According to a recent market report by Future Market Insights (FMI), the worldwide magnesium chloride market is expected to grow at a consistent 4.3% CAGR between 2021 and 2031. Demand for magnesium chloride is increasing as a result of rising demand for deicing services. Due to the rising need for deicing products, the chemicals and derivatives industry is anticipated to significantly contribute to the growth of the magnesium chloride market.
The market is being driven by a sharp increase in demand for magnesium chloride from the particular locations with the very cold weather. Due to its hygroscopic nature, magnesium chloride readily absorbs moisture from its surroundings, making it useful in a variety of industries like construction and dust suppressants.
Due to its extensive use in reducing dust in industrial areas, the expanding building and mining industries are predicted to increase demand for magnesium chloride.
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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$ 580.3Mn 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 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 B.V, Nikomag OJSC and others.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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