New York, NY -- (SBWIRE) -- 12/24/2020 -- Magnesium chloride is a popular chemical compound, represented with a chemical formula of MgCl2 or Cl2Mg. These ionic halide salts show an incredible water solubility. Magnesium chloride has several hydrates. The hydrated form of this salt can be extracted directly from the sources like brine or seawater. The magnesium chloride market's revenue is presumed to gain a value of USD 4.41 billion in 2027.

Market Drivers:

Magnesium chloride has several widespread applications in different industries, which is a primary factor responsible for fostering the market growth. This inorganic compound is crucial to the healthcare sector, due to its high usage in medications as a stable source of magnesium ions. Magnesium is important for numerous cellular activities. Therefore, the soaring demand for magnesium-rich medicines worldwide is positively impacting the growth of the market. Additionally, magnesium-rich medicines are used as a mineral supplement, treating different symptoms like stomach upset, excessive stomach acid, heartburn, and acid indigestion. Moreover, this chemical compound is crucial for the effective functioning of body parts such as nerves, muscles, bones, and heart. Magnesium chloride also aids in low-temperature de-icing of parking lots, sidewalks, and highways. Moreover, it is widely used for dust control, soil stabilization, and wind erosion mitigation. All these applications in distinct industries are augmenting the market growth.

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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.

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

End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)

Construction
Chemical
Food & beverage
Pharmaceutical
Others

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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

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.

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