MANGANESE SULFATE MARKET REPORT OVERVIEW
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The global manganese sulfate market size was USD 249 million in 2019 and is projected to touch USD 643.44 million by 2031, exhibiting a CAGR of 8.2% during the forecast period.
Manganese sulfate has the chemical formula MnSO4. It is a reddish orthorhombic crystal, monohydrate, with a melting point of 700 ° C and a relative density of 3.50. It occurs in the form of a range of hydrates. It is a trace component essential for crops that manufacture fatty acids. It is also used as a fertilizer for the soil and can increase production. It is added to animal feed and has a calorific effect. It is also a raw material and analytical substance for the production of other manganese salts. It is also used in industrial manufacturing such as dyes, electrolytic manganese, ceramics, and paper.
The usage of manganese sulfate as a supplement for animal feed is expected to increase the market demand in the coming years. Natural resources such as manganese take a dynamic purpose in animal nutrition as they play a substantial part in the expansion of the undernourished system. It is mainly used in feed, agricultural fields, and fertilizer fields. It is used in cathode materials of lithium batteries, dedicated to the fast progress in the global demand for electric vehicles, especially in China and Europe. Magnesium sulfate is accessible in several types, containing monohydrate, heptahydrate, anhydrous, and dried. Magnesium heptahydrate is also recognized as Epsom salt and it is a generally accessible form of magnesium sulfate.
COVID-19 Impact: Halt of Operations to Impede Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with quartz stones experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the manganese sulfate market growth and demand returning to pre-pandemic levels once the pandemic is over.
The Covid-19 pandemic has harmfully affected the manganese sulfate market. Major corporations have postponed their procedures in different positions due to the lockdown and social distancing regulations.
The construction events were momentarily stopped to restrain the spread of new COVID-19 cases, which reduced the demand for steel. However, considering the post-pandemic scenario, the construction industry is picking up pace and is predicted to rise in the demand for the market due to rapid urbanization.
LATEST TRENDS
"Introduction of Electric Vehicles to Push Market Demand"
The rising demand for batteries mainly used in the automotive sector is projected to fuel the manganese sulfate market growth. Batteries are made from ultra-pure manganese sulfate which has more storage capacity, smaller charge time, is healthier, and is cost-effective. The automotive industry, especially the electric vehicles section, across the world is anticipated to develop mainly owing to government initiatives concerning the decline in reliance on oil & gas, successive dropping of hostile environmental properties produced by burning oil & gas. Ultra-high purity manganese sulfate is a fundamental product in the manufacturing procedure of manganese cathode for batteries in electric vehicle.
MANGANESE SULFATE MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into Industrial Grade Manganese Sulfate, Feed Grade Manganese Sulfate, Fertilizer Grade Manganese Sulfate, and Others.
- By Application Analysis
Based on application, it is categorized into Fertilizers, Animal Feed, Chemical Materials, and Others.
The increasing demand for magnesium sulfate as fertilizer in the agricultural industry is expected to enhance the segment during the forecast period.
DRIVING FACTORS
"Increase Demand for Nutraceuticals to Stimulate Demand"
Magnesium is a dynamic supplement for the human body and has been extensively accepted in nutraceuticals. The increasing occurrences of chronic diseases attached to speedy technological improvements, and rising emphasis on the benefits of nutraceuticals, by the main companies are some of the major factors propelling the nutraceuticals market over the forecast period. Additionally, nutraceuticals are consumed entirely as a part of food flavors. The rising prevalence of adverse health effects of conventional drugs, and chronic diseases have distracted consumer inclination to natural products.
"Increasing Adoption from Various Applications to Stimulate Growth "
manganese sulfate is mostly used in the agricultural sector, particularly in fertilizers. Increasing requirements for achieving high agricultural crops and substantial development of the agricultural sector across the globe are anticipated to be major factors of the market in the coming years. Moreover, the rising adoption in cosmetics and personal care for the preparation of a range of personal care products, containing skincare products, sunscreen products, and hair products is expected to enhance the global manganese sulfate market during the forecast period.
RESTRAINING FACTORS
"High Cost to Impede Market Growth"
The major restraints known in the magnesium sulfate market are fluctuating prices and accessibility of high-grade magnesium which hinder the market growth. Raw material prices have observed high-pitched fluxes; energy costs are disturbing the overall cost of magnesium sulfate elements.
MANGANESE SULFATE MARKET REGIONAL INSIGHTS
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"Growing Industrial Segment to Fuel Industry Development in Asia Pacific"
Asia Pacific is expected to dominate the manganese sulfate market share. It is one of the major regions for fertilizers. The land in India and other developing economies has been deteriorating owing to the increasing industrial segment. Due to this, farmers had to increase the agricultural harvest. Therefore, the development of the agricultural sector and an upsurge in requirements to achieve high agricultural yield are major factors expected to fuel the demand for the product in the fabrication of fertilizers.
North America is the second-largest market shareholder globally. It is anticipated to see high development rates throughout its projected period. This is expected to lead to strong competition from countries such as Canada and the U.S.
KEY INDUSTRY PLAYERS
"Key Players to Boost Demand Leading to Market Growth"
The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
INDUSTRY DEVELOPMENT
- August 2020: South32 Ltd declared to retail its complete stake in manganese alloy smelter, Tasmanian Electro Metallurgical Company (TEMCO), to UK-based multinational GFG Alliance which has improved the business of GFG Alliance's business.
List of Market Players Profiled
- Micromix (India)
- Guangxi Yuanchen (China)
- Rech Chemical (China)
- Modasa Chemicals (India)
- ISKY Chemicals (China)
- CITIC Dameng (Hong Kong)
- Fast Chemical (India)
- Hongyu Chemical (China)
- ERAMET (France)
- TMC (India)
- Josh Chemical (India)
REPORT COVERAGE
This research profiles a report with widespread studies that take into explanation the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 249 Million in 2019 |
Market Size Value By |
US$ 643.44 Million by 2031 |
Growth Rate |
CAGR of 8.2% from 2019 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions ON Manganese Sulfate Market
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What is the estimated global market size for the manganese sulfate market?
Based on our research, the global manganese sulfate market size was USD 249 million in 2019 and is projected to touch USD 643.44 million by 2031.
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What CAGR is the manganese sulfate market projected to grow in the forecast period?
The manganese sulfate market is expected to grow at a CAGR of 8.2% during the forecast period.
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Which are the driving factors of the manganese sulfate market?
Increasing demand for various applications and the increasing demand for nutraceuticals are the driving factors.
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What are the major players operating in the manganese sulfate market?
Micromix, Guangxi Yuanchen, Rech Chemical, Modasa Chemicals, ISKY Chemicals, CITIC Dameng, Fast Chemical, Hongyu Chemical, ERAMET, TMC, and Josh Chemical are the top companies operating in the manganese sulfate market.
