The global magnesium nitrate hexahydrate market is expected to post a CAGR of nearly 5% during the period 2019-2023, according to the latest market research report by Technavio. A key factor driving the growth of the market is the increasing popularity of magnesium and nitrogen fertilizers. Nitrogen fertilizers are added to stimulate the growth of plants backed by photosynthesis. Magnesium nitrate hexahydrate-based fertilizers are a good source of magnesium and nitrogen, which are vital for the healthy growth of plants. Faster growth of plants, improvement in pasture quality, increase in yield along with improved quality of land, reclamation of land for pasture after draining marshland, and enhanced uptake of cations such as potassium, calcium, and magnesium are some of the benefits of nitrogen fertilizers.

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In this report, Technavio highlights the rise in blasting and drilling application in mining as one of the key emerging trends in the global magnesium nitrate hexahydrate market:

Global magnesium nitrate hexahydrate market: Rise in blasting and drilling application in mining

In any type of mining process, blasting is an important practice; the rock is drilled and exploded by explosive chemicals to break it down into smaller pieces. The blasting and drilling application is important in the mining industry. One of the largest end users of industrial blasting chemicals is the coal mining industry.

“The demand for blasting and drilling chemicals is expected to grow along with the increase in production and demand for coal. Magnesium nitrate hexahydrate is usually used as a precursor in explosive applications. Thus, the growth of the magnesium nitrate hexahydrate market for blasting and drilling is directly proportional to the mining activities. The demand for coal and other minerals will increase with the increase in demand for energy, which is likely to support the growth of the global magnesium nitrate hexahydrate market,” says a senior analyst at Technavio for research on specialty chemicals.

Global magnesium nitrate hexahydrate market: Segmentation analysis

This market research report segments the global magnesium nitrate hexahydrate market by application (additives, process chemicals, explosives, and others) and geographical regions (the Americas, APAC, and EMEA).

The additives segment held the largest market share in 2017, accounting for nearly 57% of the market. This application segment is expected to dominate the global market throughout the forecast period.

APAC led the market in 2017 with a market share of nearly 43%. This region is expected to dominate the market through 2022.

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Some of the key topics covered in the report include:

Market Landscape

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• Market characteristics
• Market segmentation analysis

Market Sizing

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• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

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Market Drivers

Market Challenges

Market Trends

Vendor Landscape

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