Magnesium Sulphate Market

2020 Analysis and Review: Magnesium Sulphate Market by Grade – Industrial, Food, Agriculture, and Pharma for 2020 - 2030

Introduction

Magnesium sulphate is a naturally occurring mineral, present in seawater and minerals such as epsomite and kieserite. It usually occurs in an anhydrous form, but can also be obtained from a reaction between sulphuric acid and magnesium oxide. The anhydrous form generally assumes the heptahydrate orientation which has multiple applications.

Over the years, magnesium sulphate has become extensively utilized across several domains. It finds extensive applications as nutrient supplements, firming agents, flavor enhancers and processing aids in the food, agriculture and pharmaceutical industries.

The mineral has been broadly classified into four different grades, viz-a-viz, industrial grade, food grade, agriculture grade and pharma grade. According to Future Market Insights’ projections, the global sales value of the market is likely to reach ~US 1 Bn by 2030, experiencing robust growth throughout the 2020-2030 forecast.

Surging Nutraceutical Consumption Stimulates Magnesium Sulphate Demand

Globally, demand for nutraceuticals is witnessed immense proliferation. As consumers become increasingly health conscious, they are shifting towards consumption of natural dietary supplements which not only provide nutrition but also safeguard from chronic ailments. Nutraceuticals are consumed either exclusively or in conjunction with food additives or functional foods.

Magnesium is an important mineral, regulating nerve and muscle function, blood pressure, sugar levels and creation of bone, protein and DNA. Absence of adequate intake of magnesium leads to several chronic conditions, including muscle spasms and tremors. Moreover, it also diminishes presence of other important minerals such as potassium.

Furthermore, nutraceutical ingestion of magnesium has proven highly effective in mitigating the adverse impacts to the body induced by conventional medicines. Nutraceuticals are less likely to lead to potential side-effects, thus upticking their usage.

Pharmaceutical Industries to Drive Market Growth by Value

The global pharmaceutical industry is undergoing paradigm shifts since the past decade or two. Increased demand for effective medicines has spurred increased research and development funding by governments and businesses alike. Recent years have seen an upsurge in the usage of magnesium sulphate as an important ingredient for drug formulations.

According to the World Health Organization, magnesium sulphate is attributed as the safest, most-effective and affordable compound, motivating pharmaceutical companies to incorporate it into their formulations. Magnesium sulphate imbued medications are being used to treat and prevent low blood magnesium and seizures in women with eclampsia and manufacture mineral baths.

Based on these developments, the market is anticipated to witness strong growth across the pharmaceutical industry in the upcoming forecast period, registering a value CAGR worth 5.6%.

Heightened Fertilizer Consumption to Bolster Magnesium Sulphate Adoption

Agriculture constitutes the backbone of any economy. Food production is imperative to ensure survival of the human race. According to the OECD and FAO, agricultural trade is expected to remain resilient to economic downturns. Therefore, demand for fertilizers will bolster in the coming years.

Consequently, the scope for magnesium sulphate is anticipated to witness a northward trend. Magnesium based fertilizers are instrumental in promoting photosynthesis. It also facilitates sugar production, starch translocation, fat formation and enhanced iron utilization. It also supports nitrogen fixation and control on nutrient uptake.

These benefits offered by magnesium have translated into it being widely adopted throughout the industry. In response, magnesium sulphate is a core source of pure magnesium, furthering its usage in the agricultural fertilizer development

Availability of Magnesium Grades and High Price Volatility Curbs Growth

Prices for magnesium sulphate have varied significantly from manufacturer to manufacturer and also based upon product form, grade and end-use industry. As a result, vendors are unable to place a global benchmark, often leading to fluctuating revenue pools.

Amongst all regions, China is a leading producer of magnesium compounds. In 2018, the Chinese government introduced stringent regulation concerning the mining and application of magnesium compounds as an effort to rein in surging pollution levels. This has led to a fall in magnesium production, restraining market growth.

Several magnesium plants have been compelled to shut down in the East Asian giant, accelerating price levels around the world and also impacting supply.

Magnesium Sulphate Market- Regional Overview

East Asia Magnesium Sulphate Market

The East Asian magnesium sulphate market is expected to tower over all other regions, attributed to exponential consumption in China. The region is likely to gain 470 BPS throughout the upcoming forecast period, capturing ~35% of the market share in value terms.

Home to the world’s maximum population, the Chinese agriculture industry has contributed nearly 7% to its GDP as of 2019. Being a developing nation, a major emphasis is on producing food crops to feed its population. Consequently, demand for agriculture grade magnesium sulphate has risen, expected to capture over half of the global revenue.

In addition, industrial output has also augmented in the past several years. The country is a pioneer in the manufacturing industry sector. As a result, industrial-grade magnesium chloride consumption has been increasing as well.  

Growth is also attributed to increasing domestic production of magnesium sulphate. According to Statista, nearly 695 thousand metric tons of magnesium was produced in China. This is, however, lesser compared to the preceding year, attributed to the imposition of stringent environmental curbs.

