Magnesium nitrate hexahydrate has seen a large increase in demand due to its widespread use as an effective oxidizing, stabilizing, and dehydrating agent in a variety of industries. Effectiveness in the manufacturing of nitrogen fertilizers is predicted to have a significant impact on the growth of the magnesium nitrate hexahydrate market.
The use of magnesium nitrate hexahydrate in the manufacture of nitrogen fertilizers, as a source of nitrogen, is likely to provide prospective growth possibilities for the market in the coming years. This expansion can be attributed to the increased usage of nitrogen in agricultural fertilizers around the world.
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Furthermore, magnesium nitrate hexahydrate is widely used as a catalyst and a dehydrating agent in the manufacture of fireworks and explosives.
During the period 2017-2021, the global magnesium nitrate hexahydrate market continued on the upswing, with considerable expansion across a wide range of end-use industries. The product has seen widespread application in the production of multi-nutrient fertilizers. Nonetheless, during the projection period, the agriculture industry is expected to drive total demand for magnesium nitrate hexahydrate.
During the assessment period, Europe and Asia Pacific will exhibit considerable prospects for growth in the magnesium nitrate hexahydrate market.
- India magnesium nitrate hexahydrate market to reach over US$ 112 Mn by the end of 2032.
- Use of magnesium nitrate hexahydrate as a phase change material in the effective exploitation of urban waste heat has become popular.
- Magnesium nitrate hexahydrate consumption is expected to increase at a rapid rate in the fertilizer business, fueling its acceptance.
- Use of magnesium nitrate hexahydrate as a petrochemical catalyst in the production of petrochemical products is expected to present future growth opportunities.
- Use of magnesium nitrate hexahydrate as a significant component in explosive manufacturing is likely to fuel market expansion.
Key manufacturers have a strong global presence and a well-developed distribution network. Medium-sized businesses should concentrate on building a strong distribution network in order to expand their customer base. Manufacturers who rely on access to overseas markets or who aim to boost their investments in offshore operations may be on the receiving end.
Key Players in the Magnesium Nitrate Hexahydrate Market Include:
- William Blythe Limited
- Ricca Chemical Company, LLC
- GFS Chemicals, Inc.
- Cosmic Chemicals
- Avantor Performance Materials
- BeanTown Chemical Corporation
- Spectrum Chemical Manufacturing Corporation
- Columbus Chemical Industries Inc.
More Valuable Insights on Magnesium Nitrate Hexahydrate Market
Fact.MR provides an unbiased analysis of the magnesium nitrate hexahydrate market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global magnesium nitrate hexahydrate market with a detailed segmentation on the basis of:
- By Manufacturing Process
- Synthetic Process
- By Primary Function
- Solubilizing Agent
- Dehydrating Agent
- Oxidizing Agent
- Reducing Agent
- Catalyzing Agent
- By Application
- Food & Feed Additives
- Specialty Chemical Additives
- Soil Additives
- Process Chemicals
- Manufacturing Explosives
- Catalysts & other Magnesium Salts
- Admixtures for Concrete
Key Questions Covered in Magnesium Nitrate Hexahydrate Market Report
- The report offers insight into the magnesium nitrate hexahydrate market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for magnesium nitrate hexahydrate market between 2022 and 2032.
- Magnesium nitrate hexahydrate market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Magnesium nitrate hexahydrate market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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