Production Expansion and Focus on Purity Grade to Remain Focal Point of Magnesium Chloride Producers, Reveals Fact.MR

United States, Rockville MD, June 22, 2022 (GLOBE NEWSWIRE) -- As per the newly released report on magnesium chloride by Fact.MR, a market research and competitive intelligence provider, the global market is currently valued at 1.48 billion and is expected to surge ahead a CAGR of around 6.3% over the 2022-2032 forecast period. Market growth is mainly attributed to factors such as growing demand for magnesium chloride in cold countries for de-icing purposes and in the oil & gas industry to extract oil easily.

The booming pharmaceutical industry has been responsible for the 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 haemodialysis and peritoneal dialysis fluids.

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Additionally, the antimicrobial properties of magnesium chloride are much more than those of sodium chloride and potassium chloride, driving its demand for the production of antimicrobial gels and cleansers. 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 in baby formula milk.

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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Key Segments Covered in the Magnesium Chloride Industry Survey

• Magnesium Chloride Market by Type :
  
  
  • Anhydrous Magnesium Chloride
    
  • Hexahydrate Magnesium Chloride

• Magnesium Chloride Market by Form :
  
  
  • Liquid Magnesium Chloride
    
  • Solid Magnesium Chloride
    • Flakes
    • Prills/Pellets

• Magnesium Chloride Market by Grade :
  
  
  • Industrial Grade Magnesium Chloride
    
  • Food Grade Magnesium Chloride
  • Pharmaceutical Grade Magnesium Chloride
    
    
• Magnesium Chloride Market by Application :
  
  
  • Metallurgy
    
  • Building Material
  • Food & Feed
  • Chemicals & Derivatives
  • Pharmaceuticals
  • Water Treatment
  • Oil & Gas
  • De-icing Applications
  • Fire Retarding Agents
  • Others

Competitive Landscape

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.
  
  

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Key players in the Magnesium Chloride Market

• Compass Minerals International, Inc.
• K+S Aktiengesellschaft
• Israel Chemical Ltd.
• Intrepid Potash, Inc.
• Nedmag B.V
• Skyline Chemical Corporation
• Cargill
  

Key Takeaways from Magnesium Chloride Market Study

• By grade, industrial magnesium chloride is projected to provide an absolute $ opportunity of US$ 758.1 million over the forecast period (2022-2032).
• Food grade is anticipated to account for 27.1% market share by 2032.
• North America is projected to capture around 26.2% of the global magnesium chloride market share by 2032 and be valued at US$ 645.2 Mn.
• The United States is predicted to provide an absolute dollar opportunity of US$ 203.6 million by 2032.

Fact.MR’s Domain Expertise in Chemicals and Materials Division

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.

With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.

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