Overview of the Magnesium Chloride Market
Owing to a moderate CAGR of 4.6% through the forecast period, the global magnesium chloride market is likely to reach USD 762.62 million by 2032 uplifting from USD 532.1 million in 2024. Magnesium chloride is a crucial industrial compound with applications across residential and commercial sectors.
Available in various forms, MgCl2, chemically represented as MgCl2(H2O)x in its hydrated form, finds utility in food, pharmaceuticals, textiles, construction, agriculture, and other industries.
The pharmaceutical sector, in particular, is seeing increased demand for MgCl2 due to its health benefits, including reduced risks of malignancies, arteriosclerosis, prostate disorders, kidney stones, and intestinal ailments.
In addition, rising construction activity has fueled demand for magnesium-based materials such as magnesia cement, foamed concrete, gas concrete, and magnesium tiles. Nutritional supplements, particularly in baby food, are also contributing to market growth.
Advancements in the chemical sector and MgCl2’s excellent water solubility have significantly contributed to its global market growth. Found abundantly in seawater, magnesium chloride has versatile industrial applications. Considering these factors, demand for MgCl2 is expected to continue rising steadily in the coming years.
Global Magnesium Chloride Market Challenges and Restraints
One of the key challenges in the magnesium chloride market is addressing magnesium toxicity. For instance, OxyChem's PELADOW, a well-known ice and snow melter, offers superior efficiency: a 30-pound bag of PELADOW covers the same area as 50 pounds of conventional magnesium chloride.
This allows building managers, contractors, and distributors to reduce product costs, optimize warehouse space, and service more sites efficiently. Studies indicate that at 20°F, PELADOW melts ice more effectively than standard MgCl2, which takes significantly longer to achieve the same results.
Segmental Updates
- Product: Magnesium chloride anhydrous has dominated the market, driven by demand in metal processing, construction, and automotive sectors.
- End-Use: In 2024, the building materials segment is expected to emerge as a major contributor due to ongoing urbanization and growing residential and commercial construction projects.
- Regional Insights: China is the leading producer of MgCl2, supported by government initiatives to expand production capacity. This is expected to bolster regional market growth through 2024.
COVID-19 Impact
The COVID-19 pandemic initially slowed market expansion due to supply chain disruptions and lockdowns in key regions. However, growing demand in pharmaceutical and healthcare applications, including treatments for chronic conditions such as asthma and diabetes, helped the market recover quickly.
Recent Developments
- In January 2024, Sev Chem Industries inaugurated a new MgCl2 production facility in Shandong, China, increasing annual output by 15,000 metric tonnes to meet rising demand from the construction and chemical sectors.
- In March 2024, Magna Chemicals Ltd. launched a new high-purity MgCl2 grade for pharmaceutical applications, enhancing tablet flowability and stability in drug manufacturing.
- In June 2024, Ocean Minerals Corp. expanded its magnesium chloride extraction operations in seawater, adding advanced purification units to improve product quality for industrial and residential applications.
- In August 2024, Tianjin Magnesite Co. signed a long-term supply agreement with major Chinese construction conglomerates, ensuring stable MgCl2 supply for cement and concrete production.