Further slump in growth has been witnessed due to the ongoing pandemic crisis, as China is the epicenter of the outbreak. This is highly likely to impact its exports as countries are looking to limit business ties with it.

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Europe Magnesium Sulphate Market

Although in its maturity stage, the Europe magnesium sulphate market is expected to be the 2nd largest in the entire world. Amongst all the countries profiled, Germany is anticipated to emerge as the hegemon across the forecast period.

Growth in the European market is largely attributed to an increase in livestock rearing across potential regions. According to the Common Agricultural and Wider Bioeconomy Research Agenda (CASA), there were a total of 88 million bovines, 150 million pigs and 100 million sheep in 2017.

This uptick in livestock rearing is a consequence of heightened meat and milk consumption. In order to obtain quality produce, it is important to feed these animals a proper diet rich in nutrients and minerals. Therefore, magnesium sulphate infused feeds are recording an upsurge in production, uplifting growth prospects.

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South Asia & Pacific Magnesium Sulphate Market

Advancements in the global healthcare infrastructure have substantially improved life expectancy in recent years. As the proportion of geriatric population increases, age-related chronic disorders have also surged. Most of these people reside in South Asia & Pacific. Hence, research for developing more effective drugs has augmented.

Most of these formulations incorporate magnesium sulphate as an important ingredient, thus opening up avenues for manufacturers to establish their business. India represents a lucrative opportunity for the South Asian magnesium market growth. An incremental $ opportunity worth US$ 32.4 Mn is projected until 2030.

Besides pharmaceuticals, demand in the agriculture is also expected to remain strong, registering an increase of 80 BPS and capturing a market share of 43.6% from 2020-2030. This is because nearly a quarter of India’s economy is agrarian in nature.

FMI’s report has analyzed magnesium sulphate market in 20+ countries across North America, Europe, South Asia & Pacific, East Asia, Latin America and Middle East & Africa. Request a regional/country-wise sample 

Category-wise Insights

Type Insights

Heptahydrate magnesium sulphate is slated to dominate the market throughout the 2020-2030 forecast period. The segment is projected to capture over 3/5th of the revenue pie, registering a CAGR of 5.9% in value terms. Widespread applications in the food, agriculture and industrial domains is a key driver.

Anhydrous form is expected to the 2nd most popular type, accounting for nearly one-fifth revenue share. Anhydrous magnesium sulphate is primarily used as a desiccant or drying agent. Its hygroscopic nature makes it highly suitable to be used in bath salts and medical solution preparations.

Grade Insights

Agriculture grade magnesium chloride is slated to acquire momentum in the upcoming forecast period. Widespread application in inorganic fertilizers to provide additional nutritional supplements is driving growth in this segment.  A market share of ~20% is predicted from 2020-2030.

Extensive research and development to develop effective drug formulations is aggrandizing pharma grade magnesium sulphate uptake since a long time. While it is expected to capture over 50% of the market, pharma grade magnesium sulphate stands to lose 50 BPS in favor of heightening agriculture grade share.

Form Insights

Solid magnesium sulphate salts and crystals are extensively utilized across the construction and agriculture sector as potential additives. Basic magnesium sulphate cement (BMS) is one of the base materials for civil engineering projects. The segment shall gain 90 BPS during the 2020-2030 forecast period.

At the same time, liquid sulphate is anticipated to account for a credible amount of market share, as they are used in producing bath salts, medical solutions and personal and cosmetic care products. The liquid form segment is likely to surge at a CAGR of 5.1%.

COVID-19’s Impact on Future Growth Projections

As the COVID-19 pandemic intensifies, countries are compelled to extend nationwide lockdowns. At the same time, certain restrictions have been easing in order for the economy to survive. However, prospects of a complete recovery are nowhere across the horizon.

With the pandemic curve nearing its peak stage, several countries such as the U.S, Germany, Italy and U.K are experiencing two-fold multiplication of positive cases, rendering any chance of restarting commercial activities impossible. This prolonged slowdown of key industries has substantially impacted growth prospects of the magnesium sulphate market.

The magnesium sulphate market is co-dependent on several other industries, as it purchases raw materials and chemicals from them and supplies the end-product to other end-users. With a mammoth economic depression looming over, demand for different grades of magnesium sulphate is likely to decline sharply. 

Industries such as cement manufacturing, construction and paper & pulp manufacturing are amongst the worst hit, incurring major losses and experiencing impeded revenue. These are some of the most exhaustive users of magnesium sulphate for multiple purposes. Cessation of business activities have generated a major downturn in its demand.

FMI has projected three possible scenarios for the market. Under the optimistic scenario, recovery is on the cards within the next 5 to 8 quarters, with growth being primarily supported by rising expenditure on healthcare investments; conservative scenario pegs at 8-14 quarters and the likely scenario at 4-11 quarters respectively.

