Adoption of magnesium nitrate hexahydrate continues to gain ground as a catalyzing and reducing agent – a trend that is complementing steady demand of the chemical as an oxidizing agent. According to a recent Fact.MR study, over 1,212,000 tons of magnesium nitrate hexahydrate were sold in 2017, with its use as an oxidizing agent poised to account for nearly 40% of volume sales by 2028-end.
The petrochemical industry in the U.S. has witnessed a significant growth in recent years according to the International Energy Agency (IEA). The United States Energy Agency (USEA) foresees the production of petrochemicals in the U.S, to record 20% rise by 2020-end. North American stakeholders in the magnesium nitrate hexahydrate market can leverage the growth opportunities paved by rising production and export of petrochemicals from the U.S.
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.
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.
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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.
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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.