Magnesium Chloride Market
Magnesium Chloride Market Analysis By Type (Anhydrous Magnesium Chloride & Hexahydrate Magnesium Chloride) By Form (Liquid & Solid Magnesium Chloride) By Grade (Industrial, Food Grade & Pharmaceutical) By Application & Region – Global Market Insights 2022 to 2032
Magnesium Chloride Market Outlook (2022-2032)
The global magnesium chloride market reached a market size of US$ 1.4 billion at the end of 2021 and is predicted to expand at a CAGR of 6.3% to reach a market valuation of US$ 2.74 billion by 2032.
Magnesium chloride enjoys extensive usage - industrial grade magnesium chloride, pharmaceutical grade magnesium chloride, and food-grade magnesium chloride. The market is thereby expected to create an absolute dollar opportunity of US$ 1.33 billion by the end of 2032.
Magnesium Chloride Market Size (2021A)
US$ 1.4 Billion
Estimated Market Value (2022E)
US$ 1.48 Billion
Forecasted Market Value (2032F)
US$ 2.74 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2021)
North America Market Growth Rate (2022-2032)
U.S. Market Growth Rate (2022-2032)
Market Share of Top 5 Companies
Key Companies Profiled
The global magnesium chloride market experienced steady growth at a CAGR of 5% between 2017 and 2021. Owing to the ongoing pandemic, oil & gas companies stepped on the brakes of production, which created a domino effect and negatively affected the demand for magnesium chloride across.
Credit for the demand growth of magnesium chloride goes to the magnesium chloride de-icer application and also to pharmaceutical industries, which collectively account for 30.5% market share. The oil & gas application of magnesium chloride, water treatment, and industrial and chemical processing also have a major impact on the magnesium chloride market.
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Magnesium Chloride Consumption Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)
As per the analysis done by Fact.MR, a market research and competitive intelligence provider, it was observed that the global magnesium chloride market expanded at a CAGR of 5% and accounted for US$ 1.4 billion at the end of 2021. It was analysed that the average year-on-year growth was 4.4%, which can increase to an average of 6.2% over the forecast period.
The global magnesium chloride market is slated to be an attractive industry for producers in the long run with an expected growth rate of 6.3% CAGR, accounting for an absolute dollar opportunity of around US$ 1.33 billion.
Additionally, the North American region is a prominent market for magnesium chloride. It accounted for around 26.2% market share at the end of 2021 and is expected to grow 1.9X its market value by 2032.
The market has been driven by the de-icing application over the years, which has captured 12.8% market share. By type, anhydrous magnesium chloride dominates the market due to its increasing application in the pharmaceutical and chemical derivatives industry.
Why is the Magnesium Chloride Market Expanding at a Rapid Pace?
“Wide Usage of Magnesium Chloride Brine in Oil & Gas Industry”
The oil & gas industry has been experiencing a positive shift over the past few decades. Development of abundant unconventional natural gas & oil resources is creating an opportunity to enhance economic growth across the globe, escalating competitiveness in global markets.
Magnesium chloride brine is widely used in drilling and rinsing oil wells to remove dust and debris during the mining process. Magnesium chloride brine also facilitates oil recovery from workover and completion fluids, often known as oil-based mud. Increasing oil & gas extraction is driving demand for salt brines and acting as the perfect catalyst for magnesium chloride demand.
“Rising Demand for Use in Topical Drugs & Clinical Reagents”
The booming pharmaceutical industry has been encouraging the development of various usages of magnesium chloride in the formulation of topical drugs and clinical reagents.
Anhydrous magnesium chloride is often used as an electrolyte replenisher and pharmaceutic necessity for hemodialysis and peritoneal dialysis fluids. Additionally, the antimicrobial properties of magnesium chloride are much more than those of sodium chloride and potassium chloride. This helps in the production of antimicrobial gels and cleansers.
