Magnesium Chloride Market Overview
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.
ChemView Consulting has analyzed that the building and mining sectors, which need huge amounts of magnesium chloride to reduce dust at their industrial sites, are the key drivers of this market’s growth.
Due to its widespread use to reduce dust in industrial areas, the expanding building and mining industries are predicted to increase demand for magnesium chloride. 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. The market is growing as a result of the rising need for deicing services, which also helps the magnesium chloride market to develop.
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Segments Covered in Report
By Product Form:
- Food & Pharmaceuticals
- Deicing Agent
- Dust Suppressants
- Chemicals & Derivatives
- Building Materials
- Food & Feed
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)
Key Takeaways from the Magnesium Chloride Market
- Based on the Grade, 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.
- Based on the application, 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.
- Based on Region, 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.
Key companies covered in the market study are Compass Minerals International, Inc., Shandong Haihua Group Co, Israel Chemicals Ltd., K+S Aktiengesellschaft, Ltd., Huitai Investment Group Co., Ltd, Intrepid Potash, Inc.
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Report Key Highlights and Coverage
- 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.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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