Magnesium Chloride Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Magnesium Chloride Market grew at a CAGR of 3.7% between 2017-2021 and is estimated to be US$ 681.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.6 % and is expected to reach a valuation of US$ 1,068.0 Mn by 2032 end.
Throughout the projected period, The demand for magnesium chloride has been rising at an astral rate due to advancements in the chemical industry. Magnesium chloride is an important industrial compound that comes in handy for a wide range of applications.
DUE TO ITS SUPERIOR CHEMICAL PROPERTY IS HAS A HIGH DEMAND IN THE END-USE INDUSTRY
Magnesium chloride is one of the most widely used deicing agents in the world. It’s often used before snowstorms to melt ice, and it can also be used for other purposes like in textile processing and chemical reactions.
Its hygroscopic nature makes it absorb moisture from the air, which helps it melt ice quickly. In colder climates, magnesium chloride is used as a deicing agent because it’s more effective than calcium chloride or sodium chloride at preventing frostbite on people’s skin when they’re exposed to cold temperatures for long periods.
THE TOXIC NATURE ASSOCIATED WITH MAGNESIUM HAMPERS THE MARKET GROWTH
One of the biggest challenges facing the magnesium chloride market is the toxic nature of the product. While other companies are trying to make their products safer, they’re still using a substance that can be harmful if ingested. This is especially true for children and pets who can accidentally swallow too much of the substance. THE
COVID-19 has had a major impact on the global market for magnesium chloride, which is the main ingredient in this product. The pandemic has hampered the growth of the market, which is going to impact the market price.
This disruption is also affecting supply chain mechanisms, such as lockdowns in various mushrooming economies. However, demand and widespread increase of drug delivery systems during times of COVID-19 have been majorly focusing on the market to grow by 2027.
Market Segments Covered in Report
By Product Form:
By Region and Country:
Why is Industrial grade magnesium chloride projected to ensure the most revenue during the forecast period?
At 60.0% of the market, Industrial grade magnesium chloride had the greatest revenue share. Industrial-grade magnesium chloride is a versatile product that finds its use in many industries. It is used to manufacture magnesium metals and their derivatives, as well as dust suppressants. The demand for industrial-grade magnesium chloride is expected to rise over the upcoming assessment period of 2021-2032.
Why is the solid magnesium chloride segment expected to expand the fastest during the forecast period?
In 2021, the solid magnesium chloride market will rule. Ease of transportation and mobility of solid magnesium chloride is contributing as an additional growth factor in revenue growth of the solid MgCl2 segment as compared to the liquid segment. Also, the emerging applications of the solid form of magnesium chloride are expected to grow the market.
This factor is likely to propel the solid segment as it is driving up demand for several products such as lye, caustic soda, potassium hydroxide, sodium hydroxide, etc. Region-Wise Analysis
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to the increasing demand for magnesium chloride from end-use sectors, key players are concentrating on expanding production capabilities. Key market players are also expanding their global footprint through partnerships, strategic alliances, hybrid distribution methods, mergers, and acquisitions.
Some of the key developments that have taken place in the Magnesium Chloride Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product Form, Grade, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.6%.
Sales of magnesium chloride are anticipated to increase as its use in the construction, chemicals, and deicing industries increases.
Major global Magnesium Chloride Market players are Compass Minerals International, Inc., Shandong Haihua Group Co, Israel Chemicals Ltd., K+S Aktiengesellschaft, Ltd., Huitai Investment Group Co., Ltd, Intrepid Potash, Inc.
There are various substitutes available in the market for magnesium chloride like Earthbind, which efficiently is replacing magnesium chloride. This shall limit the market growth.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Magnesium Chloride market.
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