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CHEMICALS AND ADVANCED MATERIALS

Magnesium Acetate Market Analysis by Type (Anhydrous Magnesium Acetate and Hydrous Magnesium Acetate); and by Application (Pharmaceutical Industry, Food Industry, Textile Industry, Transportation Industry and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Merck KGaA: Merck has entered into a partnership with Micron Technology Inc., to develop sustainable gas solutions i.e., gas with low global warming potential (GWP) used in the making of semiconductors.
  • Niacet Corporation: Kerry Group Plc., (Kerry), has announced its agreement to acquire Hare Topco, Inc., trading as Naicet Corp. With this acquisition Naicet which is known for its clean preservation technologies in the categories of bakery, Meat and Pharma, will be integrated into Kerry’s global food protection and preservation platform.

Global Magnesium Acetate Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Magnesium-Acetate-Market-Size

The global magnesium acetate market is estimated to garner a revenue of ~USD 11 million by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 8 million in the year 2021. The market is estimated to grow on the back of increasing demand for magnesium acetate from the food industry as it is used as a food additive. As per estimates, in the United States, retail and food service sales was around USD ~7 trillion in 2021.  Furthermore, the properties of magnesium acetate such as flame retardant, moisture absorbent makes them more suitable for various applications in other end use industries as well.

Magnesium-Acetate-Market

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The global magnesium acetate market is also estimated to witness growth on account of rising osteoarthritis and rheumatoid cases worldwide. Since magnesium acetate helps to relieve the pain associated with these disorders, there is an increase in demand for magnesium acetate among patients suffering from these diseases globally. According to data from the Centers for Disease Control and Prevention (CDC), approximately 32.5 million United States adults were affected by osteoarthritis. Moreover, the continuous demand for magnesium acetate from the manufacturing industry and thermal power generation units is also contributing to the growth of the global magnesium acetate market in the coming years.

Global Magnesium Acetate Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Growth of Chemical Industry – According to statistics, the Indian chemical industry was valued at around USD 175 billion in 2019 and is projected to exceed a valuation of ~USD 300 billion by the end of 2025.
  • Increased Research & Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Growth of Textile and Apparel Industry – Magnesium acetate is used in the textile industry as a drying agent and processing aid for fiber furnishing. Magnesium acetate also helps to increase fiber stability and reduce shrinkage of the fabric, which ultimately improves the quality of the final product. According to statistics, the Indian textile and apparel industry is estimated to reach a valuation of ~185 billion USD by the end of 2025-26.
  • Rapid Global Industrialization – According to the data, about USD 2.5 trillion was contributed by the manufacturing industry to the GDP of the United States in 2021.
  • Increasing Government Support through Policy – As per the data, around USD 27 million was allocated by the Government of India to the Department of Chemicals and Petrochemicals under the Union Budget 2022-23.

Challenges

  • Magnesium Acetate Compound Requires Careful Handling
  • Use of Alternate Ecologically Harmful Chemical Compounds
  • Less Awareness of the Benefits of Magnesium Acetate among the Consumers

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 these segments, anhydrous magnesium acetate is anticipated to garner the largest market share by end of 2031, owing to the increasing use of anhydrous magnesium acetate in pharmaceutical industry. It is used as additive for preparation of numerous pharmaceutical formulations including capsules, syrups, tablets and others. According to the data, the United States pharmaceutical industry generated about USD 300 billion in domestic revenue and about USD 115 billion in international revenue in 2020. In addition, by the end of 2025, the United States is projected to spend approximately USD 600-630 billion on medicines. Such factor is estimated to foster the segment growth in the coming years.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Magnesium Acetate Market Regional Synopsis

Regionally, the global magnesium acetate market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising highway network and increasing number of pharmaceutical and food processing organizations in the region. Simultaneously, increasing research and development in the pharmaceutical industry is also expected to drive the growth of the market in the region. According to statistics, in 2019, about USD 80 billion was spent by the pharmaceutical industry of the United States for research and design purpose.    

Further, the market in the Asia Pacific is estimated to gain significant growth during the forecast period, owing to the increasing industrialization and rising import and export of chemicals, in emerging economies such as India and China. As per data, by the International Trade Administration, the import and export valuation of chemicals and petrochemicals in India stood at ~USD 55 billion and ~USD 40 billion respectively in the year 2020. Moreover, the presence of a large number of pharmaceutical, food and textile industries in the region is also expected to boost the growth of the global magnesium acetate market in the coming years.

Magnesium-Acetate-Market-Scope

The global magnesium acetate market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global magnesium acetate market includes the following segments:

By Type

  • Anhydrous Magnesium Acetate
  • Hydrous Magnesium Acetate

By Application

  • Pharmaceutical Industry
  • Food Industry
  • Textile Industry
  • Transportation Industry
  • Others
 
Top Featured Companies Dominating the Global Magnesium Acetate Market
  • Merck KGaA
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • American Elements
  • Celtic Chemicals
  • Niacet Corporation
  • Hefei TNJ Chemical Industry
  • VASA PharmaChem
  • Lehmann&Voss&Co.
  • Shanxi Zhaoyi Chemical Co. Ltd.
  • Wuxi Yangshan Biochemical
  • Weifang Yuze Chemical

 

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