Magnesium nitrate is a crystalline, odorless, and colorless substance, which is prominently used as a catalyst for manufacturing fireworks and petrochemicals. It is obtained by a mixture of magnesium sulfate and calcium nitrate; the mixture is then filtered to extract insoluble calcium sulfate. The demand for magnesium nitrate is increasing on account of key advancements in the field of chemical synthesis.
Increasing use of magnesium nitrate in the research industry and rising advancements in the field of plant-care and agriculture are key growth factors for the magnesium nitrate market. In addition, the petrochemical industry plays a vital role in global economic development, facilitating the supply of fundamental and imperative raw materials to a wide range of industries. Steady growth in the petrochemical industry, particularly in emerging countries of Asia-Pacific such as India and China boost the market growth. Additionally, extensive use of this chemical in the formulation of biocidal products, plant protection products, processing aids, and fertilizers provide an impetus to the market growth.
Magnesium nitrate is increasingly being used as a dehydrating agent and a catalyst in the making of pyrotechnics and explosives products. The growth of magnesium nitrate market is expected to remain constant over the forecast period owing to the widespread adoption of explosives in the mining industry, military, and construction. Moreover, the increasing expenditure in the defense sector is expected to further enhance the growth of magnesium nitrate market as defense sector has proliferated the use of explosives.
In explosive industry, magnesium nitrate is used as an oxidizing agent, dehydrating agent, and a catalyst to enhance the combustion of other substances used in the making of an explosive. Surging use of crackers and other pyrotechnic products in various festivals, such as Diwali and New Year, drives the market growth.
In addition, magnesium nitrate has good thermal properties which impart high heat during fusion as it creates exothermic reactions. This thermal property made magnesium nitrate a phase change material (PCM) in the industrial sector. The heat released during exothermic reaction of magnesium nitrate can further be leveraged as a source of energy in several industries. The magnesium nitrate market growth is also expected to high owing to its use as a phase change material in the urban waste heat which emerges from cogeneration systems.
However, the rising health awareness among people regarding environmental pollution can hamper the growth of magnesium nitrate as an explosive product. In addition the increasing government regulations with regard to environmental protection policies which aim to control the pollution levels will have a negative impact on the market growth. Several regulatory bodies have imposed a ban on the use of fireworks in different nations this is expected to retard the consumption of magnesium nitrate in the field of explosives and pyrotechnics.
Increasing advancement in the field of agriculture research is projected to accelerate the market growth in the near future. Magnesium nitrate is extensively used for the manufacturing of fertilizers and other plant growth hormones. Researchers have found that magnesium is essential for plants, and is considered as a key component of the chlorophyll molecule. Magnesium nitrate fertilizer provides plants with readily available magnesium, which is essential for their healthy growth. The demand for magnesium-based fertilizers and growth hormones are increasing across the globe as magnesium deficiency restrains plants development, resulting in decreased yields and poor quality.
As per the Food and Agriculture Organization (FAO), the global demand for fertilizers is expected to grow with a CAGR of 1.8% during the forecast period. In addition, the booming agriculture industry in emerging economies such as Brazil, India, and China is expected to surge the demand for fertilizer, further driving the market growth. As per the data provided by the India Brand Equity Foundation (IBEF), about 58% of the Indian population relies on agriculture.
By manufacturing process magnesium nitrate market is segmented into Nitromagnesite and synthetic process. The synthetic process is majorly used for the production of magnesium nitrate as it is cost effective and energy efficient method compared to the another one. Synthetic method is dominating the magnesium nitrate market owing to its high usage in the chemical industries. Nitromagnesite is the natural and raw form of magnesium nitrate that can be extracted from mines and earth crust. Nitromagnesite is mainly occur in the African region. The production of magnesium nitrate through nitromagnesite can be done by purification of nitromagnesite. The availability of nitromagnesite is lower compare to its global demand hence synthetic method is mostly preferred over nitromagnesite method.
By application, the market is segmented into additives and catalysts. The additives segment is further divided into nitric acid, specialty chemicals, and fertilizers. The additives segment holds the largest market share owing to the increasing use of magnesium nitrate for the manufacturing of fertilizers and specialty chemicals. Recently, Haifa Group introduced Magnisal™, a magnesium nitrate fertilizer for healthy crops.
Increasing requirement for nitrogen fertilizers in tandem with the steadily growing agricultural sector drives the market growth. As per the data provided by the Food and Agricultural Organization (FAO), in 2018, the sale of nitrogen fertilizers was around 119.4 million metric tons. Thus, robust demand for nitrogen fertilizers provides an impetus to the market growth
Asia-Pacific is projected to exhibit the fastest growth as the region is backed by the robust presence of petrochemical industries in countries such as India and China. The petrochemical industry in India is projected to grow with a CAGR of 10 % during the forecast period. Extensive use of magnesium nitrate as a stabilizer for the manufacturing of petrochemical drives the market growth. India is highly dependent on the agriculture sector, further driving the demand for magnesium nitrate in the region.
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