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.
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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.
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