Magnesium Acetate Market size is anticipated to cross USD 15 million by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of magnesium acetate was over USD 10 million. The growth of the market can be attributed to the growing incidence of rheumatoid arthritis and osteoarthritis globally. Further, the growing aging population and an increase in the rate of obesity, across the globe are also expected to boost market growth. Additionally, the demand for magnesium acetate is increasing among people suffering from rheumatoid arthritis and osteoarthritis as it helps to reduce the pain related to these conditions. As of 2019, there were more than 500 million common cases of osteoarthritis worldwide.
In addition to these, factors that are believed to fuel the market growth of magnesium acetate include the increasing textile and clothing industries. The strong demand for clothing, particularly in developing nations such as India, and China, is predicted to present the potential for market expansion over the projected period. Furthermore, in the textile business, magnesium acetate is used as a drying agent and processing aid for fiber furnishing, which also aids in boosting fiber stability and lowering fabric shrinkage, which eventually enhances the caliber of the finished item.
Growth Drivers
Increasing Demand in Pharmaceutical Industry – Magnesium acetate tetrahydrate is used in the medical sector to manufacture, preserve, sterilize, and for research and development of pharmaceutical products. Further, it is used in dialysis solutions, and also helps in lowering blood pressure in pregnant women. As per estimates, the domestic pharmaceutical market in India grew by more than 10% yearly in 2021.
Rising Prevalence of Diabetes – On the account of rising diabetes cases across the globe is estimated to drive market growth. The demand for magnesium acetate has increased as it is one of the key components used to make synthetic insulin, which is used in diabetic patients regularly. According to data, over 500 million people worldwide suffer from diabetes.
Increasing Growth of the Chemical Industry – The global chemical industry was valued at approximately USD 617 billion in 2022. Furthermore, the worldwide production of chemicals is anticipated to increase by more than 3% in 2022.
Growing Demand for Cigarettes – The rise in consumption of cigarettes across the globe, is anticipated to boost the demand for magnesium acetate, as it is used in manufacturing cigarette paper. More than 1,000 American teenagers under the age of 18 light up their first cigarette every day.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 10 Million |
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Forecast Year Market Size (2035) |
~ USD 15 Million |
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Regional Scope |
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Type (Anhydrous, Hydrous)
The global magnesium acetate market is segmented and analyzed for demand and supply by type into anhydrous magnesium acetate and hydrous magnesium acetate. Out of the two types, the anhydrous magnesium acetate segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing demand for medicines. The demand can be witnessed on the account of rising prevalence of a variety of diseases across the globe. This in turn is rising the use of anhydrous magnesium acetate, and also used for making a variety of pharmaceutical formulations, such as tablets, syrups, and capsules. It is also helpful in treating constipation when used as a laxative with magnesium salt. Further, when used with aluminum salts that cause intestinal retention, it can have a synergistic impact to restore normal bowel function. In the United States, total prescription medication spending increased by more than 4% in 2019.
Application (Pharmaceutical, Food, Textile, Transportation)
The global magnesium acetate market is also segmented and analyzed for, demand and supply by application in the pharmaceutical Industry, food industry, textile industry, transportation industry, and others. Amongst these three segments, the textile industry segment is expected to garner a significant share. Magnesium acetate is in great demand in the textile sector, as they are mainly used to create a variety of compounds, including dyes and pigments. They are used in the dyeing of textiles, and also act as a processing aid for fiber finishing in the textile industry. Further, magnesium acetate is also applied to a variety of products in construction, paper, plastic, paint, and other sectors.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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North American Market Forecast
The North American magnesium acetate market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing growth of the cosmetics industry. There is a huge demand for beauty and hair products in the region, which is estimated to influence the market growth over the forecast period. Further, magnesium acetate tetrahydrate products are used to create a variety of colors, including azo dyes, sulphur dyes, fur dyes, and others. The market for items containing magnesium acetate tetrahydrate will be positively impacted by increased manufacturing of colors such as azo dyes, sulphur dyes, and fur dyes. Owing to a rise in the demand for cosmetic dyes in the area, there is now a greater market demand for magnesium salt products used in the production of hair colors. For instance, in the US, sales of skincare products increased by over 12% in 2022.
APAC Market Statistics
The Asian Pacific magnesium acetate market, amongst the market in all the other regions, is projected to grow with a satisfactory CAGR during the forecast period. The growth of the market can be attributed majorly to the existence of a large number of textile industries in the region. For instance, the main drivers of the growth of textile industries in the Asia-Pacific area are the rising demand for apparel and home furnishings. For instance, more than 30% of the world's textile markets are under China's control, with India coming in second. Further, there is more demand for magnesium acetate in textile industries owing to its variety of applications. It is used as a fixative for dyeing in the textile industry, and to increase the suppleness of fibers by removing water from them. As per data, the textile sector in India is among the largest in the world, contributing over 15% of the nation's overall industrial output.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing number of smoking in the region. The population of Europe is consuming tobacco products and smoking at a high rate, owing to the easy availability of cigarettes in various sizes, shapes, flavors, and colors. To create synthetic silk fiber for cigarette filters, magnesium acetate is employed in the production of cigarette paper, which is anticipated to contribute to the market growth in the region.
Merck KGaA partnered with Biotheus to accelerate the approval of drugs for the Chinese biopharmaceutical industry. Further, this collaboration will help the Chinese clients of biopharmaceutical companies to speed up the production of safe and life-saving medications.
Niacet Corporation was acquired by Kerry Group Plc. With this acquisition, Kerry will be able to include Naicet, which is renowned for its clean preservation methods in the bread, meat, and pharmaceutical industries, into Kerry's international platform for food preservation and protection.
Author Credits: Smruti Ranjan, Rajrani Baghel
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