Magnesium Chloride Market to Exceed US$ 2.74 Bn by 2032 as Application in Pharmaceutical and Food & Beverage Sectors Rises
Advancement in Chemical Industry to Propel Magnesium Chloride Market at 6.3% CAGR by 2032
Fact.MR's latest analysis of the magnesium chloride market offers an unbiased analysis of the key governing factors propelling sales growth between 2022 and 2032. The study also provides comprehensive outlook of opportunities, growth drivers, challenges and latest trends prevailing in the industry. Furthermore, the report delivers compelling insights into segments of the market in terms of type, form, grade, and application across six regions.
NEW YORK , June 22, 2022 /PRNewswire/ -- Sales in the global magnesium chloride market totalled US$ 1.4 Bn in 2021. Due to extensive usage of magnesium chloride in food, pharmaceutical, and industrial sector, the demand for magnesium chloride is expected to reach US$ 2.74 Bn by 2032.
Since magnesium chloride is highly soluble in water, adoption is expected to surge in the chemical industry across the globe for chemicals and derivatives. Hence, expansion chemical industry, demand for magnesium chloride has been rising at an ethereal pace in the global market.
The hydrated form of magnesium chloride, which is extracted from sea water has various applications in a variety of industries such as chemical, pharmaceutical, and food & beverage. Resulting in a surging demand for the compound for both residential and industrial purposes.
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Further, demand for magnesium chloride is burgeoning with rising de-icer application in pharmaceutical industries. As per Fact.MR, sales of magnesium chloride in de-icer application is expected to contribute over for 30.5% of share in the global market.
Application of magnesium chloride in oil & gas industry, water treatment, and industrial and chemical processing will also boost the market. On the back of these factors, the global market is projected to expand at a CAGR of 6.3% during the forecast period 2022-2032.
Key Takeaways
- North America is likely to create an absolute $ opportunity of US$ 1.33 Bn in the evaluation period of 2022-2032.
- Canada is expected to create a growth opportunity of US$ 71.9 Mn over the forecast period and reach a valuation of US$ 155.3 million by the end of 2032.
- By form, solid magnesium chloride stands out with a market value share of 65.4% through 2032.
- Magnesium chloride hexahydrate flakes category is expected to reach US$ 1.15 Bn by 2032, expanding at a CAGR of 6% between 2022 and 2032.
- By application, the de-icing segment is expected to generate nearly 12.8% of the magnesium chloride market share.
Growth Drivers
- Usage of magnesium chloride for drilling and rinsing oil wells to remove dust and debris during the mining process is expected to drive growth.
- Increasing utilization of magnesium chloride as a food ingredient for preparing baby formula milk, soy, and tofu is projected to augment growth.
Restraints
- Toxicity of magnesium ions is expected to create a challenge for market players on the back of stringent regulations mandated on the use of magnesium chloride.
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Competitive Landscape:
Leading manufacturers of magnesium chloride are continuously performing research & development activities to increase production and purification processes to generate more revenue.
Some of the other companies are involved in several growth and expansion strategies such as mergers and acquisition to gain a competitive advantage. Industry participants are also following value chain integration with business operations in multiple stages of the value chain.
For instance,
- Nedmag B.V's magnesium chloride is gaining huge attention in various industries due to its improved properties, such as flame resistance and cost-effectiveness, and has witnessed huge demand in the fire-retardant industry.
Key Companies Profiled by Fact.MR
- Compass Minerals International, Inc.
- K+S Aktiengesellschaft
- Israel Chemical Ltd.
- Intrepid Potash, Inc.
- Nedmag B.V
- Skyline Chemical Corporation
- Cargill
- Alkim
- Antera Agro Chem
- Celtic Chemicals Ltd
More Valuable Insights on Magnesium Chloride Market
In the latest study, Fact.MR offers a detailed study on global magnesium chloride market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of magnesium chloride through detailed segmentation as follows:
By Type:
- Anhydrous Magnesium Chloride
- Hexahydrate Magnesium Chloride
By Form:
- Liquid Magnesium Chloride
- Solid Magnesium Chloride
- Flakes
- Prills/Pellets
By Grade:
- Industrial Grade Magnesium Chloride
- Food Grade Magnesium Chloride
- Pharmaceutical Grade Magnesium Chloride
By Application:
- Metallurgy
- Building Material
- Food & Feed
- Chemicals & Derivatives
- Pharmaceuticals
- Water Treatment
- Oil & Gas
- De-icing Applications
- Fire Retarding Agents
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Magnesium Chloride Market Report
- What is the estimated revenue of the magnesium chloride market during the forecast period?
- Which are the challenges faced in the magnesium chloride market?
- Which region is estimated to exhibit fastest growth rate in the global magnesium chloride market during 2022-2032?
- What is the projected market valuation of the magnesium chloride market in 2022?
- Which are the factors driving the magnesium chloride during 2022-2032?
- What is the expected growth rate of the magnesium chloride market until 2032?
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