Magnesium Nitrate Hexahydrate Market Exhibits Higher Growth Prospects during 2018-2028
According to a recent Fact.MR study, over 1,212,000 tons of magnesium nitrate hexahydrate were sold in 2017, with its use as an oxidizing agent poised to account for nearly 40% of volume sales by 2028-end.
[USPRwire, Wed May 08 2019] Magnesium nitrate hexahydrate continues to witness a significant surge in demand in light of its robust adoption as an efficacious dehydrating, oxidizing, and stabilizing agent across various industrial sectors. Its effectiveness in fertilizer production, particularly nitrogen fertilizers, has been expected to pose a proliferative impact on growth of the magnesium nitrate hexahydrate market. Additionally, explosives and fireworks production involves extensive use of magnesium nitrate hexahydrate as a dehydrating agent as well as a catalyst.
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However, given the increasing concerns with regard to environmental protection policies that aim at curtailing pollution levels, regulatory bodies have imposed a ban on the use of fireworks. This is expected to keep growth of the magnesium nitrate hexahydrate market in check. Nevertheless, remarkable adoption of magnesium nitrate hexahydrate in the petrochemical industry will offset the confined market growth prospects against the backdrop of fireworks’ prohibition.
Fact.MR has recently published a study that prognosticates the magnesium nitrate hexahydrate market to showcase a modest rise during the forecast period (2018-2028). The study has envisioned the synthetic process used for manufacturing of magnesium nitrate hexahydrate to account for significantly larger market share than the nitromagnesite process. However, revenues from nitromagnesite are set to grow at a comparatively higher rate through 2028.
Magnesium Nitrate Hexahydrate Market: High Adoption as Additives, Trailed by Use in Explosives Manufacturing
Magnesium nitrate hexahydrate seeks extensive employment as soil additives, food & feed additives and specialty chemical additives, in light of its effective functionalities including solubilizing and oxidizing. Leading stakeholders in the magnesium nitrate hexahydrate market have gained prominence in processing & supplying this high-in-demand chemical. The property of magnesium nitrate hexahydrate to build chlorophyll in trees and plants has significantly led its adoption as an effective soil additive for promoting the vegetable crop growth.
Growth of the magnesium nitrate hexahydrate market will be led by adoption of the chemical as additives, followed by its robust employment in manufacturing explosives. Widely demanded for use in combination with other magnesium salts, magnesium nitrate hexahydrate is formulated under strict supervision. Prominent companies in the magnesium nitrate hexahydrate market are offering this increasingly essential chemical at reasonable prices to retain their position in this highly competitive market.
Magnesium nitrate hexahydrate has been capaciously utilized as a catalyst and a dehydrating agent in the production of explosives. With widespread adoption of explosives in the military, construction, and mining industry, coupled with growing mining activities worldwide, growth of the magnesium nitrate hexahydrate market will remain sustained in the near future. Additionally, robust expenditure in the defense sector, which has proliferated the use of explosives, will continue to underpin expansion of the magnesium nitrate hexahydrate market.
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Magnesium Nitrate Hexahydrate Market: Rising Adoption in Petrochemical Industry to Pave Lucrative Growth Avenues
Abundant employment of magnesium nitrate hexahydrate as a stabilizer in the petrochemical manufacturing, in light of its preservative effect, is likely to pave remunerative growth avenues for the magnesium nitrate hexahydrate market. The petrochemical industry plays a vital role in a nation’s economic development, facilitating supply of fundamental & imperative raw materials to a wide range of industries. Steady growth in the petrochemical industry worldwide, particularly in emerging countries of Asia-Pacific excluding Japan (APEJ), such as China, will continue to fuel adoption of the magnesium nitrate hexahydrate in the upcoming years.
Magnesium Nitrate Hexahydrate Market: Growth Driven by High Demand for Nitrogen Fertilizers
Manufacturing of nitrogen fertilizers involves use of magnesium nitrate hexahydrate, as the compound is a rich source of nitrogen. Growing requirement for nitrogen fertilizers in tandem with the steadily growing agricultural sector will continue to fuel growth of the magnesium nitrate hexahydrate market. The Food and Agricultural Organization (FAO) states that demand for nitrogen fertilizers across the globe has remained significant in recent years, with sales estimated to close in on 119,418,000 tons by 2018-end. Given such robust sales of nitrogen fertilizers, growth of the magnesium nitrate hexahydrate market will continue to surge in the foreseeable future.
Significant benefits of magnesium in the fixation of nitrogen, and controls nutrient uptake in plants, has further translated into robust use of this compound in the fertilizer industry, particularly in nitrogen fertilizer production. As magnesium nitrate hexahydrate is a core source of nitrogen, steady adoption in the fertilizer industry will significantly impact growth of the magnesium nitrate hexahydrate.
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