Home Bulk Chemicals Magnesium Nitrate Market Share & Analysis Report [2031]

Magnesium Nitrate Market

Magnesium Nitrate Market Size, Share & Trends Analysis Report By Manufacturing Process (Nitromagnesite, Synthetic), By Function (Solubilizing Agent, Dehydrating Agent, Oxidizing Agent, Reducing Agent, Catalyzing Agent), By Application (Additives, Catalysts, Admixtures for Concrete, Magnesium Salts) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Report Code: SRCH964DR
Study Period 2020-2032 CAGR 3.8%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD 526.80 million
Forecast Year 2032 Forecast Year Market Size USD 736.92 million
Largest Market North America Fastest Growing Market Asia-Pacific
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Market Overview

The global Magnesium nitrate Market size was valued at USD 526.80 million in 2023. It is estimated to reach USD 736.92 million by 2032, growing at a CAGR of 3.8% during the forecast period (2024–2032).

Magnesium nitrate is a crystalline, odorless, and colorless substance 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. The mining, military, and construction industries use explosives. Therefore, magnesium nitrate market growth is likely to continue steady. Defense spending has increased explosives use, which is projected to boost magnesium nitrate market growth. Magnesium nitrate is used in explosives as an oxidizer, dehydrator, and catalyst to improve combustion—demand for crackers and other pyrotechnics during festivals like Diwali and New Year fuels industry growth.
However, rising health awareness about environmental contamination may slow magnesium nitrate's exponential rise. Increasing government laws on environmental protection initiatives to reduce pollution will also hurt market growth. Regulatory organizations have banned fireworks in many countries, reducing magnesium nitrate consumption in explosives and pyrotechnics.

Market Dynamics

Market Drivers

Agricultural Demand

Magnesium nitrate is frequently used in agriculture as a magnesium fertilizer. It contains an essential nutrient for plant growth and development. The growing demand for high-yield crops and the need to improve soil fertility drive the usage of magnesium nitrate in agriculture. China is the world's largest agricultural producer, producing more than twice the value of India, the second-ranked country, in 2020. China's agricultural products include fruits, vegetables, grains, cotton, eggs, and poultry. 
Similarly, India ranks fourth internationally in organic farming, appealing to health-conscious consumers through sustainable practices. Rice is the most profitable crop cultivated in Bengal, Uttar Pradesh, Andhra Pradesh, Punjab, Assam, and Haryana. India is the world's second-largest producer of sugarcane. India's domestic consumption of milled rice in 2022 was more than 109 million metric tons, down from the previous year. However, India's rice market is predicted to increase to 185.70 billion kg by 2028, with a volume growth rate of 4.8% in 2025. The average volume per person in the rice market will be 111.5 kg by 2024. Magnesium nitrate serves as a priming agent for rice and other crops. This drives the market over the predicted period.
Furthermore, magnesium requirements vary per crop, and the choice of magnesium supply can be influenced by factors such as soil conditions and crop variety. Magnesium nitrate is preferred in some areas and for specific crops due to its solubility and efficacy. Sustainable agriculture approaches prioritize nutrient use efficiency. As a targeted magnesium source, magnesium nitrate is consistent with sustainable agricultural principles by providing a precise and efficient way to remedy magnesium deficits. As a result, the magnesium nitrate market trend is expected to be strong during the forecast period.

Market Restraints

Environment Concerns

Like other fertilizers, magnesium nitrate may be scrutinized for its potential environmental impact, such as nutrient runoff that causes water pollution. Regulatory bodies worldwide are increasingly focused on reducing the environmental impact of agricultural activities. Environmental rules differ by region, but the European Union, for example, has implemented regulations such as the Nitrates Directive (91/676/EEC) to combat nitrate contamination from agricultural sources. Compliance with such directives may affect using and marketing magnesium nitrate in agriculture.
Besides, some governments have prohibited using magnesium nitrate in fireworks and pyrotechnics. This is owing to rising environmental awareness, which has resulted in a ban on producing and selling fireworks in numerous places. Magnesium nitrate is not explosive. However, it can improve the combustion of other compounds. It can also emit hazardous or irritating fumes or gasses during a fire. When it comes into touch with reducing agents, it may cause a fire or explosion. According to the European Parliament, magnesium nitrate hexahydrate is an explosive precursor. The European Chemicals Agency (ECHA) also prohibits magnesium nitrate. 
Furthermore, China's National Drinking Water Standards for Residents limit nitrate concentrations in drinking water to fewer than 20 mg/liter. China's fertilizer restrictions date back to 1989. In 2020, the mandatory national standards GB 38400-2019 went into effect, establishing limitations for dangerous chemicals in fertilizers. 

