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Magnesium Chloride Market Research Report - Global Forecast till 2024 Report / Search Code: MRFR/CnM/6629-CRR
Publish Date: July, 2019
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Global Magnesium Chloride Market: Information by Form (Liquid and Flakes), Grade (Industrial, Food & Pharmaceutical), Application (Deicing Agent, Dust Suppressant, Chemicals & Derivatives, Building Materials, Pharmaceuticals, Food & Feed and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2024 Overview The Global Magnesium Chloride Market is expected to register a CAGR of 4.65% to reach a value of USD 212,823.3 Thousand by 2024. Magnesium chloride (MgCl2) is a naturally occurring mineral salt, mostly obtained from seawater and brine. In pure form, it is odorless and colorless, powdery substance with a bitter taste. It is highly soluble in water and is commonly found in the hydrated state as it has a tendency to absorb moisture from the air. Commercially, it is produced by reacting solid magnesium hydroxide with hydrochloric acid. The growth of the global market is mainly driven by the high demand for magnesium chloride as an anti-icing agent as it very fast-acting and more effective at deicing than rock salt. The deposition of ice on surfaces of roads and vehicles is a common issue encountered in geographies having a cold climate; the deposition of ice increases the risk of accidents. Other major drivers of the global magnesium chloride market include health benefits associated with its consumption as well as its use in cement production. Additionally, the rising use of magnesium chloride in wastewater treatment is likely to offer lucrative opportunities to the players in this market. The major factor expected to restrain the market growth is the availability of substitutes.
Market Dynamics Magnesium is the fourth most abundant mineral in the human body; it plays several important roles in maintaining the health of the body and brain. Magnesium chloride is consumed as a nutritional supplement, which contains approximately 12% of elemental magnesium, in the form of tablets and capsules. It is easily absorbed by the body due to its low stability constant, which allows magnesium chloride to be completely ionized across a wide range of pH levels. The consumption of magnesium chloride supplements offers potential benefits such as better heart health, optimized brain, muscle, and nerve function, improved bone health, low blood sugar levels, better digestive process, stronger immune system, and lower risk of developing migraines. The sedentary lifestyle of the consumers, coupled with poor eating habits worldwide, is expected to increase the occurrences of various heart diseases such as osteoporosis, heart attack, and heart arrhythmias. This is projected to drive the demand for magnesium chloride as a supplement across the globe during the forecast period.
Global Magnesium Chloride Market Revenue, by Application, 2024 (USD Thousand)