The growing demand of MgCl2 from food, pharmaceutical, textile, construction, agriculture, and other end-use industries is driving the market growth. Use of MgCl2 in reducing the risk of tumors, arteriosclerosis, prostate diseases, kidney stones and intestinal disorders is pushing its demand in the pharmaceutical industry. Also, rising demand in the production of magnesia cements, foamed concrete, gas concrete and glass magnesium glass and tiles is further boosting its demand across residential and commercial construction. Increasing usage in infant food, nutritional supplements are again contributing significantly in market growth.
The latest report by Value Market Research expects the Global Magnesium Chloride Market to reach USD 4.4 billion by 2025. It was valued USD 3.2 billion in 2018. The report foresees a 4.5% CAGR from 2019 to 2025.
MAGNESIUM CHLORIDE ANHYDROUS DOMINATED THE PRODUCT SEGMENT
In 2018, magnesium chloride anhydrous emerged as the leading product segment by accounting the highest market share. Rising demand for metal processing, the automotive, construction sector is driving the segment growth.
BUILDING MATERIAL DOMINATED THE APPLICATION SEGMENT
By application, building material led the segment in 2018. The booming construction sector, increasing demand for new residential and commercial infrastructure, ongoing urbanization is driving the segment growth. Robust demand for magnesium-based cement owing to high strength, quick settling time and greater bonding ability is fueling its demand across the construction sector.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
In 2018, Asia Pacific emerged as the leading region and has accounted highest market share. Increase in renovation and refurbishment activities along with the rise in spending over the construction of roads, bridges and other public utility infrastructure is driving the regional market demand. China owing to the highest producer of MgCl2 followed by favorable governmental support to expand the production lines is further boosting the regional market growth.
KEY PLAYERS OF THE MARKET
The market is highly competitive owing to presence of various key players such as Alkim, Caustic JSC, Compass Minerals, Dead Sea Works, DEUSA International Gmbh, Huitai Group, K + S KALI Gmbh, Nedmag, Skyline Chemical Corporation, Songchuan, The pioneer Magnesia Works Pvt Ltd, Weifang Bell Chemical Co. ltd, Weifang Haibin Chemicals Co. Ltd and WeiFang Hongyuan Chemical Co. Ltd.
As per this study the Global Magnesium Chloride Market was valued USD X.X BN (by revenue) in 2019 and is anticipated to reach USD X.X BN by 2025 with a CAGR of X.X%. By volume, the market was estimated XXX KT in 2019 and is expected to reach XXX KT by 2026 with a CAGR of X.X%.
Magnesium chloride (MgCl2) is a white colored naturally occurring inorganic salt that is extracted from rich sources of salt like the Dead Sea and brine. It is majorly used in the production of magnesium metal but has usage in food and beverage, pharmaceutical, textile, paper, road stabilization, building materials and other application.
Rising usage of MgCl2 in textile, road maintenance, building material, cosmetic, paper, food and beverage, and other end-use industries is driving the market growth. Robust demand of magnesium from the manufacturing sector is again pushing the market growth. Additionally, the rise in adoption of magnesium alloys from aerospace and automotive industries is again pushing the demand of Magnesium chloride market. However, the availability of low-cost substitutes is likely to hamper the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of Magnesium chloride.
The broad magnesium chloride market has been sub-grouped into type, application and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Anhydrous Magnesium chloride
- Hexahydrate Magnesium chloride
- Chemical Industry
- Building Material
- Road Stabilization & Ice Control
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for magnesium chloride in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Magnesium Chloride Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the magnesium chloride market includes Alkim, Caustic JSC, Compass Minerals, Dead Sea Works, DEUSA International Gmbh, Huitai Group, K + S KALI Gmbh, Nedmag, Skyline Chemical Corporation, Songchuan, The pioneer Magnesia Works Pvt Ltd, Weifang Bell Chemical Co. ltd, Weifang Haibin Chemicals Co. Ltd and WeiFang Hongyuan Chemical Co. Ltd. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.