Market Opportunity

Focus on Sustainable Fertilizers

Magnesium nitrate can be designed with unique properties to prevent nitrogen leaching, a common environmental hazard related to nitrogen-based fertilizers. This can be accomplished with controlled-release formulations that improve nitrogen uptake by plants while reducing excess runoff. Magnesium nitrate decomposes around 626 °F, producing deadly nitric acid fumes and, in some cases, nitrogen tetroxide. Magnesium is regarded as the world's most environmentally beneficial and sustainable metal due to its natural abundance, gathering, and processing. It is entirely recyclable and dissolves naturally. 
Furthermore, magnesium nitrate can deliver water-soluble nitrate nitrogen and magnesium to crops. It can immediately feed crops with magnesium, increase the amount of chlorophyll in the plant body, and boost agricultural photosynthesis. Manufacturers might get certifications or eco-labels emphasizing magnesium nitrate's environmental benefits. Certifications that demonstrate adherence to sustainable and responsible manufacturing processes can improve market standing. Consumer knowledge and demand for sustainably produced agricultural products can encourage sustainable farming practices, such as magnesium nitrate, an environmentally beneficial fertilizer. 
Moreover, government initiatives and incentives supporting sustainable agriculture practices can provide a favorable climate for using ecologically friendly fertilizers. Manufacturers can match their strategies with these initiatives. NIFA promotes sustainable agriculture by leading national programs and financing research and extension. It provides competitive grant programs and professional development opportunities and works with other federal agencies through the USDA Sustainable Development Council.

Regional Analysis

North America Dominates the Global Market

North America is the most significant global magnesium nitrate market shareholder and is estimated to grow at a CAGR of 3.6% over the forecast period. The North American magnesium nitrate market has expanded due to its numerous applications in agriculture, chemicals, and other industries. Factors influencing demand include agricultural methods, industrial operations, and environmental laws. In recent years, North America's growing emphasis on sustainable agriculture and precision agricultural practices has raised demand for magnesium nitrate as a water-soluble fertilizer. The United States, a net food exporter, relies heavily on agriculture. Agriculture, food, and associated industries accounted for around 5.4% of the United States' GDP in 2021. The output of American farms accounted for about 0.7% of the US GDP. Corn, soybeans, and cotton are the three most abundant crops in the United States. In 2023, American farmers harvested a record 15.23 billion bushels of corn, averaging 174.9 bushels per acre. Magnesium (Mg) is a secondary macronutrient required for corn production. This is projected to boost the market over the forecast period.
Furthermore, adopting new technologies and services has increased sales revenue for precision farming in the United States. For example, drones have made it possible to accurately identify agricultural biomass, plant height, weed presence, and water saturation in specific field areas. They provide more accurate and detailed data with higher resolution than satellites. Using magnesium nitrate as a fertilizer, particularly in magnesium-deficient areas, benefits crop health and productivity.
Asia-Pacific is anticipated to exhibit a CAGR of 4.0% over the forecast period. 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. The extensive use of magnesium nitrate as a stabilizer for petrochemical manufacturing drives market growth. India is highly dependent on the agriculture sector, further driving the demand for magnesium nitrate in the region. Magnesium nitrate is sprayed on numerous crops, including rice and vegetables, in nations where agriculture is vital to the economy, such as China and India.
Additionally, the chemical sector in the Asia-Pacific area adds to the demand for magnesium nitrate. Chemical synthesis and manufacturing processes benefit from its solubilizing and oxidizing properties. Since 2011, China has had the world's largest chemical sector in sales. China's demand growth for the chemical industry has decreased from two-digit rates during the last decade. In 2015, China accounted for around 30% of global chemical demand. From 2011 to 2020, China continued to account for approximately 60% of global demand growth. An increase in chemical demand may drive magnesium nitrate use.
Europe accounts for a moderate part of the market, according to magnesium nitrate market insights. Europe is known for its severe environmental rules, and chemical makers must comply with these standards, affecting magnesium nitrate manufacturing and usage. According to the European Chemicals Agency (ECHA), magnesium nitrate is unlikely to adsorb or bioaccumulate in considerable quantities. However, if released in large quantities, these ions could generate physicochemical stressors in aquatic habitats. As a result, it is anticipated that the regional market will suffer. Magnesium nitrate, on the other hand, is used to de-ice highways and runways in areas with cold weather. This application is critical for sustaining transportation infrastructure over the winter. Magnesium nitrate can be used to de-ice in Nordic countries such as Sweden and Norway.

