NEWARK, Del, July 28, 2022 (GLOBE NEWSWIRE) — The global magnesium chloride market is anticipated to expand at a steady 4.3% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis . Growing demand for deicing services is increasing demand for magnesium chloride. Owing to the increasing demand from deicing and chemicals & derivatives sector is expected to remarkably contribute towards the expansion of the magnesium chloride market.
Surging demand for magnesium chloride from the specific regions with extreme cold weather conditions is driving the market. Magnesium chloride is hygroscopic in nature and quickly absorbs the moisture from the environment which makes it suitable for the various industries such as construction, dust suppressants.
Growing construction and mining industry is expected to increase the demand for the magnesium chloride owing to its extensive usage to minimize the dust at industrial area.
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Magnesium chloride is widely used across various industries for diverse applications, including deicing, dust suppressants, chemicals & derivatives, building materials, pharmaceuticals, food & feed & others. Magnesium chloride is widely used in the construction industry along with the pharmaceutical sector which is expected to increase the market in the forecast period.
According to the report, the global magnesium chloride market is expected to reach more than US$ 580.3 Mn by the end of 2031, at a compound annual growth rate of 4.3% during the assessment period.
Geographically, the market is predicted to be dominated by East Asia, which is expected to continue in the future evaluation period. Backed by the aforementioned factors, the global magnesium chloride market is projected to top US$580.3Mn by 2031.
- By grade, demand for industrial Magnesium Chloride is expected to arise at a 4.1% CAGR over the forecast period.
- The food & pharmaceutical grade Magnesium Chloride segment is projected to hold approximately 27% of the total market share in 2021.
- Deicing segment of Magnesium Chloride market is anticipated to grow at 4.5% CAGR through 2031.
- Magnesium Chloride Market in the US is anticipated to reach US$105.8 Mn per year in 2031.
- China will emerge as an attractive Magnesium Chloride market, with sales growing at a 6.1% CAGR in 2021.
- Liquid form of Magnesium Chloride is expected to account for over 26.9% of the East Asia Magnesium Chloride market share in 2021.
- Japan and South Korea will collectively account for 7% of the total Magnesium Chloride market share through 2021.
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“Over the assessment period, salts of magnesium chlorides are expected to be driven by the growing application in deicing and chemical industries. Besides this, the demand in the followed by construction and pharmaceuticals sectors also will create attractive sales prospects” says an FMI analyst.
Key participants in the global magnesium chloride market elaborated in the report includes Israel Chemicals Ltd., K+S Aktiengesellschaft, Compass Minerals International, Inc., Shandong Haihua Group Co. Ltd., Huitai Investment Group Co., Ltd, Intrepid Potash, Inc. ., Tianjin Changlu Haijing Group Co., Ltd, DEUSA international GmbH, Nedmag BV, Nikomag OJSC and others.
Leading players are focusing on collaborations, mergers, and acquisitions to expand their production facilities and distribution channels. Forinstance:
- K+S Aktiengesellschaft decided to provide heavy investment to a new salt brine field in the Netherlands. The new brine field is expected to be developed for directional drilling by 2019 and operational by 2021 end. It will further improve the company’s production capacity by 25% and bring the production level to 1.2 million tpa.
Magnesium Chloride Market by Category
By Product Form:
- Food & Pharmaceuticals
- Deicing Agent
- Dust Suppressants
- Chemicals & Derivatives
- Building Materials
- Food & Feed
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Table of Contents
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product innovation & Diversification
4.3. Marketing and Brand management
4.4. Supply Chain Management
5.Global Magnesium Chloride Market Demand Analysis 2016-2020 and Forecast, 2021-2031
5.1. Historical Market Volume (Tons) Analysis, 2016-2020
5.2. Current and Future Market Volume (Tons) Projections, 2021-2031
5.3. YoY Growth Trend Analysis
6. Global Magnesium Chloride Market – Pricing Analysis
6.1. Regional Pricing Analysis By Product Form
6.2. Pricing Analysis by Regions
Read More TOC
More Insights into the Magnesium Chloride Market Report
In its latest report, IMF offers an unbiased analysis of the global Magnesium Chloride market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product form (liquid & solid), grade (industrial & pharmaceuticals), and applications (deicing agent, dust suppressants, chemicals & derivatives , building materials, pharmaceuticals, food & feed and others) across six regions (North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa).
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Magnesium Oxide Market Share: The global magnesium oxide market is quite progressive in nature and anticipated to expand at over 5% CAGR through 2031. Growing application in agriculture, refractories, and other industrial sectors is catering to the growth of suppliers
Magnesium Hydroxide Market Sales: The demand for magnesium hydroxide to witness a year over year growth of 5.6% in 2022 reaching a value of about US$ 992.5 Mn by the end of 2022
Magnesium Metal Market Trends: The market for magnesium metal witnessed a massive slowdown in its progress as a result of the spread of the Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market
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