[293 Pages Report] The magnesium chloride market value is expected to surpass USD 379.3 Million 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.
| Attribute | Details |
|---|---|
| Magnesium Chloride Market Outlook Base Year Value (2020A) | USD 366.2 Million |
| Magnesium Chloride Market Outlook Estimated Year Value (2021E) | USD 379.3 Million |
| Magnesium Chloride Market Outlook Projected Year Value (2031F) | USD 580.3 Million |
| Value CAGR (2021 to 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 USD 580.3million by 2031.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 3.5% |
| H1,2022 Projected (P) | 3.8% |
| H1,2022 Outlook (O) | 3.7% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 10 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 20 ↑ |
Future Markets Insights presents a comprehensive comparison and review of market dynamics for magnesium chloride market based on the actual market trends of historic years and forecast market trends. Principally the market is subjected to be driven by the growing demand from the deicing and the chemicals sectors, especially from pharmaceutical industry for drug manufacturing.
According to FMI analysis, the BPS values found in the market for magnesium chloride in H1 2021 and H1 2022 differ by an increase of 20 units. However, in Projected - H1, 2022, the market is anticipated to decline by 10 BPS units compared to Outlook - H1, 2022.
Key factors for certain decrease in growth prospects are attributed to the outbreak of the pandemic in first half of 2022 in China which accounts for a significant share in the overall magnesium chloride consumption. However, rapid development in the industrial and pharmaceutical sector is boosting worldwide sales.
Magnesium chloride is widely sought after by North American and European nations for usage as a deicing agent due to its hygroscopic characteristics. Additionally, unfavourable cold storms and weather patterns brought on by climate change, increased the demand for magnesium chloride as a deicing agent.
Apart from this, due to its usage in chemical processes and potential as a medication, the demand for magnesium chloride has surged in the pharmaceutical and medical industries. Eventually, leading firms are concentrating on expanding their production facilities to meet the market demand for magnesium chloride.
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.
Principal Consultant
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.
Magnesium Chloride Demand as Deicing Agent Soaring in the USA
In 2021, the USA magnesium chloride market grew at 3.4% CAGR, reaching a valuation of USD 75.8 million 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 USA 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 USA has huge pharma market which supports the growth of the magnesium chloride market.
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.
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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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.
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 year-on-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.
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.
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.
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| Attribute | Details |
|---|---|
| Forecast Period | 2021 to 2031 |
| Historical Data Available for | 2016 to 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 | USA, Canada, Brazil, Mexico, Germany, UK, 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 | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Magnesium Chloride market is anticipated to reach a valuation of USD 379.3 Million in 2021
The Magnesium Chloride market is anticipated to witness a growth rate of 4.1% over the forecast period of 2021 and 2031 in terms of volume.
The Magnesium Chloride market witnessed growth of 1.4% CAGR between 2016 and 2020.
Increasing utilization of Magnesium Chloride in deicing, chemicals & construction industry is expected to boost sales of Magnesium Chloride.
Israel Chemicals Ltd., K+S Aktiengesellschaft, Compass Minerals International, Inc., Shandong Haihua Group Co, Ltd., Huitai Investment Group Co., Ltd, Intrepid Potash, Inc. and others are the key players in the Magnesium Chloride market.
Increasing focus on strategic expansion and capacity expansion undertaken by leading players will shape the market in the coming years. Also mergers & acquisitions of small players to increase the global reach and cater the untapped market is another key strategy.
Key players in the global Magnesium Chloride market are expected to hold around 65-70% of global market share.
Demand for Magnesium Chloride in North America is expected to grow at a 3.5% CAGR through 2031.
Europe Magnesium Chloride market is estimated to expand at a 3.2% CAGR during the forecast period.
Key exporters in the Magnesium Chloride market are U.S., Canada, Germany, China and others.
Top countries driving the Magnesium Chloride demand are the USA, Germany, France Canada, and India.
South Korea and Japan are expected to collectively account for over 7% of the total in 2021.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Magnesium Chloride Market Demand Analysis 2016-2020 and Forecast, 2021-2031 6. Global Magnesium Chloride Market - Pricing Analysis 6.1. Regional Pricing Analysis By Product Form 6.2. Pricing Analysis by Regions 7. Global Magnesium Chloride Market Demand (in Value or Size in USD Millionn) Analysis 2016-2020 and Forecast, 2021-2031 8. Market Background 9. Global Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031, by Product Form 9.1. Liquid 9.2. Solid 9.2.1. Flakes 9.2.2. Prills/Pellets 10. Global Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031, By Grade 10.1. Industrial 10.2. Food & Pharmaceuticals 11. Global Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031, By Application 11.1. Deicing Agent 11.2. Dust Suppressant 11.3. Chemicals & Derivatives 11.4. Building Materials 11.5. Pharmaceuticals 11.6. Food & Feed 11.7. Others 12. Global Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia & Pacific 12.6. Middle East & Africa 13. North America Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031 14. Latin America Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031 15. Europe Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031 16. East Asia Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031 17. South Asia & Pacific Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031 18. Middle East and Africa Magnesium Chloride Market Analysis 2016-2020 and Forecast 2021-2031 19. Key and Emerging Countries Magnesium Chloride Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Compass Minerals International, Inc. E 21.2. K+S Aktiengesellschaft 21.3. Israel Chemical Ltd 21.4. Intrepid Potash Inc. 21.5. Nedmag B.V 21.6. Nikomag OJSC 21.7. DEUSA International GmbH 21.8. Huitai Investment Group Co Ltd 21.9. Weifang Yuze Chemical Co Ltd 21.10. Weifang Dongyuan Lianhai Chemical Co. Ltd 21.11. Tianjin Changlu Haijing Group Co. Ltd 21.12. Shandong Haihua Group Co. Ltd 21.13. Weifang Hongyuan Chemical Co. Ltd 21.14. Weifang Tenor Chemical Co. Ltd 21.15. Shouguang Hengyi Chemical Technology Co. Ltd 21.16. Shouguang Dingsheng Chemical Co. Ltd 21.17. Weifang Bell Chemical Co. Ltd 21.18. Anish Chemicals 21.19. Bhavani Chemicals 22. Assumptions and Acronyms Used 23. Research Methodology
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Magnesium Chloride Market
