Product ID: SQMIG15E2248
Global Magnesium Sulphate Market Size, Share, Growth Analysis, By Type(Heptahydrate, anhydrous), By Application(Fertilizer, medical) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2248 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
65 |
Figures:
75
Global Magnesium Sulphate Market Insights
Magnesium Sulphate Market size was valued at USD 1.14 billion in 2021 and is poised to grow from USD 1.2 billion in 2022 to USD 1.83 billion by 2030, growing at a CAGR of 5.4% during the forecast period (2023-2030).
The global magnesium Sulphate market is experiencing significant growth and expansion driven by various factors. Magnesium Sulphate, also known as Epsom salt, finds extensive use in agriculture as a fertilizer, enhancing plant growth and crop yield. Moreover, it is utilized in the pharmaceutical and healthcare sectors for its therapeutic properties, such as relieving muscle pain, reducing inflammation, and treating magnesium deficiency. Additionally, the chemical industry employs magnesium Sulphate as a key ingredient in the production of various compounds, including magnesium hydroxide, magnesium carbonate, and magnesium oxide. The demand for magnesium Sulphate is also on the rise in the cosmetics and personal care industry due to its use in bath salts, skin care products, and hair care formulations. The market is witnessing significant expansion across regions, with Asia Pacific emerging as a prominent consumer and producer of magnesium Sulphate due to its booming agricultural sector, growing population, and increasing awareness about the benefits of magnesium Sulphate in various applications. Other regions such as North America also contribute significantly to the market growth, driven by the rising demand for organic and sustainable agriculture practices and the increasing adoption of magnesium Sulphate in pharmaceuticals and personal care products. However, the market is not without challenges. Fluctuating raw material prices, stringent environmental regulations, and the availability of alternatives are some factors that may impede market growth to some extent. Nevertheless, technological advancements, research and development activities, and strategic collaborations among key players in the market are expected to create lucrative opportunities and drive the global market in the coming years.
US Magnesium Sulphate Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Magnesium Sulphate Market Report Snapshots
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