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Magnesium Chloride Market Size

Report ID: GMI8817
Published Date: Apr 2024
Report Format: PDF

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Magnesium Chloride Market Size

Magnesium Chloride Market was valued at around USD 498.11 million in 2023 and is anticipated to register a CAGR of over 4.2% between 2024 and 2032.

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In industries such as deicing agents for road maintenance, dust suppressants for construction sites, and as a key ingredient in pharmaceuticals and food processing, magnesium chloride plays a pivotal role. Additionally, its use in building materials, particularly in the production of fire-resistant materials and cement additives, further propels demand. Moreover, the growing awareness of its benefits, including its effectiveness, low environmental impact, and cost-efficiency, continues to stimulate demand for magnesium chloride across diverse industrial sectors, contributing to the overall growth of the market. Thus, the market is expected to attain a market value of over USD 725 million by 2032.

Magnesium Chloride Market Report Attributes
Report Attribute	Details
Base Year:	2023
Magnesium Chloride Market Size in 2023:	USD 498.11 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.2%
2032 Value Projection:	USD 724.52 Million
Historical Data for:	2018 - 2023
No. of Pages:	320
Tables, Charts & Figures:	210
Segments covered:	Product form, Grade, Application
Growth Drivers:	Increasing Demand for Deicing Agents Expanding Applications in Dust Control Rising Utilization in Pharmaceuticals and Food
Pitfalls & Challenges:	Environmental Concerns and Regulations

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While magnesium chloride is considered relatively environmentally friendly compared to some alternative deicing agents, concerns regarding its impact on ecosystems, particularly water bodies and vegetation, may pose challenges. Stringent environmental regulations and increasing scrutiny on the use of chemical compounds in various applications could lead to restrictions or limitations on magnesium chloride usage, affecting market growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for magnesium chloride recorded USD 498 million in 2023 and is expected to register over 4.2% CAGR from 2024 to 2032, on account of the increasing adoption as a de-icing agent for roads and highways, particularly in regions with cold climates.

The liquid form segment in the magnesium chloride industry reached USD 294.8 million in 2023 and is expected to depict substantial growth from 2024 to 2032, owing to longer shelf life and stability under a wider range of storage conditions.

Asia Pacific industry accumulated a revenue of USD 178.88 million in 2023 and is expected to expand at notable CAGR from 2024 to 2032, due to the rapid urbanization and infrastructure development in countries like China and India.

Compass Minerals International, Inc., DEUSA international GmbH, Huitai Investment Group Co., Ltd, Intrepid Potash, Inc., Israel Chemical Ltd., K+S Aktiengesellschaft, K+S KALI GmbH, Merck KGaA, Nedmag B.V, Nikomag OJSC are some of the major magnesium chloride companies worldwide.