Magnesium Chloride Market Top Scenario, SWOT Analysis, Business Overview, Forecast 2031

Magnesium Chloride Market

[293 Pages Report] The magnesium chloride market value is expected to surpass US$ 379.3Mn in 2021. The magnesium chloride industry is driven by the growing demand from deicing and chemicals sectors. The market is likely to register growth at 4.3% CAGR during the assessment period between 2021 and 2031.

Magnesium Chloride Market Outlook Base Year Value (2020A)

US$ 366.2 Mn

Magnesium Chloride Market Outlook Estimated Year Value (2021E)

US$ 379.3 Mn

Magnesium Chloride Market Outlook Projected Year Value (2031F)

US$ 580.3 Mn

Value CAGR (2021-2031)

4.3%

Collective Value Share: Top 3 Countries (2020A)

50.9%

FMI also forecasts the global magnesium chloride market to register year-on-year growth of 3.6% in 2021. Industries are aiming to increase the production capacities to cater the growing demand for magnesium chloride. Considering this, FMI has projected the market valuation to reach US$ 580.3Mn by 2031.

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2016-2020 Magnesium Chloride Market Outlook Compared to 2021-2031 Forecast Demand for magnesium chloride grew at 1.4% CAGR between 2016 and 2020. Sales prospects were further dampened due to the outbreak of COVID-19 pandemic in 2020, which reduced magnesium chloride demand from several industries.

Over the forthcoming years, the market is expected to bounce back to its normal pace due to the increasing demand from the deicing, chemicals & construction sector.

Increasing use of magnesium chloride in deicing segment is projected to propel sales at 4.5% CAGR over the forecast period, from 2021 to 2031. Significant growth in the deicing, dust suppressants, pharmaceuticals & chemical & derivatives production in East Asia, especially in China will continue boosting consumption of magnesium chloride.

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Will Demand from Deicing and Chemicals & Derivatives Sectors Remain Chief Growth Driver?

Magnesium chloride is widely accepted as a deicing agent due to its chemical properties.

Countries with the colder weather conditions extensively use the ice melters as the heavy snowfall results in the accumulation of ice around homes, buildings and on the highways & runways which causes severe accidents.

Due to its hygroscopic nature it quickly absorbs the moisture from the nature and melts the ice. North American and European countries where the weather conditions are much colder, majorly contribute in the increasing demand of magnesium chloride as a deicing agent.

Magnesium chloride usually applied before the storm so that it works efficiently and melts the ice quickly. Besides this its plays vital role in certain chemical reaction as a catalyst. It supports the main catalyst to increase the activity of the main catalyst. Apart from this it is also utilized as a raw materials for the production of chemicals, alloys and textile processing.

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Country-wise Insights Why is Demand for Magnesium Chloride Rising in the U.S.?

“Magnesium Chloride Demand as Deicing Agent Soaring in the U.S.” In 2021, the U.S. magnesium chloride market grew at 3.4% CAGR, reaching a valuation of US$ 75.8 Mn in 2021. Increased consumption of magnesium chloride as a deicing agent in this country is expected to boost the market growth in the forecast period.

As the U.S. witnesses extreme weather conditions, it helps in boosting the demand for magnesium chloride, which is an excellent ice melter with easy to use. It melts the ice and leaves no residue. Due to its hygroscopic nature it is used in variety of industries including deicing, construction & building materials.

Apart from demand in the deicing segment, sales of magnesium chloride also are expected to rise in the pharmaceutical industry, particularly in the manufacturing of medical drugs. It also is often prescribed by doctors in tablet form for curing magnesium deficiency.

It is used for the treatment of the skin related disorders and other medical problems such as osteoporosis. The U.S. has huge pharma market which supports the growth of the magnesium chloride market.

What is the India Magnesium Chloride Market Demand Outlook?

“Pharmaceutical Applications of Magnesium Chloride to Remain High in India” Consumption of magnesium chloride in the production of pharmaceutical drugs and chemicals is expected to witness significant growth in coming years in India. Rising awareness about health & wellbeing among people is anticipated to boost the growth of the pharma industry. This also will help the magnesium chloride market in India register CAGR of 5.6% by 2031.

