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.
Read Informative Content @ https://www.grandviewresearch.com/industry-analysis/latin-america-magnesium-nitrate-market
Further key findings from the report suggest:
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.
Read Informative Sample Copy @ https://www.grandviewresearch.com/industry-analysis/latin-america-magnesium-nitrate-market/request/rs1
Key Topics Covered
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope And Assumptions
1.3 List To Data Sources
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends, & Scope
3.1 Value Chain Analysis
3.2 Market Drivers Analysis
3.2.1 Increasing Demand For Synthetic Fertilizers In Agricultural Sector
3.2.2 Increasing Consumption Of Explosives In Mining Industry
3.3 Market Restraint Analysis
3.3.1 Threat Of Growing Organic Farming Sector To Synthetic Fertilizers Industry In Latin America Region
3.4 Opportunities And Challenges
3.4.1 Opportunity – Viable Substitute To Sulfuric Acid And Other Nitrate Salts In Extractive Distillation
3.4.2 Challenge – Supply Chain Issues
3.5 Substitutes Impact Analysis (Present & Future)
3.6 Trade Landscape
3.6.1 Imports
3.6.2 Exports
3.7 Average Selling Prices
3.7.1 Import Price Trend Analysis, By Country, 2014 – 2018 (USD/Kg)
3.7.2 Consumer Price Trend
3.8 Production Landscape
3.9 Demand & Supply Scenario
3.10 Application Vs Product Function Matrix
3.11 Company Mapping Analysis
Browse Related Reports:
Gelatin Market Size, Share & Trends Analysis Report By Raw Material, By Function, By Application, And Segment Forecasts, 2019 – 2025
https://www.grandviewresearch.com/industry-analysis/gelatin-market-analysis
Maleic Anhydride Market Size, Share & Trends Analysis Report By Application, By Region, And Segment Forecasts, 2019 – 2025
https://www.grandviewresearch.com/industry-analysis/maleic-anhydride-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/latin-america-magnesium-nitrate-market