Magnesium Chloride Market

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.

Market Dynamic

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 Impact

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:

• 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 and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

• In 2021, the Asia Pacific market held a sizeable revenue share of 54.6%. In emerging economies, rapid population development has raised the need for chemicals. Due to its hygroscopic nature, it’s often used in a variety of industries, including deicing, pharmaceuticals, and even the manufacturing of medical drugs.
• As the U.S. witnesses extreme weather conditions, it helps in boosting the demand for magnesium chloride, which is an excellent ice melter with easy to use. It melts the ice and leaves no residue. Due to its hygroscopic nature, it is used in a variety of industries including deicing, construction & building materials.

Competition Analysis

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:

• In June 2022, Due to its enhanced qualities, including cost-effectiveness and flame resistance, magnesium chloride from Nedmag B.V. is attracting a lot of interest from a variety of industries and is in high demand in the fire-retardant sector.
• In 2019, A new salt brine field in the Netherlands will receive significant funding thanks to a decision made by K+S Aktiengesellschaft. By the end of 2021, the new brine field is anticipated to be operational and ready for directional drilling.

A list of some of the key suppliers present in the market are:

• 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

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.