The market for magnesium acetate is projected to grow at a CAGR of 4.5% over the course of the forecast period, rising from US$ 834.76 Mn in 2022 to US$ 1296.36 Mn by 2032.
Magnesium acetate is the magnesium salt of acetic acid and is available both in the anhydrous as well as the hydrated form. The latter is better known as magnesium acetate tetrahydrate. The salt has a tendency to absorb moisture present in the atmosphere and dissolve in it. The salt, upon heating, decomposes to form magnesium oxide. The chemical formula for anhydrous magnesium acetate is Mg(C2H3O2)2 and the hydrated form has the formula Mg(CH3COO)2.4H2O. In the hydrated compound, magnesium possesses an oxidation state of 2+. Magnesium acetate is a safe compound and has a health hazard rating of 0.
However, it is advisable to handle the compound with protective gear such as gloves and safety googles as the contact of this compound with the eyes, skin or lungs may cause irritation. Magnesium acetate finds wide application in the textiles, transportation infrastructure, food and pharmaceutical industries.
The major advantage with respect to the usage of magnesium acetate is its ability to deice (keep free from ice) roads which in turn acts as an inhibitor of corrosion in automobiles. In addition, it is a suitable replacement for sodium chloride (normally used for deicing roads) which is non-eco-friendly as it kill trees by reacting with essential plant nutrients. For instance, in the later 1970’s the US Department of Highway Administration identified calcium magnesium acetate as a low corrosion, environmentally friendly alternative to road salt.
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Magnesium Acetate Market: Market Dynamics
The rapid industrialization and the supporting need for energy is leading to the increasing combustion of fossil fuels (such as coal) in manufacturing and thermal power generation units. Production of steel is also contributing to emission of pollutants such as sulfur dioxide and nitrous oxide emanating from the combustion of coal. Magnesium acetate is sprayed into the coal burning furnaces and the humidity at the emission chambers is increased which removes and suppresses the release of particulate matter which contain sulfur oxide and nitrous oxides in addition to mercury. Magnesium acetate thus limits the release of such harmful pollutants into the atmosphere and reduces pollution. This is one the key drivers fueling the growth of the magnesium acetate market.
Magnesium Acetate also finds application in tropical countries which experience snowfall as the compound is used in deicing highways. The increase in highway construction activity and the increase in traffic on such highways is one of the other major factors which is helping in the growth of the magnesium acetate market.
The major challenge which is impacting the magnesium acetate market is the widespread use of alternative environmentally hazardous chemicals such a sodium chloride and calcium chloride in high volume applications such as highway deicing and pollution suppression. This is attributable to the lack of awareness regarding the environmental benefits of magnesium acetate.
Magnesium Acetate Market: Regional Outlook
On the regional front, North America is the most dominant magnesium acetate market. This is due to the increasing highway network and the presence of a large number of pharmaceutical and food processing companies in the region. Further, the deicing property of magnesium acetate finds application in the region as it is prone to snowfall.
The Asia Pacific region is expected to witness the highest growth during the forecast period owing to the increasing industrialization in the emerging economies like India and China. In addition, the presence of a large number of textile, food and pharmaceutical industries is also fueling the growth of the magnesium acetate market in the region.
Magnesium Acetate Market: Key Market Participants
Some of the key market participants in the global magnesium acetate market are:
- Merck KGaA (formerly Sigma-Aldrich)
- Niacet Corporation
- VASA PharmaChem Pvt. Ltd.
- Celtic Chemicals
- Hefei TNJ Chemical Industry Co. Ltd.
- American Elements
- Shanxi Zhaoyi Chemical Co. Ltd.
- Yuanfu Chemical Co. Ltd.
- Wuxi Yangshan Biochemical Co. Ltd.
- Weifang Yuze Chemical Co. Ltd.
- New Alliance Dye Chem Pvt. Ltd.
- Lehmann&Voss&Co.
- Ava Chemicals Private Limited
- Halogens Chem
- Pirochem Lifesciences Pvt. Ltd.
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Magnesium Acetate Market: Market Segmentation
The global magnesium acetate market can be segmented on the basis of type, grade, and end users.
On the basis of type, the global magnesium acetate market is segmented into:
- Anhydrous Magnesium Acetate
- Hydrous Magnesium Acetate (Magnesium Acetate Tetrahydrate)
On the basis of grade, the global magnesium acetate market is segmented into:
- Food Grade
- Pharmaceutical Grade
- Technical Grade
On the basis of end users, the global magnesium acetate market is segmented into:
- Pharmaceutical Industry
- Chemical Industry
- Food Industry
- Textiles Industry
- Cosmetics Industry
- Paper & Printing Industry
- Agricultural & Feed Industry
- Transportation Industry
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