Published On: January 2023
Magnesium chloride is a crucial industrial substance that is useful in various processes. The compound, which comes in various shapes, is useful for both the residential and commercial sectors. Magnesium chloride, which has the chemical formula MgCl2, is found in hydrated form as MgCl2(H2O)x. The magnesium chloride market analysis suggests that the magnesium chloride market is expanding due to the rising demand for MgCl2 from the food, pharmaceutical, textile, construction, agricultural, and other end-use industries. The pharmaceutical sector is seeing an increase in demand for MgCl2 due to its lowering risk of malignancies, arteriosclerosis, prostate illnesses, kidney stones, and intestinal ailments. Additionally, the increasing need for the manufacture of magnesia cement, foamed concrete, gas concrete, and glass magnesium tiles and glass is raising its demand in residential and commercial construction. Nutritional supplements are once more playing a sizable role in market expansion thanks to their rising usage in baby food.
According to the magnesium chloride market outlook, the magnesium chloride market is anticipated to cross USD 379.3 million at a CAGR of 4.30% between 2021 and 2030.
As per the magnesium chloride market analysis, due to developments in the chemical sector, there has been an exponential increase in demand for magnesium chloride on the global market. Magnesium chloride's excellent solubility in water has significantly contributed to the worldwide expansion of the magnesium chloride market. Magnesium chloride can be found in seawater in the hydrated form, which has numerous uses in various sectors. It is safe to say that, given the causes mentioned earlier, the demand for magnesium chloride on the world market will soar to new heights in the coming years.
Global Magnesium Chloride Market Challenges & Restraints
Dealing with magnesium toxicity is one of the biggest problems the magnesium chloride market has to cope with. A 30 pound bag of OxyChem's well-known snow and ice melter PELADOW is now available. Just one 30-pound bag of PELADOW will melt the same amount of ice as opposed to 50 pounds of magnesium chloride. A 30 lb. bag of PELADOW has the same coverage as a 50 lb. bag of magnesium chloride, allowing building managers, contractors, and distributors to save money on product and delivery expenses while making better use of warehouse space. Users of PELADOW can swiftly clear sidewalks to make them safer and increase the number of sites they can service daily.
In studies on ice melting at 20 degrees Fahrenheit, PELADOW was found to be more effective at breaking up the ice than magnesium chloride, which took an hour.
Magnesium chloride anhydrous has been the market's preeminent product category. In 2018, it had the biggest market share. The primary cause of this is an increase in demand for large-scale metal processing, the building industry, and automotive.
By the end of 2024, the building material market segment is anticipated to become a prominent player. Increased demand for both residential and commercial infrastructure has led to an ongoing boom in the building industry. Additionally, urbanization will probably be a significant factor in the segment's growth.
MgCl2 is most frequently produced in China. Government backing for this is growing significantly, which will probably aid in expanding production lines. By the end of 2024, this will assist the regional market to grow at a good clip.
According to the magnesium chloride market analysis, the subsequent spread of the COVID-19 pandemic slowed market expansion, which had an additional impact on market prices. Additionally, the supply chain system was disrupted. As a result of the implementation of both permanent and temporary lockdowns in numerous mushrooming economies, many important market participants have observed these disruptions. However, the market rose despite these disruptions due to the need and widespread expansion of the drug delivery system during the pandemic's spread. Asthma and diabetes are two common unpleasant medical problems many people already have. This is increasing the need for magnesium chloride. These elements are coming together, and the outcome is the fuelled sale.