Latin America Magnesium Nitrate Market Worth $113.5 Million By 2026

Latin America Magnesium Nitrate Market Growth & Trends

The Latin America magnesium nitrate market is projected to reach USD 113.5 million by 2026, according to a new report by Grand View Research, Inc. registering a 4.5% CAGR during the forecast period. Growing demand from fertilizers and explosives manufacturing industry is expected to drive market growth over the forecast period.

Magnesium nitrate is used as a catalyst for making explosives as it is a strong oxidizer and enhances the combustion of other substances that are utilized in the production of explosives. In the mining industry, explosives are used to extract the ore and discover ore-bodies. Latin America comprises of some of the largest and profitable mines, which is one of the prominent reasons for the robust growth of the mining industry. One of the largest mines of Latin America, Yonacoda gold mine, is situated in Peru and has been recognized as the second-largest open-pit gold mine in the world

Brazil is one of the fastest emerging economies in Latin America, with the chemical and agriculture sector as the backbone of a growing economy. The ability of magnesium nitrate to function as a stabilizer and preservative is likely to increase its utilization in the chemical industry. In addition, with a total arable land availability of 329 million hectares, the country designated 24.3% of the land to produce perennial crops and 52.1% for pastures.

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Latin America Magnesium Nitrate Market Report Highlights

• The additive segment accounted for the largest market share of 64.0 %, in terms of volume, in 2018 owing to the increase in consumption of fertilizers in agriculture sectors

• Nitric acid application is expected to grow at a CAGR of 3.7% from 2019 to 2026 owing to rising demand in the production of explosives and fertilizers

• Chile is the fastest growing country with a CAGR of 4.6%, in terms of volume, on account of increased mining activities in the region, particularly due to the government regulations encouraging controlled mining in order to boost economy

• Mexico dominated the Latin America magnesium nitrate market with a volume share of 21.1% in 2018 due to growth in consumption of synthetic fertilizers and flourishing mining sector

• Some of the key industry participants are Avantor Performance Materials, Haifa Mexico, Sigma Aldrich, American Elements, Van Iperen International, Yara International, Neochim PLC, AKO Kasei Co. Ltd., and Rongyu Chemical Co. Ltd.

Latin America Magnesium Nitrate Market Segmentation

Grand View Research, Inc. has segmented the Latin America magnesium nitrate market on the basis of application and country.

Latin America Magnesium Nitrate Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2026)

• Additives

• Nitric Acid

• Specialty Chemicals

• Fertilizers

• Others

• Catalysts

  • Petrochemicals

  • Pyrotechnics/Explosives

Latin America Magnesium Nitrate Country Outlook (Volume, Kilotons; Revenue, USD Million; 2014 - 2026)

• Brazil

• Argentina

• Colombia

• Chile

• Mexico

• Peru

• Ecuador