New York, NY -- (SBWire) -- 02/03/2021 --The Global Magnesium Chloride market is forecast to reach USD 4.41 Billion by 2027, according to a new report by Reports and Data. Magnesium chloride is an inorganic compound comprising of two chloride and one magnesium ion. Salts of this compound are highly soluble in water, and its hydrated form can be extracted from sea water or brine. The compound has a wide arena of applications, which is one of the mentionable factors fostering the growth of the market. In the healthcare sector, it is used in medications as a source of magnesium ions, which are important for various cellular activities. These medications are a mineral supplement used for treating symptoms of heartburn, stomach upset, acid indigestion, and excessive stomach acid.
Key participants include:
Israel Chemicals Ltd, K+S Kali AG, Nedmag B.V, Intrepid Potash, Inc., DEUSA international GmbH, Nikomag OJSC, Weifang Yuze Chemical Co., Ltd, Huitai Investment Group Co., Ltd, Tianjin Changlu Haijing Group Co., Ltd, and Weifang Dongyuan Lianhai Chemical Co., Ltd.
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In regards to Type, the Anhydrous Magnesium Chloride segment is projected to witness a faster CAGR of 4.7% during the forecast period, which is expected to hold more than 55.0% of the market by 2027. The growth rate witnessed by the Anhydrous Magnesium Chloride Grade segment is attributed to the elevating demand for anhydrous magnesium chloride in the construction and automotive sectors, which contributes to the growth rate witnessed by this segment.
For the purpose of this report, Reports and Data have segmented the global Magnesium Chloride market according to Form, Type, End-user, Application, and Region:
Form Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Solid
Liquid
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Hexahydrate Magnesium Chloride
Anhydrous Magnesium Chloride
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Building material
Deicing agent
Food & feed
Drugs
Chemical & derivatives
Dust suppressant
Others
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End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Construction
Chemical
Food & beverage
Pharmaceutical
Others
Regional Analysis
The Asia Pacific region is foreseen to dominate the market. The region's dominance is attributed to the increasing emphasis on the development of infrastructure. Growing pharmaceutical & chemical sectors are also influencing the regional market growth. North America is growing with a considerable share in the market due to the rapid establishment of the healthcare sector, fast expansion of the chemical sector, and soring need for de-icing agents.
Further key findings from the report suggest
The Magnesium Chloride market held a market share of USD 3.00 Billion in the year 2018 that is forecasted to grow at a rate of 4.3% during the forecast period.
In context to Form, the Liquid segment is projected to witness a faster growth rate of 4.9% during the forecast period, which occupied more than 36.0% of the market in 2018. The growth rate witnessed by the Liquid segment is attributed to the growing demand for the compound as an anti-icing agent wherein it is required in the liquid form. As this compound is less corrosive as compared to other substitutes like sodium chloride, it is gaining popularity as an anti-icing agent, which is contributing to the growth rate witnessed by this segment.
In context to Type, the Anhydrous Magnesium Chloride segment held the largest market, which is expected to maintain its market dominance. By 2027, it is expected to hold more than 55.0% of the market by 2027, with a significant CAGR of 4.7% during the forecast period. The market share held by the Anhydrous Magnesium Chloride segment is attributed to the elevating demand for anhydrous magnesium chloride in the construction and automotive sectors, which contributes to the growth rate witnessed by this segment. The rising demand for light-weight vehicles, expansion of the construction sector, and its applicability in metal processing also contributing to the growth rate witnessed by this segment…Continued
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Major benefits of the Magnesium Chloride report:
The report discusses in detail the changing dynamics of the competitive landscape.
The report examines growth prospects, factors driving the growth of the market, and limitations affecting the market growth.
The report gives a comprehensive analysis of the changing dynamics of the market owing to the current scenario.
The report encompasses a detailed forecast for the years 2020-2027.
The report provides valuable insights on key market growth driving trends and monetary competence in the forecast timeline.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Magnesium Chloride Market Segmentation & Impact Analysis
4.1. Magnesium Chloride Market Material Segmentation Analysis
4.2. Industrial Outlook
Continued…
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Magnesium Chloride Market Research Report 2021 Growth Rate, Size, Share, Regional Analysis, Global Forecast to 2027 by Top Players Israel Chemicals Ltd, K+S Kali AG, Nedmag B.V, Intrepid Potash
Magnesium Chloride market is forecast to reach USD 4.41 Billion by 2027, according to a new report by Reports and Data.