Magnesium Acetate Market Trends

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