Magnesium Derivatives Market
Magnesium Derivatives Market (Type: Hydromagnesite and Dypingite; and Product and its Application: Magnesium Oxide, Magnesium Chloride, Magnesium Hydroxide, Magnesium Carbonate, Magnesium Sulfate, Magnesium Hydrotalcite, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Magnesium Supplements Hold Promising Potentials in Combating Coronavirus Infection
Inexpensive magnesium supplements including zinc and vitamin C tablets are being recommended by medical professionals to fight the COVID-19 (coronavirus) infection. Magnesium supplements are receiving the attention of consumers to maintain optimum immunity levels. However, companies in the magnesium derivatives market are facing a scarcity in demand, since consumers are opting for essential home products pertaining to food and cleanliness. Hence, manufacturers in the magnesium derivatives market are directing their marketing capabilities toward health-conscious consumers via e-pharmacies and online sales amidst the pandemic.
Since modern farming and food processing activities remove magnesium, it has become important for individuals to consume nutraceuticals to avoid magnesium deficiency. Magnesium is responsible for triggering biochemical processes in the body. Thus, to avoid acute viral infections, doctors are recommending the consumption of oral magnesium citrate as per divided dosages.
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Epsom Salt Prevents Magnesium and Sulfur Deficiencies in Plants
Magnesium sulfate is being used in plant care applications. This trend is anticipated to grow in the upcoming years, since individuals are becoming aware about maintaining oxygenated home environments. Thus, agriculture, gardening, and plant care applications are creating revenue opportunities for companies in the magnesium derivatives market. As such, magnesium sulfate is commonly known as Epsom salt. This salt is a combination of magnesium and sulfur, which helps in improving the photosynthetic procedure in plants. Hence, companies in the magnesium derivatives market are increasing their production capabilities to manufacture Epsom salt.
Similar to individuals, plants are also susceptible to magnesium deficiencies. This has led to the adoption of Epsom salt, which helps to maintain leaf color in plants.
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Companies Innovate in Magnesium Materials with High Heat Storage Density
The growing need for energy conservation has fueled the demand for magnesium derivatives. For instance, Tateho Chemical Industries Co. Ltd. gained recognition at the NEDO Strategic Energy Conservation Technology Innovation Program for developing magnesium hydroxide chemical thermal storage materials. Companies in the magnesium derivatives market should participate in trade events to demonstrate how machines are capable of reproducing actual chemical heat storage. Manufacturers are increasing their production capabilities to develop materials that contain high heat storage density.
The magnesium derivatives market is anticipated to cross a revenue of US$ 64 Bn by 2030. This is evident since manufacturers are increasing their production capabilities to produce high-purity magnesium-containing derivatives. Low-impurity levels in these derivatives are highly preferred by end users. On the other hand, magnesium chloride is acquiring prominence in mineral supplements. However, problems such as diarrhea and stomach issues are likely to affect the sales of supplements. Hence, manufacturers should adopt clean labels for their products, which highlight disclaimers of allergic reactions.
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Magnesium supplements hold promising potentials in fighting acute infections such as the COVID-19. Magnesium oxide is being increasingly used in pharmaceutical products. However, the magnesium derivatives market is estimated to progress at a modest CAGR of 5% during the assessment period, as several individuals are unable to distinguish between the symptoms of various nutrient deficiencies in plants. Hence, companies should recommend individuals to use Epsom salt only when specific symptoms of magnesium deficiencies occur in plants. Manufacturers should innovate in materials that hold high heat storage density. They should increase their production capacities to manufacture high-purity magnesium-containing derivatives with low impurity levels.
Magnesium Derivatives Market: Overview
- Magnesium derivatives include magnesium oxide, magnesium chloride, magnesium sulfate, and magnesium hydroxide. Among these, magnesium oxide is a highly consumed magnesium derivative.
- Key applications of magnesium derivatives include refractories, wastewater treatment, magnesium oxide feedstock, resin processing, flame retardant, dust suppression, and de-icing in road treatment and manufacture of pharmaceutical products. Magnesium derivatives are used in animal feed, plastics, rubber, textile, and paper industries.
- The magnesium carbonate segment held major share of the global magnesium derivatives market in 2019. High share of the segment can be ascribed to attributes of magnesium carbonate such as water absorption and excellent insulation. Thus, it is an ideal material for formulation of a wide range of applications, including filler in rubber industry, pharmaceutical & cosmetic products, and flame retardants.
- The magnesium oxide segment held large share of the global magnesium derivatives market in 2019. Magnesium oxide is extensively used in the production of refractory materials, which are employed in steel production to serve as protective and replaceable linings for equipment that is utilized to handle molten steel. Rise in demand for non-ferrous metals is projected to offer significant opportunities for magnesium oxide-based refractory product manufacturers across the globe. Other key applications of magnesium oxide include gypsum plasterboard and wallboards.