Global Magnesium Sulphate Market: Competitive Landscape

The global magnesium sulphate market is fairly fragmented in nature, with the presence of several small-scale and large-scale manufacturers. The top 3 players: K+S Aktiengesellschaft, PQ Corporation and Zibo Jinxing Chemical Co. Ltd. comprise 25-30% of the overall market share. The remaining share is held by multiple regional players.

Players are concentrating on consolidating their foothold across emerging economies such as India, China and Brazil. These players largely cater to domestic demand. This enables them to expand their regional footprint across lucrative regions.

Establishing regional sales offices in emerging countries is a preferred option over collaboration with local distributors and traders. This approach has enabled vendors to more comprehensively understand local market structures and demand.

Companies are also concentrating on expanding their productive capacities through partnerships. In 2019, for instance, K+S, MFS Africa and Akorion entered into a tripartite agreement to promote major breakthroughs in agriculture technology. The agreement will help augment the latter’s EzyAgric digital platform.  

Another prominent player, PQ Corporation markets agriculture grade and technical grade magnesium sulphate. The company offers the MagnaBrite liquid magnesium sulphate for the paper & pulp industry in four different grades. Its products are in compliance with international standards which includes Canada Specific grades.

Apart from these, the following players comprise the magnesium sulphate landscape:

  • Giles Chemical
  • Laiyu Chemical Co. Ltd
  • Laizhou Guangcheng Chemical Co., Ltd
  • Mani Agro Chem Pvt. Ltd.
  • Mag Products India Private Limited
  • Weifang Huakang Magnesium Sulphate Co. Ltd.
  • Rech Chemical Co., Ltd.

The list is only indicative - full list of magnesium sulphate key players is available upon request.

Magnesium Sulphate Market- Report Scope

Attribute

Details

Forecast Period

2020-2030

Historical Data Available for

2015-2019

Market Analysis

USD Million for Value and ‘000 tons for Volume

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa

Key Countries Covered

U.S, Canada, Mexico, Brazil, Germany, Italy, France, U.K, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC, Turkey and South Africa

Key Segments Covered

Type, Grade, End-use & Form

Key Companies Profiled

  • K+S Aktiengesellschaft,
  • PQ Corporation
  • Zibo Jinxing Chemical Co. Ltd.
  • Giles Chemical
  • Laiyu Chemical Co. Ltd
  • Laizhou Guangcheng Chemical Co., Ltd
  • Mani Agro Chem Pvt. Ltd.
  • Mag Products India Private Limited
  • Weifang Huakang Magnesium Sulphate Co. Ltd.
  • Rech Chemical Co., Ltd.

Report Coverage

Market Overview, Key Trends, Success Factors, Demand Analysis, Pricing Analysis, Market Background, DROT Analysis, Segmental Overview, Regional Profiling, COVID-19 Impact Analysis and Competition Analysis

Customization & Pricing

Available upon Request

Key Questions Answered in the Report

  • What is the magnesium sulphate market size?

    The refrigeration leak detector market size is US$ 567.7 million in 2020. The growth rate for the market will be 5.7% CAGR during 2020-2030

  • Which is the largest market for magnesium sulphate?

    East Asia is the largest market for magnesium sulphate globally. This is largely ascribed to immense domestic magnesium production within the Chinese market, stimulated by rapid industrial and agricultural output.

  • Which are the top companies in the landscape?

    K+S Aktiengesellschaft, PQ Corporation and Zibo Jinxing Chemical Co. Ltd are considered to be leading players in the market, operating with high level global presence

  • To what extent will the COVID-19 pandemic impact the market’s growth trajectory?

    The pandemic crisis has ushered in a significant downturn in the uptake of magnesium sulphate, attributed to falling industrial grade operations across key verticals. Demand has remained sustained across the agriculture and healthcare sectors as they are deemed essential services. A moderate recovery path is projected in the future

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  • Is this research conducted by Future Market Insights?

    The market research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst

  • What research methodology is followed by FMI?

    FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology

  • Who are the respondents for primary research?

    FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

  • What are the sources of secondary research?

    FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request. 

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Key Segment

Type

  • Heptahydrate
  • Anhydrous
  • Monohydrate

Grade

  • Industrial Grade
  • Food Grade
  • Agricultural Grade
  • Pharma Grade

End-Use

  • Chemicals
  • Pharmaceuticals & Personal Care
  • Pulp & Paper
  • Agriculture
  • Food & Feed Additives
  • Others

Region

  • North America (U.S & Canada)
  • Latin America (Mexico, Brazil & Rest of Latin America)
  • Europe (Germany, Italy, France, U.K, Spain, Russia & Rest of Europe)
  • South Asia & Pacific (India, ASEAN, Australia & New Zealand and Rest of South Asia & Pacific)
  • East Asia (China, Japan & South Korea)
  • Middle East & Africa (Turkey, GCC, South Africa & Rest of MEA)

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