The global magnesium chloride industry 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. Consumption of magnesium chloride is increasing due to increased demand for deicing services. The increasing demand for magnesium chloride from the deicing and chemicals & derivatives industries is expected to considerably contribute to the market’s growth.
A increase in demand for magnesium chloride from specific places with extreme cold weather conditions is driving the market. Because magnesium chloride is hygroscopic and quickly absorbs moisture from the environment, it is beneficial in a range of industries such as construction and dust suppression.
Because of its widespread use in reducing dust in industrial areas, the growing construction and mining industries are likely to drive up demand for magnesium chloride.
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Magnesium chloride is widely employed in a variety of industries, including deicing, dust suppressants, chemicals and derivatives, construction materials, pharmaceuticals, food and feed, and others. Magnesium chloride is widely used in the construction and pharmaceutical industries, which is projected to drive the market during the forecast period.
The global magnesium chloride market is estimated to exceed US$ 580.3 million by the end of 2031, growing at a compound yearly growth rate of 4.3% during the assessment period, according to the report.
Geographically, East Asia is likely to lead the market, and this trend is expected to continue in the future evaluation period. The global magnesium chloride market is expected to exceed US$ 580.3Mn by 2031, owing to the aforementioned causes.
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.
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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.
Key Segmentation
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, 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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