Magnesium Nitrate Hexahydrate Market 2018: Share, Trends, Analysis, Growth, Sales, Demand, Research, Survey and Industry Forecast to 2028
Adoption of magnesium nitrate hexahydrate continues to gain ground as a catalyzing and reducing agent – a trend that is complementing steady demand of the chemical as an oxidizing agent. 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.
The petrochemical industry in the U.S. has witnessed a significant growth in recent years according to the International Energy Agency (IEA). The United States Energy Agency (USEA) foresees the production of petrochemicals in the U.S, to record 20% rise by 2020-end. North American stakeholders in the magnesium nitrate hexahydrate market can leverage the growth opportunities paved by rising production and export of petrochemicals from the U.S.
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Magnesium Nitrate Hexahydrate Market: Pre-eminence of Additives Application to Persist
Additives and explosives manufacturing have prevailed as the target application areas for magnesium nitrate hexahydrate. Demand for magnesium nitrate hexahydrate as additives has traditionally remained higher than in manufacturing explosives, and the status quo is likely to endure over the period of forecast.
The study slates synthetic process and nitromagnesite as prominent manufacturing processes used by stakeholders in the magnesium nitrate hexahydrate market. Albeit pervasiveness of synthetic process’s dominance is set to prevail, nitromagnesite will witness a notably greater demand by manufacturers in the upcoming years.
Various functionalities of the magnesium nitrate hexahydrate are being leveraged by end-use industries. Primary functions of magnesium nitrate hexahydrate as oxidizing agent and dehydrating agent will continue to lead the market, in terms of both value and volume. Catalyzing agent and reducing agent functions of magnesium nitrate hexahydrate are set to gain higher ground, with their sales rate forecast to remain greater than other functional uses of the chemical 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.
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Table of Content:
Chapter 1. Executive Summary
1.1. Magnesium Nitrate Hexahydrate Market- Opportunity Assessment
Chapter 2. Global Magnesium Nitrate Hexahydrate Market Overview
2.1. Introduction
2.2. Market Definition
2.3. Scope of the report
2.4. Key Takeaways
2.5. Wheel of Fortune
Chapter 3. Market Dynamics
3.1. Raw Material Sourcing
3.1.1. Magnesite Production (‘000 tons)
3.1.2. Top 20 Countries – Magnesite Production
3.1.3. Nitromagnesite Ore Concentration
3.2. Demand for Fertilizer Nutrients
3.2.1. Global nutrients (N+P2O5+K2O) consumption (Mn MT)
3.2.2. Nitrogen Fertilizer Consumption – Regional Shares (Increase/Decrease)
3.3. Investment Feasibility Matrix
3.4. PESTLE Analysis
3.5. Supply Chain
3.6. Cost Structure
3.7. Product Lifecycle
3.8. Forecast Scenario
3.8.1. Forecast Factors
3.9. Porter’s Analysis
3.10. Top Growth Performers Leverage M&A More
3.11. Macroeconomic Factors
3.12. Key Market Participants – Intensity Map Analysis
Chapter 4. Global Magnesium Nitrate Hexahydrate Market Analysis
4.1. Global Magnesium Nitrate Hexahydrate Market Outlook
4.1.1. Market Value, Volume Forecast and Analysis
4.1.2. Price Index and Price Point Assessment
4.1.3. Regional Demand Assessment
4.1.3.1. Market Volume Share by Region
4.2. Global Magnesium Nitrate Hexahydrate Market Analysis by Manufacturing Process
4.2.1. Nitromagnesite
4.2.2. Synthetic Process
4.2.3. Value, Volume and Forecast by Manufacturing Process
4.2.4. Y-o-Y Growth Comparison by Manufacturing Process
4.2.5. Market Attractiveness Analysis by Manufacturing Process
4.3. Global Magnesium Nitrate Hexahydrate Market Analysis by Primary Function
4.3.1. Solubilizing Agent
4.3.2. Dehydrating Agent
4.3.3. Oxidizing Agent
4.3.4. Reducing Agent
4.3.5. Catalyzing Agent
4.3.6. Others
4.3.7. Value, Volume and Forecast by Primary Function
4.3.8. Y-o-Y Growth Comparison by Primary Function
4.3.9. Market Attractiveness Analysis by Primary Function
Continued…………….
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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