“Magnesium – Important Ingredient in F&B Industry”
Moreover, magnesium is an essential ingredient in the food processing industry due to its coagulant properties. Magnesium chloride is mostly used in the preparation of traditional foods such as tofu, soy, and also baby formula milk. Increasing usage in the food processing industry has been pushing the demand curve of magnesium chloride over the years.
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Why Does North America See High Consumption of Magnesium Chloride?
The North America magnesium chloride market has been developing year-on-year at a CAGR of 5% till the end of 2021 and is forecasted to be the most attractive market for magnesium chloride over the coming years. Moreover, North America is a leading consumer of magnesium chloride and has acquired nearly 26.2% of the global magnesium chloride market share.
North America stands out in the market for magnesium chloride for its rising demand from the de-icing and pharmaceutical sectors. North America is one of the coldest regions in the world and experienced high road congestion due to ice on the roads and rails. Thus, North America is a prominent generator of the demand for magnesium chloride as a de-icing agent.
The North American market reached a valuation of US$ 1.41 billion by the end of 2021 and is expected to create an absolute $ opportunity of US$ 1.33 billion during the forecast period.
Should Magnesium Chloride Manufacturers Focus on Canada?
Considering the extreme winters in the country, Canada receives high amounts of snow during winters, which makes it a prominent country in North America creating huge demand for magnesium chloride salts for de-icing purposes.
Apart from that, the pharmaceutical industry is flourishing in Canada and requires magnesium chloride products for various purposes, such as rinsing media, drug development, and many more.
Canada is expected to create an absolute dollar opportunity of US$ 71.9 million over the forecast period and reach a valuation of US$ 155.3 million by the end of 2032.
Why are Magnesium Chloride Hexahydrate Flakes Enjoying Immense Popularity?
Magnesium chloride hexahydrate flakes are the most attractive category in the market due to their diversified use in fire retarding agents, chemical derivatives, pharmaceuticals, and much more.
This category registered a CAGR of 4.4% from 2017 to 2021 with a market value of US$ 155.3 million and is expected to reach US$ 1.15 billion by 3032 expanding at a high CAGR of 6%.
Solid magnesium chloride, by form, stands out with a market value share of 65.4%. Due to its high use in the oil & gas industry across the world, sales of magnesium chloride in the solid form are expected to remain high going forward.
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Compass Minerals International, Inc., K+S Aktiengesellschaft, Israel Chemical Ltd., Intrepid Potash, Inc., Nedmag B.V, Skyline Chemical Corporation, Cargill, Alkim, Antera Agro Chem, and Celtic Chemicals Ltd are key suppliers of magnesium chloride.
Market players such as Compass Minerals International and K+S Aktiengesellschaft are continuously performing research & development to increase the production and purification process and increase their profits.
- Nedmag B.V’s magnesium chloride is gaining huge attention in various industries due to its improved properties, such as flame resistance and cost-effectiveness, and has witnessed huge demand in the fire-retardant industry.
Fact.MR has provided detailed information about the overall strategies adopted by players in the magnesium chloride market, along with their detailed overviews of sales analysis, including SWOT analysis and revenues generated by top magnesium chloride manufacturers positioned across geographies, in addition to providing sales growth information, production capacity, and speculative production expansion, in the recently published report.
Key Segments of Magnesium Chloride Industry Research
Magnesium Chloride Market by Type :
- Anhydrous Magnesium Chloride
- Hexahydrate Magnesium Chloride
Magnesium Chloride Market by Form :
- Liquid Magnesium Chloride
- Solid Magnesium Chloride
Magnesium Chloride Market by Grade :
- Industrial Grade Magnesium Chloride
- Food Grade Magnesium Chloride
- Pharmaceutical Grade Magnesium Chloride
Magnesium Chloride Market by Application :
- Building Material
- Food & Feed
- Chemicals & Derivatives
- Water Treatment
- Oil & Gas
- De-icing Applications
- Fire Retarding Agents
Magnesium Chloride Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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