Magnesium chloride market expected to exceed USD 580.3 million by 2031, driven by growth in demand from de-icing and chemical sectors

According to the report, the global magnesium chloride market is estimated to reach over USD 580.3 million by the end of 2031, with a compound annual growth rate of 4.3% over the entire assessment period.

Owing to the increasing demand from the de-icing sector and the chemicals and derivatives sector, it is expected to contribute significantly to the growth of the magnesium chloride market. The global magnesium chloride market is expected to grow at a steady rate of 4.3% CAGR during the forecast period between 2021 and 2031, as per a recent market analysis by Future Market Insights (FMI). The increasing demand for de-icing services is boosting the demand for magnesium chloride.

The increasing demand for magnesium chloride in specific regions with extremely cold weather conditions is driving the market. Magnesium chloride is hygroscopic in nature and quickly absorbs moisture from the surroundings, making it suitable for various industries such as construction, dust suppressants.

The development of the construction and mining industries is expected to increase the demand for magnesium chloride due to its widespread use to minimize dust in industrial areas.

Magnesium chloride is widely used in various industries for various applications including de-icing, dust control agents, chemicals and derivatives, construction materials, pharmaceuticals, food and feed, and others. Magnesium chloride is widely used in construction as well as pharmaceutical sector, which is expected to boost the market during the forecast period.

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Geographically, the market is expected to be dominated by East Asia and this trend is expected to continue in the future assessment period. Based on the above-mentioned factors, the global magnesium chloride market is projected to reach USD 580.3 million by 2031.

Key takeaways:

The demand for industrial magnesium chloride by grade is expected to grow at a CAGR of 4.1% during the forecast period.
In 2021, the food and pharmaceutical magnesium chloride segment is forecast to account for approximately 27% of the total market share.
The deicing segment of the magnesium chloride market is forecast to grow at a CAGR of 4.5% through 2031.
The U.S. magnesium chloride market is expected to reach $105.8 million by 2031.
China will emerge as an attractive market for magnesium chloride, with sales expected to grow at a CAGR of 6.1% in 2021.
In 2021, liquid magnesium chloride is expected to account for over 26.9% of the magnesium chloride market in East Asia.
Japan and South Korea will together hold 7% of the total magnesium chloride market share by 2021.

“During the assessment period, magnesium chloride sales are expected to be driven by growing use in the de-icing and chemical industries. In addition, demand in the following sectors: construction and pharmaceuticals will also create attractive sales prospects.” – says the FMI analyst.

Competitive environment

The key players in the global magnesium chloride market covered in the report are Israel Chemicals Ltd., K+S Aktiengesellschaft, Compass Minerals International, Inc., Shandong Haihua Group Co. Ltd., Huitai Investment Group Co., Ltd, Intrepid Potash, Inc., Tianjin Changlu Haijing Group Co., Ltd, DEUSA International GmbH, Nedmag BV, Nikomag OJSC and others.

The largest players on the market are focusing on cooperation, mergers and acquisitions to expand their production plants and distribution channels.

For example:

K+S Aktiengesellschaft has decided to make a major investment in a new brine deposit in the Netherlands. The new brine deposit is expected to be prepared for directional drilling by 2019 and put into operation by the end of 2021. This will further increase the company’s production capacity by 25% and raise the production level to 1.2 million tonnes per year.

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Magnesium Chloride Market by Category

By product form:

Liquid
Reliable
Cereal
Lumps/pellets

By class:

Industrial
Food and pharmaceuticals

By application:

De-icing agent
Dust suppressants
Chemicals and derivatives
Building Materials
Pharmaceuticals
Food and feed
Others

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving demand in the market. FMI is a leading global provider of market information, advisory services, consultations and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemicals markets. With a massive team of over 400 analysts worldwide, FMI provides global, regional and local expertise on a variety of domains and industry trends in over 110 countries.

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