Magnesium Acetate Market Size & Share, by Type (Anhydrous, Hydrous); Application (Pharmaceutical, Food, Textile, Transportation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4252
  • Published Date: Mar 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

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.


Magnesium Acetate Market
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Magnesium Acetate Sector: Growth Drivers and Challenges

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

  • Magnesium Acetate Compound Needs Cautious Handling - The increasing concern while handling magnesium acetate is one of the major factors predicted to slow down the market growth. For instance, in addition to having a zero health danger rating, there is a possibility of point-of-contact irritability. Also, when handling magnesium acetate, gloves, and goggles should be used.
  • Lack of Knowledge about the Advantages of Magnesium Acetate among the Consumers
  • Utilization of Alternative Ecologically Hazardous Chemical Compounds

Magnesium Acetate Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~5%

Base Year Market Size (2022)

~ USD 10 Million

Forecast Year Market Size (2035)

~ USD 15 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Magnesium Acetate Segmentation

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:

        By Type

  • Anhydrous Magnesium Acetate
  • Hydrous Magnesium Acetate

        By Application

  • Pharmaceutical Industry
  • Food Industry
  • Textile Industry
  • Transportation Industry
  • Others

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Magnesium Acetate Industry - Regional Synopsis

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.

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Magnesium Acetate Market Size
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Companies Dominating the Magnesium Acetate Landscape

top-features-companies
    • 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

In the News

  • 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:  Rajrani Baghel


  • Report ID: 4252
  • Published Date: Mar 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing growth of the chemical industry and increasing demand in the pharmaceutical industry are the major factors driving the market growth.

The magnesium acetate market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2035.

Lack of knowledge about the advantages of magnesium acetate among consumers and utilization of alternative ecologically hazardous chemical compounds are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are 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, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application, and by region.

The anhydrous magnesium acetate segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Magnesium Acetate Market Report Scope
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