Magnesium Chloride Market Qualitative Analysis, Driving Forces, Opportunities and Target Audience Forecast 2030
Magnesium chloride is used in diverse industries such as healthcare, R&D, building & construction, pharmaceuticals, food & feed, and chemical sector. Besides, it finds extensive application as a deicing agent and dust suppressant. Resultantly, a vast amount of consumption in a wide range of application areas drives the magnesium chloride market on a global level.
Major Payers:
Players leading the global magnesium chloride market include K+S KALI GmbH (Germany), Compass Minerals (US), ICL (Israel), Merck KGaA (Germany), Intrepid (US), Nedmag B.V. (the Netherlands), DEUSA International GmbH (Germany), NikoMag (Russia), HuiTai Investment Co., Ltd (China), and Skyline Chemical Corporation (US), among others.
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According to Market Research Future (MRFR), the magnesium chloride market is expected to reach USD 212,823.3 MN by 2024. The market is expected to register a 4.65% CAGR throughout the assessment period (2017 – 2024). The ever-increasing global population is fueling the demand for quality housing and better infrastructure. This, as a result, creates a massive market demand, absorbing a vast amount of cement in construction activities.
Improving economic conditions act as a significant tailwind influencing the market growth, driving the construction and food market. Besides, the rising global economy is fostering the growth of the market, boosting the pharmaceutical and healthcare sector. Depleting water levels are prompting the usages of water, wisely, which is providing a huge impetus to the market growth, influencing the wastewater treatment market.
Given the health benefits associated with its consumption, a considerable amount of magnesium chloride is absorbed in the pharmaceutical and nutraceutical industry. Continually growing cement industry driven by the rising residential and commercial construction projects is propelling the growth of the market. Ice deposition on roads and vehicles is a common issue encountered in colder regions, which drives substantial market demand.
The burgeoning Healthcare sector worldwide is expected to grow pervasively in the years to come, which implies more demand for medicines and hence, for magnesium chloride. With the rising advancements in technology, manufacturing techniques have been evolving rapidly, which are influencing the market growth, increasing the production of magnesium chloride.
Global Magnesium Chloride Market – Segment
The market is segmented into four dynamics to widen the scope of understanding,
By Form : Liquid and Flakes.
By Grade : Industrial, Food, and Pharmaceutical.
By Application : Deicing Agent, Dust Suppressant, Chemicals & Derivatives, Building Materials, Pharmaceuticals, Food & Feed, and others.
By Regions : North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Magnesium Chloride Market – Regional Analysis
The Asia Pacific leads the global magnesium chloride market. The significant market share of the region attributes to the rapid industrialization and urbanization in countries such as India, Thailand, Indonesia, and Malaysia. The APAC region accounts for over 60% to 65% of the total global population, which is increasing the demand for quality housings.
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Besides, the rapid industrialization and urbanization promote the need for improved infrastructure, which is increasing the infrastructural and commercial construction activities. Resultantly, this increases the demand for cement and consequently, the demand for magnesium chloride. Driven by the burgeoning pharmaceutical industries, the region is expected to grow at a CAGR of over 5% during the forecast period.
North America and Europe also hold a substantial share in the global magnesium chloride market. In Europe, the magnesium chloride market is driven by the augmenting demand for anti-icing and deicing agent in countries such as Iceland, Greenland, Switzerland, and Norway. The European magnesium chloride market is projected to create a valuation of USD 54,120.8 MN by the end of the forecast period.
Global Magnesium Chloride Market – Competitive Outlook
Highly competitive, the magnesium chloride market appears to be fragmented due to the presence of many large and small-scale players. With increasing industrialization and upgrades, manufacturers are setting up more facilities to increase production capacities and to meet the rising demand in the most efficient manner. To meet the goals, they make substantial investments. They try to inculcate the latest techniques in their production procedures to reduce the remittance of harmful gases.
Industry/ Innovation/Related News
October 15, 2019 —- Thermo Fisher Scientific (the US), a biotechnology product development company, launched a new handheld X-ray fluorescence analyzer – IonicX XRF Analyzer that can help pharmaceutical and biopharmaceutical manufacturers to verify the identity of ionic salts in warehouses within seconds. According to the company, the new technology helps save time and money that is otherwise used on conventional analysis techniques.
This is achieved by directly putting laboratory-grade capabilities into the hands of raw material, and quality control managers irrespective of their location in the manufacturing facility said, Thermo Fisher.
It has the capability to identify and authenticate the five most-used salts in biopharmaceutical and pharmaceutical manufacturing, including magnesium chloride (MgCl2), sodium chloride (NaCl), potassium chloride (KCl), sodium hydroxide (NaOH), and calcium chloride (CaCl2).
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