Report Scope

Report Metric Details
By Manufacturing Process
  1. Nitromagnesite
  2. Synthetic
By Function
  1. Solubilizing Agent
  2. Dehydrating Agent
  3. Oxidizing Agent
  4. Reducing Agent
  5. Catalyzing Agent
By Application
  1. Additives
  2. Catalysts
  3. Admixtures for Concrete
  4. Magnesium Salts
Company Profiles Avantor Performance Materials BeanTown Chemical Columbus Chemical Industries Cosmic Chemicals GFS Chemicals Merck KGaA Spectrum Chemical Manufacturing Thermo Fisher Scientific India Private Limited Vishnupriya Chemicals Private Limited William Blythe Sigma Aldrich Van Iperen International Yara International Haifa Mexico Neochim PLC AKO Kasei Co. Ltd. American Elements Rongyu Chemical Co. Ltd.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Singapore Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global magnesium nitrate market is segmented based on manufacturing process, function, application, and region.
The market is further accessed by manufacturing processes segmented into nitromagnesite and synthetic.
Synthetic generates the maximum revenue in the market.
The synthetic process is widely used to produce magnesium nitrate because it is less expensive and energy-efficient than other methods. Magnesium nitrate is manufactured synthetically by creating magnesium compounds through chemical processes, which commonly begin with raw materials such as magnesium oxide or magnesium carbonate. The synthetic process usually involves controlled chemical processes in which magnesium compounds react with nitric acid to form magnesium nitrate. Compared to natural sources, this approach allows for greater control over the content and purity of the finished product. Synthetic manufacture can also provide a continuous and dependable source of magnesium nitrate, minimizing reliance on geological reserves. It is a widespread practice in industrial settings, allowing customized formulas to satisfy specific application needs in agriculture, chemicals, and other industries. The synthetic technique enhances magnesium nitrate's versatility and adaptability for various applications.
Nitromagnesite is a naturally occurring mineral that contains magnesium. Nitromagnesite is extracted from mineral sources and then treated to produce magnesium compounds such as nitrate. The extraction process begins with mining the mineral, followed by beneficiation operations that concentrate and purify the magnesium content. Nitromagnesite-based production methods use natural geological formations rich in magnesium, making it a more conventional means of obtaining this critical nutrient. While the technique is based on naturally occurring deposits, it requires rigorous extraction and processing to meet quality criteria for usage in various applications, including agriculture and industry. 
Based on function, the market is fragmented into Solubilizing Agents, Dehydrating Agents, Oxidizing Agents, Reducing Agents, and Catalyzing Agents.
Dehydrating Agent accounts for the largest share of the market.
Dehydrating Agent
Magnesium nitrate acts as a dehydrating agent because of its capacity to absorb water. This feature makes it useful in applications like de-icing agents for roads and runways. In colder areas, magnesium nitrate can absorb moisture from its surroundings, releasing heat and preventing ice formation. This dehydrating property makes it worthwhile in businesses that require precise moisture control.
Solubilizing Agent
Magnesium nitrate is used to increase the solubility of different compounds in water. Its hygroscopic nature allows it to dissolve easily in water, and this property is used in industries like agriculture and chemicals. In agriculture, magnesium nitrate is used as a water-soluble fertilizer to provide plants with critical magnesium elements that are easily absorbed. It acts as a solubilizer in chemical operations, allowing other molecules to dissolve more easily.
The market can be bifurcated by application into Additives, Catalysts, Admixtures for Concrete, and Magnesium Salts.
Additives are the most commonly used application in the market.
The additives segment is 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 manufacturing fertilizers and specialty chemicals. Magnesium nitrate is added in various sectors, giving finished products unique qualities. Magnesium nitrate can be added to formulations to improve solubility, stability, or reactivity. The additive function improves the performance or features of the finished product, which may be seen in industries such as chemicals, agriculture, and materials manufacturing. Recently, Haifa Group introduced Magnisal™, a magnesium nitrate fertilizer for healthy crops. Increasing the requirement for nitrogen fertilizers in tandem with the steadily growing agricultural sector drives the market growth.
Magnesium nitrate enhances and speeds up chemical reactions while remaining relatively unchanged. Its catalytic characteristics are used in various industrial operations that require controlled and efficient reactions. Magnesium nitrate can alter the reaction route and reduce the activation energy required for certain chemical transformations, making it useful for catalyzing reactions to manufacture various compounds and materials.

Market Size By Manufacturing Process

Recent Developments

  • November 2023- Avantor® expanded its cellular science offerings with multi-span cell engineering and assay services.
  • November 2023- OK Plant committed to circular fertilization with GreenSwitch® Original.

Top Key Players

Avantor Performance Materials BeanTown Chemical Columbus Chemical Industries Cosmic Chemicals GFS Chemicals Merck KGaA Spectrum Chemical Manufacturing Thermo Fisher Scientific India Private Limited Vishnupriya Chemicals Private Limited William Blythe Sigma Aldrich Van Iperen International Yara International Haifa Mexico Neochim PLC AKO Kasei Co. Ltd. American Elements Rongyu Chemical Co. Ltd. Others

Frequently Asked Questions (FAQs)

How big is the Magnesium Nitrate Market?
The global Magnesium nitrate Market size was valued at USD 526.80 million in 2023. It is estimated to reach USD 736.92 million by 2032, growing at a CAGR of 3.8% during the forecast period (2024–2032).
Europe region has the highest growth rate in the Magnesium Nitrate Market.
Growing Pharmaceuticals and Agrochemical Industries are the key drivers for the growth of the Magnesium Nitrate Market
The key players in the global Magnesium Nitrate Market include Avantor Performance Materials ,BeanTown Chemical ,Columbus Chemical Industries ,Cosmic Chemicals ,GFS Chemicals ,Merck KGaA ,Spectrum Chemical Manufacturing ,Thermo Fisher Scientific India Private Limited.

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