Global magnesium chloride market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Magnesium chloride is a naturally occurring inorganic compound with the formula MgCl2. It is extracted from the places with high salt content such as the Dead Sea and the Great Salt Lake. The compound is available in multiple hydrated crystal and anhydrous forms.
The factors that are playing a major role in the growth of market are the rising demand from end-use industries, increasing adoption of magnesium alloy in automotive and aerospace industries, and the increasing demand from deicing applications. However, its hazardous effect on health may restrain overall market growth in the years to come. Magnesium chloride market is segmented based on product type, grade, application, and region.
The solid, powder, and liquid are the product types that could be explored in magnesium chloride in the forecast period. Solid sector comprises pellets/prills and flakes. The solid sector accounted for the substantial market share of magnesium chloride and is estimated to lead the overall market in the years to come. Based on grade, food and pharmaceuticals, industrial, and others could classify magnesium chloride in the forecast period.
The market may be categorized based on applications like food & feed, deicing agent, pharmaceutical, dust suppressant, building materials, chemicals & derivatives, and others could be explored in magnesium chloride in the forecast period. Building materials accounted for the substantial market share of magnesium chloride and are estimated to lead the overall market in the years to come. In addition, the deicing agent sector is estimated to grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the substantial market share of magnesium chloride and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in the region and growing demand from developing countries. China is a major consumer of magnesium chloride in the region. The reason could be Chinese government initiative, promote commercialization and industrialization of magnesium chloride based products, and enhanced production of magnesium chloride lines via the leading scientific and technological projects of the country.
Europe and North America are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at the highest CAGR in the forecast period. The reason could be the rising demand for magnesium chloride as a deicing agent.
The key players of magnesium chloride market are Bhavani Chemicals, Compass Minerals International, Anish Chemicals, Israel Chemicals Ltd., Magnesia GmbH, Israel Chemicals Ltd., Weifang Bell Chemical Co., Ltd., Intrepid Potash, Inc., Shouguang Dingsheng Chemical Co., Ltd., DEUSA international GmbH, and Shandong Haihua Group Co,. Ltd. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
• Deicing & Dust Control
• North America
• Asia Pacific
• Middle East and Africa
• South America
• Compass Minerals
• K+S KALI GmbH
• Tianjin Changlu Haijing
• Tianjin Changlu Hangu
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global magnesium chloride market?
• What are the challenges to market growth?
• Who are the key players in the magnesium chloride market?
• What are the market opportunities and threats faced by the key players?
Research Support Specialist, USA