Key Growth Drivers of Magnesium Derivatives Market
- Increase in demand for food, shrinking cultivation areas, rise in demand for sulfur-free fertilizers, and growth in magnesium deficiency of soil due to the usage of ammonia-based fertilizers are some of the key factors boosting the demand for magnesium oxide in the fertilizers industry. Magnesium oxide is used as a source of magnesium in different fertilizers applied in magnesium-deficient soil. Increase in usage of ammonium and potassium fertilizers leads to a decline in magnesium content of soil, thus making it magnesium deficient. Magnesium deficiency decreases the crop yield. Magnesium-based fertilizers also reduce soil acidification by neutralizing acidity. This characteristic of magnesium oxide is expected to drive its demand in the agriculture application. This, in turn, is estimated to boost the magnesium derivatives market.
- Magnesium oxide is widely used in wastewater treatment, as it stabilizes heavy metals and enables acid buffering. It provides improved pH control, improves metal removal, and removes phosphorus from wastewater effectively. Rise in the number of government regulations related to industrial wastewater treatment is propelling the demand for magnesium oxide. Thus, demand for magnesium oxide is expected to increase by the end of the forecast period. This is anticipated to propel the magnesium derivatives market in the near future.
Asia Pacific to Dominate Magnesium Derivatives Market
- Asia Pacific is expected to be a prominent consumer of magnesium derivatives across the globe. The region accounted for a major share of the global magnesium derivatives market in 2019. China is a leading producer of magnesium derivatives in Asia Pacific. Demand for magnesium derivatives is estimated to increase in India, Indonesia, and Vietnam in the near future due to expansion of infrastructure and manufacturing industries in these countries. China is a leading consumer of magnesium oxide and magnesium carbonate. Rise in demand for refractory bricks for lining steel and iron furnaces is likely to propel these markets in the country during the forecast period. In turn, this is projected to drive the demand for magnesium derivatives in China.
- According to the World Refractory Association, in order to produce 1 ton of steel, 10 kg to 15 kg of refractory is used as liner in furnace as protective material. Additionally, refractories are essential products for applications such as iron and steelmaking, cement production, glass, ceramics, aluminum, nonferrous metals, paper & pulp, petrochemical processing, and power production. Growth in consumer preference for quality and sustainable products, and rise in research & development activities in order to offer innovative steel solutions are boosting the demand for refractories in Europe. Magnesium derivatives such as magnesium oxide are primarily used in the manufacture of refractory products. This is boosting the consumption of magnesium oxide in the region. In turn, this is propelling the magnesium derivatives market in Europe.
- Increase in usage of magnesium derivatives in water treatment, flame retardant, and chemical applications in Germany, the U.S., and Indonesia is expected to boost the demand for magnesium derivatives in these countries
- Rise in construction activities in Colombia and GCC countries, and increase in demand for magnesium oxide in animal feeds and fertilizer industries in Latin America are expected to boost the magnesium derivatives market across the region in the near future
Leading Players in Magnesium Derivatives Market
- The global magnesium derivatives market is highly fragmented. Key players operating in the magnesium derivatives market include GRECIAN MAGNESITE S.A., Causmag International, RHI Magnesita N.V., Compass Minerals, Grecian Magnesite, Martin Marietta Magnesia Specialties, Karnalyte Resources Inc., K+S Aktiengesellschaft.
- These players are extensively engaged in new product launches and merger & acquisition activities to gain higher share of the global magnesium derivatives market. For instance, in July 2019, K+S Aktiengesellschaf, invested US$ 36 Mn to expand the production capacity of the Werra Plant at the Wintershall site in Germany to produce higher amount of magnesium sulfate anhydrous.
- Expansion of the product line to increase the global footprint of prominent players is another prominent factor boosting the magnesium derivatives market. In 2017, RHI Magnesita N.V. acquired 100% share of Agellis Group AB to expand its range of products and services. In the same year, the company merged its subsidiaries – RHI AG and Magnesita Refratários S.A. – to form RHI Magnesita N.V., a group company. Through the merger, the company aims to be in a strong position in the refractory market and expand its business in high growth economies such as India and China.
Magnesium Derivatives Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global magnesium derivatives market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the magnesium derivatives market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the magnesium derivatives market will progress during the forecast period of 2020-2030.
The report offers intricate dynamics about the different aspects of the magnesium derivatives market that aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the magnesium derivatives market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the magnesium derivatives market, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (tons).
The report includes company profiles of key players that are currently dominating the magnesium derivatives market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Magnesium Derivatives Market
The report provides detailed information about the magnesium derivatives market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the magnesium derivatives industry, so as to help them make successful strategies and take target-driven decisions.
- Which type of magnesium carbonate minerals is likely to generate the highest revenue by 2030?
- Among all of magnesium derivatives, which derivative will hold major share of the market?
- Which derivative is expected to grow at the fastest pace during the forecast period?
- How much revenue is the magnesium derivatives market expected to generate by the end of the forecast period?
- How are key market players successfully earning revenue out of the advantages of magnesium derivatives?
- Which companies operate across the globe?
- What are the indicators expected to drive the magnesium derivatives market?
- Which regions are likely to provide profitable scope of opportunities for magnesium derivatives market competitors?
Research Methodology – Magnesium Derivatives Market
The research methodology adopted by analysts for combining the magnesium derivatives market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the magnesium derivatives market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the magnesium derivatives market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the magnesium derivatives market.
Magnesium Derivatives Market – Segmentation
TMR’s research study assesses the magnesium derivatives market on the basis of type, product and Its Application, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the magnesium derivatives market.
Product and its Application