Rockville Pike, MD -- (SBWIRE) -- 08/13/2019 -- Magnesium nitrate hexahydrate continues to witness a significant surge in demand in light of its robust adoption as an efficacious dehydrating, oxidizing, and stabilizing agent across various industrial sectors. Its effectiveness in fertilizer production, particularly nitrogen fertilizers, has been expected to pose a proliferative impact on growth of the magnesium nitrate hexahydrate market. Additionally, explosives and fireworks production involves extensive use of magnesium nitrate hexahydrate as a dehydrating agent as well as a catalyst.
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However, given the increasing concerns with regard to environmental protection policies that aim at curtailing pollution levels, regulatory bodies have imposed a ban on the use of fireworks. This is expected to keep growth of the magnesium nitrate hexahydrate market in check. Nevertheless, remarkable adoption of magnesium nitrate hexahydrate in the petrochemical industry will offset the confined market growth prospects against the backdrop of fireworks' prohibition.
Increased government expenditure on the military & defense sector in North America will further underpin adoption of magnesium nitrate hexahydrate in the region, as the chemical witnessed extensive use as stabilizer and catalyst in explosives production. North America's lead in the magnesium nitrate hexahydrate market in comparison to Europe will be challenged by higher growth rate and opportunity in the latter during the forecast period, according to Fact.MR study. The study has estimated nearly 244,820 tons of magnesium nitrate hexahydrate sales in 2017.
Growth of the magnesium nitrate hexahydrate market in Europe will continue to be sustained by proliferation in use of nitrogen fertilizers, with the FAO estimating 39,484,000 tons of nitrogen fertilizers sales in the region by 2018-end. The European Union has imposed regulations on use of explosives, while delegating norms to add magnesium nitrate hexahydrate to the Annex 2 of EU regulation 98/2013 on the Use and Marketing of Explosives Precursors. This, coupled with the FAO prediction on the agricultural sector's significant rise in the near future, will continue to drive growth of the magnesium nitrate hexahydrate market in Europe.
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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: Opportunities Abound in Latin America
According to the study, magnesium nitrate hexahydrate sales in Latin America will record a relatively faster growth rate over the period of forecast. This growth will be primarily driven by use of this quality chemical as a concrete additive in the region's rising construction industry. Governments of Latin American countries are implementing infrastructural development plans to promote construction of their commercial as well as residential structures.
Government of Mexico's National Infrastructural Plan is a prime example of such development efforts. This, coupled with abundant availability of magnesite/magnesium carbonate in Brazil will continue to pave lucrative growth opportunities for growth of the magnesium nitrate hexahydrate market in Latin America, with magnesite being a key raw material for the chemical's production.
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