Magnesium sulphate, commonly known as Epsom salt, is experiencing notable growth in the Indian market, driven by its diverse applications across agriculture, pharmaceuticals, and industrial sectors.
Market Growth and Projections:
The global magnesium sulphate market is on an upward trajectory, with projections indicating a rise from USD 1, 034.0 million in 2024 to USD 1, 583.9 million by 2032, reflecting a compound annual growth rate (CAGR) of 5.5% during this period.
In India, the market is witnessing a steady expansion, with a CAGR of 3.6% anticipated during the forecast period.
Key Drivers:
1. Agricultural Demand: Magnesium sulphate serves as a vital fertilizer component, supplying essential magnesium and sulphur nutrients to crops. The increasing emphasis on enhancing agricultural yields to meet the food demands of a growing population is propelling its usage.
2. Pharmaceutical Applications: In the medical field, magnesium sulphate is utilized for its therapeutic properties, including its role as an anticonvulsant and electrolyte replenisher. The expanding pharmaceutical industry in India contributes to the rising demand for high-purity magnesium sulphate.
3. Industrial Uses: The compound finds applications in various industries, such as textiles, pulp and paper, and chemicals, further driving its market growth.
Market Structure and Competition:
As of 2023, the Herfindahl-Hirschman Index (HHI) for the Indian magnesium sulphate market stands at 2630, indicating a moderately concentrated market with a few dominant players. This represents a slight decrease from an HHI of 2744 in 2017, suggesting a gradual increase in market competition.
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