India is an emerging economy and focuses on industrial development on a huge scale. After COVID-19 pandemic, the market has suffered in many terms while pharma industry has witnessed significant growth due to the increased awareness of health among people.

Pharmaceutical industry utilizes this compound as an important API for various drugs. India is expected to witness the rise in construction industry owing to the growing population and rapid urbanization.

What Is The Growth Outlook Of Magnesium Chloride Market In China?

“China Magnesium Chloride Market to Remain Dominant in East Asia” China is estimated to remain a dominant player in the magnesium chloride market, accounting for about 80% of the overall magnesium chloride consumption in East Asia in 2021. Rapid development in the industrial and pharmaceutical sectors is boosting sales of magnesium chloride in the country. Availability of the raw materials & production facilities is the main factor behind the growth of the market in China.

Because of its chemical properties, demand for magnesium chloride in the pharmaceuticals and chemicals segments is expected to rise over the forecast period. Besides this, China is regarded as a major manufacturing base. The market's expansion is also projected to be aided by the expanding construction industry.

The consumption of magnesium chloride in China is predicted to rise as the pharmaceutical sector expands as a result of rising health awareness. Driven by these aforementioned factors, sales of magnesium chloride in China are anticipated to grow at a 6.1% CAGR over the assessment period.

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Category-wise Insights What is the expected Growth rate of Solid Magnesium Chloride?

“Solid Magnesium Chloride Sales to Rise at Positive Pace” Demand for solid magnesium chloride is expected to grow at 4.3% CAGR in terms of value by year 2031and is expected to keep witnessing healthy growth opportunities in the near future.

Ease of transportation and mobility of solid magnesium chloride is contributing as an additional growth factor in revenue growth of solid MgCl2 segment as compared to liquid segment. Also the emerging applications of solid form of magnesium chloride is expected to grow the market.

Owing to this factor solid segment is expected to witness healthy opportunities during the upcoming assessment period 2021-2031.

Why is Demand for Industrial Grade Magnesium Chloride Increasing?

“Diverse Applications of Industrial Grade Magnesium Chloride Seal its Dominance” In terms of grade, industrial grade magnesium chloride is expected to dominate the market.

As per FMI, the industrial grade magnesium chloride segment is projected to register yearon-year growth of 4.6% in 2021.

On industrial scale, magnesium chloride finds a variety of applications which includes dust suppressants, manufacturing of magnesium metals and its derivatives, and various others.

Owing to such a diverse applications of magnesium chloride in industries, demand for industrial grade magnesium chloride is rising substantially and is expected to carry this growth trend over the upcoming assessment period of 2021-2031.

Which is the Chief Magnesium Chloride Applications?

“Magnesium Chloride Demand for Deicing to Continue Rising” Revenues in the deicing segment are estimated to grow by 4.1% year over year rate in 2021.

Meanwhile, demand for magnesium chloride in the production of chemicals and derivatives is expected to increase at 2.8% CAGR between 2020 and 2021. Magnesium chloride finds a variety of application. However, MgCl2 is predominantly consumed as a deicing agent across certain geographies.

Moreover, demand for deicing agents is rising hurriedly owing to consistent rise in environment threats in northern hemisphere. Due to regular snowfall in the regions, roads often get snow logged, which results in numerous accidents as well as unwanted causalities.

To avoid this, regional governments are indulged in regular treatment of snow on roads and other places with deicing agents. Which is anticipated to benefit the consumption of magnesium chloride as deicing agent over the forecast period.

Competitive Landscape Key players are focusing on the expansion of the production capacities owing to the rising demand for the magnesium chloride from the end use industries. Further, key market participants are enhancing their global presence through mergers, acquisitions, strategic collaborations, hybrid distribution channels and partnerships. 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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Scope Of Report Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value and Kilo Tons for Volume

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia & Pacific and Middle East & Africa

Key Countries Covered

US, Canada, Brazil, Mexico, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey and South Africa.

Key Segments Covered

Product Form, Grade, Application and Region

Key Companies Profiled

Report Coverage

• • • • • • • • • •

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

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request