The magnesium chloride industry is poised to exceed a valuation of US$ 379.3 million in 2021, propelled by escalating demand within the deicing and chemicals sectors. Anticipated to exhibit a robust compound annual growth rate (CAGR) of 4.3% throughout the evaluation period spanning from 2021 to 2031, the industry is witnessing a surge in demand attributed to its widespread applications. This growth trajectory underscores the significance of magnesium chloride in various industries, reflecting a promising outlook for the market in the coming years.
The escalating demand for magnesium chloride is prominently driven by specific regions experiencing extreme cold weather conditions. This hygroscopic compound’s rapid moisture absorption renders it ideal for diverse industries, particularly in construction and dust suppression applications. The burgeoning construction and mining sectors are poised to further amplify the market demand for magnesium chloride, given its widespread utilization in minimizing dust within industrial areas. As a versatile solution, magnesium chloride continues to play a pivotal role in meeting the evolving needs of industries operating in harsh environmental conditions.
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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 boost 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$ 580.3 Mn by 2031.
Key Takeaways:
- By grade, demand for industrial Magnesium Chloride is expected to surge 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 U.S. is anticipated to reach US$ 105.8 Mn by 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.
“Over the assessment period, sales of magnesium chlorides are expected to be driven by the growing application in deicing and chemicals industries. Besides this, the demand in the followed by construction and pharmaceuticals sectors also will create attractive sales prospects” says an FMI analyst.
Competitive Landscape
Key participants in the global magnesium chloride market
- Compass Minerals International, Inc. E.
- K+S Aktiengesellschaft
- Israel Chemical Ltd.
- Shandong Haihua Group Co, Ltd.
- Huitai Investment Group Co., Ltd
- Intrepid Potash, Inc.
- Tianjin Changlu Haijing Group Co., Ltd
- DEUSA international GmbH
- Nedmag B.V
- Nikomag OJSC
Leading players are focusing on collaborations, mergers, and acquisitions to expand their production facilities and distribution channels. For instance:
- 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.
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Magnesium Chloride Market by Category
By Product Form:
- Liquid
- Solid
- Flakes
- Prills/Pellets
By Grade:
- Industrial
- Food & Pharmaceuticals
By Application:
- Deicing Agent
- Dust Suppressants
- Chemicals & Derivatives
- Building Materials
- Pharmaceuticals
- Food & Feed
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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