Magnesium Chloride Market Evolution: Anticipating US$ 2.74 Billion...

Magnesium Chloride Market Evolution: Anticipating US$ 2.74 Billion by 2032

Posted 2024-05-07 19:11:45

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According to a recently published analysis on Magnesium Chloride Market by Fact.MR, a provider of competitive intelligence and market research, the global market is now estimated to be worth $1.48 billion and is anticipated to grow at a compound annual growth rate (CAGR) of almost 6.3% between 2022 and 2032. The primary reasons for the market's expansion are the rising need for magnesium chloride in colder regions for deicing applications and in the oil and gas sector for simpler oil extraction.

The numerous ways that magnesium chloride is used in the manufacture of topical medications and clinical reagents can be attributed to the rapidly expanding pharmaceutical industry. Anhydrous magnesium chloride is frequently utilized in peritoneal dialysis and hemodialysate fluids as a pharmaceutic need and electrolyte replenisher.

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Additionally, the antimicrobial properties of magnesium chloride are much more than those of sodium chloride and potassium chloride, driving its demand for the production of antimicrobial gels and cleansers. Moreover, magnesium is an essential ingredient in the food processing industry due to its coagulant properties. Magnesium chloride is mostly used in the preparation of traditional foods such as tofu, soy, and also in baby formula milk.

Why are Magnesium Chloride Hexahydrate Flakes Enjoying Immense Popularity?

Magnesium chloride hexahydrate flakes are the most attractive category in the market due to their diversified use in fire retarding agents, chemical derivatives, pharmaceuticals, and much more.

This category registered a CAGR of 4.4% from 2017 to 2021 with a market value of US$ 155.3 million and is expected to reach US$ 1.15 billion by 3032 expanding at a high CAGR of 6%. Solid magnesium chloride, by form, stands out with a market value share of 65.4%. Due to its high use in the oil & gas industry across the world, sales of magnesium chloride in the solid form are expected to remain high going forward.

Key Segments Covered in the Magnesium Chloride Industry Survey

Magnesium Chloride Market by Type :

Anhydrous Magnesium Chloride
Hexahydrate Magnesium Chloride

Magnesium Chloride Market by Form :

Liquid Magnesium Chloride
Solid Magnesium Chloride

Flakes
Prills/Pellets

Magnesium Chloride Market by Grade :

Industrial Grade Magnesium Chloride
Food Grade Magnesium Chloride
Pharmaceutical Grade Magnesium Chloride

Magnesium Chloride Market by Application :

Metallurgy
Building Material
Food & Feed
Chemicals & Derivatives
Pharmaceuticals
Water Treatment
Oil & Gas
De-icing Applications
Fire Retarding Agents
Others

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Competitive Landscape:

Compass Minerals International, Inc., K+S Aktiengesellschaft, Israel Chemical Ltd., Intrepid Potash, Inc., Nedmag B.V, Skyline Chemical Corporation, Cargill, Alkim, Antera Agro Chem, and Celtic Chemicals Ltd are key suppliers of magnesium chloride.

Market players such as Compass Minerals International and K+S Aktiengesellschaft are continuously performing research & development to increase the production and purification process and increase their profits.

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 players in the Magnesium Chloride Market

Compass Minerals International, Inc.
K+S Aktiengesellschaft
Israel Chemical Ltd.
Intrepid Potash, Inc.
Nedmag B.V
Skyline Chemical Corporation
Cargill

Browse Full Report @ https://www.factmr.com/report/magnesium-chloride-market

Key Takeaways from Magnesium Chloride Market Study

By grade, industrial magnesium chloride is projected to provide an absolute $ opportunity of US$ 758.1 million over the forecast period (2022-2032).
Food grade is anticipated to account for 27.1% market share by 2032.
North America is projected to capture around 26.2% of the global magnesium chloride market share by 2032 and be valued at US$ 645.2 Mn.
The United States is predicted to provide an absolute dollar opportunity of US$ 203.6 million by 2032.