NEW YORK, Jan. 10, 2022
Magnesium Nitrate Hexahydrate Market to Surpass US$ 890 Mn by 2032: Fact.MR
In its latest study, Fact.MR provides the supply chain and industry life cycle analysis of the global magnesium nitrate hexahydrate market from the period of 2022 to 2032. Besides, it also highlights various growth opportunities associated with the leading segments in terms of manufacturing process, primary function, application and across six major regions.
NEW YORK, Jan. 10, 2022 /PRNewswire/ -- In 2021, the global consumption of magnesium nitrate hexahydrate topped 1,413 metric tonnes. Over the projection period of 2022 to 2032, the magnesium nitrate hexahydrate market is expected to develop at a CAGR of 3.8%.
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.
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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:
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:
Key Questions Covered in Magnesium Nitrate Hexahydrate Market Report
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