Europe And North America Have Been Attractive Markets For Magnesium Chloride Suppliers, And The U.S. Is a Leading Demand Generator in the North American Market with Almost 77.4% Market Share In 2021
United States, Rockville MD, June 22, 2022 (GLOBE NEWSWIRE) -- As per the newly released report on magnesium chloride by Fact.MR, a market research and competitive intelligence provider, the global market is currently valued at 1.48 billion and is expected to surge ahead a CAGR of around 6.3% over the 2022-2032 forecast period. Market growth is mainly attributed to factors such as growing demand for magnesium chloride in cold countries for de-icing purposes and in the oil & gas industry to extract oil easily.
The booming pharmaceutical industry has been responsible for the various usages of magnesium chloride in the formulation of topical drugs and clinical reagents. Anhydrous magnesium chloride is often used as an electrolyte replenisher and pharmaceutic necessity for haemodialysis and peritoneal dialysis fluids.
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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.
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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
Magnesium Chloride Market by Grade :
Industrial Grade Magnesium Chloride
Food Grade Magnesium Chloride
Pharmaceutical Grade Magnesium Chloride
Magnesium Chloride Market by Application :
Food & Feed
Chemicals & Derivatives
Oil & Gas
Fire Retarding Agents
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.
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Key players in the Magnesium Chloride Market
Compass Minerals International, Inc.
Israel Chemical Ltd.
Intrepid Potash, Inc.
Skyline Chemical Corporation
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.
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