The Global Magnesium Chloride Market 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. Growing demand for deicing services is boosting demand for magnesium chloride.
Owing to the increasing demand from deicing and chemicals & derivatives sector is expected to remarkably contribute towards the expansion of the magnesium chloride market.
Surging demand for magnesium chloride from the specific regions with extreme cold weather conditions is driving the market. Magnesium chloride is hygroscopic in nature and quickly absorbs the moisture from the environment which makes it suitable for the various industries such as construction, dust suppressants. Growing construction and mining industry is expected to boost the demand for the magnesium chloride owing to its extensive usage to minimize the dust at industrial area.
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.
According to the report, the global magnesium chloride market is expected to reach more than US$ 580.3 Mn by the end of 2031, at a compound annual growth rate of 4.3% during the assessment 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$ 580.3Mn by 2031.
· 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.
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.
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.
These insights are based on a report on Global Magnesium Chloride Market by Future Market Insights