In a recent industry analysis, Future Market Insights (FMI) predicted that between 2021 and 2031, the global magnesium chloride market will expand at a steady CAGR of 4.3%. The demand for deicing services is driving up the price of magnesium chloride. The chemicals and derivatives sector is predicted to considerably contribute to the growth of the magnesium chloride market as a result of the increasing demand for deicing products.
A rapid rise in the demand for magnesium chloride from specific places with extremely cold weather is driving the market. Magnesium chloride’s ability to absorb moisture from its surroundings due to its hygroscopic nature makes it beneficial in a number of industries, including construction and dust suppressants.
The growing construction and mining industry is expected to boost the demand for magnesium chloride owing to its extensive usage to minimize dust in industrial areas.
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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.
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 Million 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.
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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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