The Global Magnesium Chloride Market is estimated to be valued at USD 212,823.3 Thousand and register a CAGR of 4.65% during the forecast period.
The use of magnesium chloride as an anti-icing agent is the primary driver of the global magnesium chloride market. The benefits associated with the consumption of magnesium chloride such as better heart health, optimized brain, muscle, and nerve function, improved bone health, low blood sugar levels, better digestive process, stronger immune system, and lower risk of developing migraines have increased their demand, which is expected to fuel the global market growth.
The global magnesium chloride market has been segmented on the basis of form, grade, application, and region.
The global market, on the basis of form, has been divided into liquid and flakes. The liquid segment is expected to reach a value of USD 126,218.5 thousand by the end of the forecast period. The high demand for liquid magnesium chloride is due to its extensive use in the de-icing application.
By grade, the industrial grade is projected to exhibit a CAGR of over 4% during the review period. The growth of the food grade segment is attributed to its use in the production of tofu and use as curing agent, bulking agent, curing agent of protein, fermentation assistant, and modifier in food processing.
The building materials segment is expected to witness significant growth due to the extensive use of magnesium chloride in the production of oxychloride cement. This cement has advantages over the Portland cement such as high strength, high bonding, lightweight, low coefficient of thermal expansion, low corrosion effects, abrasion resistance, excellent adhesion, flame retardancy, and good thermal insulation.
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Market Research Future (MRFR) recognizes Compass Minerals (US), K+S KALI GmbH (Germany), ICL (Israel), Intrepid (US), Merck KGaA (Germany), Nedmag B.V. (the Netherlands), NikoMag (Russia), DEUSA International GmbH (Germany), Skyline Chemical Corporation (US), and HuiTai Investment Co., Ltd (China)as the key players in the global magnesium chloride market.
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the regions covered under the scope of the report. As per MRFR analysis, Asia-Pacific was the dominant market for magnesium chloride in 2017 and is projected to continue the trend during the review period. The European market accounted for more than 24% of the global market share in 2017 owing to the high demand for magnesium chloride as an anti-icing and de-icing agent in countries such as Iceland, Greenland, Switzerland, and Norway.
Key Findings of the Study:
The Global Magnesium Chloride Market is projected to reach USD 212,823.3 thousand by 2024 at a CAGR of 4.65% during the review period of 2019 to 2024.
Asia-Pacific witnessed significant growth in 2017, with China holding a major share of the regional market.
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