Kenneth Research, in its repository of market research reports, have recently added a report on the Magnesium Sulphate Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Magnesium Sulphate Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Magnesium Sulphate Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Magnesium Sulphate Market valued approximately USD 7.059 billion in 2017 is anticipated to grow with a healthy growth rate of more than 4.30% over the forecast period 2018-2025. Magnesium Sulphate refers to a compound with molecular formula MgSO4, and is made up of magnesium, sulfur, and oxygen. It is a white powder which is highly soluble in water and is odorless. It is also termed as Bitter salt, Epsom salt (heptahydrate) and English salt. Magnesium. The magnesium sulfate has numerous applications in numerous industries which include pharmaceuticals, healthcare, agriculture, food additives and many more.
The rise in worldwide population and growth in high-quality food demand are the major factors which are driving the growth in the global market. The increasing population has resulted in the increased use of magnesium sulphate by farmers in order to improve the agricultural products quality. The magnesium sulphate is an essential element which is used in fertilizers to rectify deficit of sulfur or magnesium in the soil due to which, it is extensively used by farmers. Moreover, magnesium sulphate is used for the treatment of eclampsia during pregnancy, and it is also used to treat edema and constipation. However, several side effects associated with magnesium sulphate such as a headache, anxiety, muscle tightness or contraction, breathing difficulties, heat disturbance, skin infection, and diarrhea are expected to hamper the market growth.
The regional analysis of Magnesium Sulphate Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. In region such as Asia-Pacific, Middle-East and Africa, rise in usage of passenger vehicles set the growth in Magnesium Sulphate Market over the forecasted period 2018-2025. Asia-Pacific is estimated to hold a prominent share of the Magnesium Sulphate market. Developing countries, such as India and China, are significant players boosting the demand for the Magnesium Sulphate Market. Europe, North America and the Middle East and Africa are continuously witnessing infrastructural growth which fueling the demand of Magnesium Sulphate Market over the coming years. Asia Pacific region is contributing towards the growth of global Magnesium Sulphate Market and anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market.
Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Comprises types Heptahydrate (Epsom Salt)
Anhydrous (Calcined Kieserite)
Food Additives & Pharmaceuticals
Chemical & Industrial
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
The leading Market players mainly include-
• COMPO GmbH & Co. KG
• S. Chemicals LLC
• 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
• Mani Agro Chem
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Target Audience of the Magnesium Sulphate Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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