July 28, 2022 09:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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NEWARK, Del, July 28, 2022 (GLOBE NEWSWIRE) -- The global magnesium chloride market is anticipated to expand at a steady 4.3% CAGR over the forecast period between 2021 and 2031, finds Future Market Insights (FMI) in a recent market analysis. Growing demand for deicing services is boosting demand for magnesium chloride. Owing to the increasing demand from deicing and chemicals & derivatives sector is expected to remarkably contribute towards the expansion of the magnesium chloride market.

Surging demand for magnesium chloride from the specific regions with extreme cold weather conditions is driving the market. Magnesium chloride is hygroscopic in nature and quickly absorbs the moisture from the environment which makes it suitable for the various industries such as construction, dust suppressants.

Growing construction and mining industry is expected to boost the demand for the magnesium chloride owing to its extensive usage to minimize the dust at industrial area.

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Magnesium chloride is widely used across various industries for diverse applications, including deicing, dust suppressants, chemicals & derivatives, building materials, pharmaceuticals, food & feed & others. Magnesium chloride is widely used in the construction industry along with the pharmaceutical sector which is expected to boost the market in the forecast period.

According to the report, the global magnesium chloride market is expected to reach more than US$ 580.3 Mn by the end of 2031, at a compound annual growth rate of 4.3% during the assessment period.

Geographically, the market is predicted to be dominated by East Asia, which is expected to continue in the future evaluation period. Backed by the aforementioned factors, the global magnesium chloride market is projected to top US$ 580.3Mn by 2031.

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“Over the assessment period, sales of magnesium chlorides are expected to be driven by the growing application in deicing and chemicals industries. Besides this, the demand in the followed by construction and pharmaceuticals sectors also will create attractive sales prospects” says an FMI analyst.

Key participants in the global magnesium chloride market elaborated in the report includes Israel Chemicals Ltd., K+S Aktiengesellschaft, Compass Minerals International, Inc., Shandong Haihua Group Co. Ltd., Huitai Investment Group Co., Ltd, Intrepid Potash, Inc., Tianjin Changlu Haijing Group Co., Ltd, DEUSA international GmbH, Nedmag B.V, Nikomag OJSC and others.

Leading players are focusing on collaborations, mergers, and acquisitions to expand their production facilities and distribution channels. For instance:

Magnesium Chloride Market by Category

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Table of Content 1. Executive Summary

    3.1. Key Trends Impacting the Market

5. Global Magnesium Chloride Market Demand Analysis 2016-2020 and Forecast, 2021-2031

    5.1. Historical Market Volume (Tons) Analysis, 2016-2020

    5.2. Current and Future Market Volume (Tons) Projections, 2021-2031

6. Global Magnesium Chloride Market - Pricing Analysis

    6.1. Regional Pricing Analysis By Product Form

More Insights into the Magnesium Chloride Market Report

In its latest report, FMI offers an unbiased analysis of the global Magnesium Chloride market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product form (liquid & solid), grade (industrial & pharmaceuticals), and applications (deicing agent, dust suppressants, chemicals & derivatives, building materials, pharmaceuticals, food & feed and others) across six regions (North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa).

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years. 

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