- Synthetic Process
- By Primary Function:
- Solubilizing Agent
- Dehydrating Agent
- Oxidizing Agent
- Reducing Agent
- Catalyzing Agent
- Others
- By Application:
- Additives
- Food & Feed Additives
- Specialty Chemical Additives
- Soil Additives
- Process Chemicals
- Manufacturing Explosives
- Catalysts & other Magnesium Salts
- Admixtures for Concrete
- Others
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the magnesium nitrate hexahydrate market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the manufacturing process (Nitromagnesite, synthetic process), primary function (solubilizing agent, dehydrating agent, oxidizing agent, reducing agent, catalyzing agent, others), application (additives (food & feed additives, specialty chemical additives, soil additives), process chemicals (manufacturing explosives, catalysts & other magnesium salts, admixtures for concrete, others)) and across major regions of the world.
Key Questions Covered in the Magnesium Nitrate Hexahydrate Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Magnesium Nitrate Hexahydrate sales grow until 2033?
- Which are the factors hampering the Magnesium Nitrate Hexahydrate demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Magnesium Nitrate Hexahydrate Market during the forecast period?