Global Magnesium Chloride Market: Overview
The demand within the global market for magnesium chloride has been rising at an astral rate due to advancements in the chemical industry. Magnesium chloride is an important industrial compound that comes in handy for a wide range of applications. The compound also holds utility for the residential and commercial sectors, and is available in various forms. The aforementioned points are a testimony to the fact that the demand for magnesium chloride would continue to increase in the years to come. Magnesium chloride has the chemical formula MgCl2, and in the hydrated from, magnesium chloride is present as MgCl2(H2O)x. The high solubility of magnesium chloride in water has played a major role in the growth of the global market for magnesium chloride. The hydrated form of magnesium chloride has several applications across multiple industries, and this form can be obtained from sea water. Considering the aforementioned factors, it can be safely asserted that the demand within the global magnesium chloride market would escalate to new heights in the years to come.
The global market for magnesium chloride may be segmented on the basis of the following parameters: end-use industry, application, form, and region. The chemical industry has been thoroughly analysed before categorising the global magnesium chloride market into the aforementioned segments.
A report by Transparency Market Research on the global market for magnesium chloride throws light on a range of factors that have led to the inflow of revenues into the global magnesium chloride market. Furthermore, the differences in the regional markets for magnesium chloride have also been elucidated in the report. The report shall act as a basis for the chemicals industry to measure the magnitude of growth within the global magnesium chloride market.
Global Magnesium Chloride Market: Trends and Opportunities
The demand within the global market for magnesium chloride has risen alongside the growing demand for magnesium metal across multiple industries. Magnesium metal is obtained from magnesium chloride through electrolysis, and the subsidiary product obtained in the process in Cl2. The use of magnesium chloride for containing dust mites, preventing wind erosion, and stabilization of soil has also played a major role in the growth of the global market for magnesium chloride. Catalytic reactions are another area wherein magnesium chloride is extensively used, and this factor is also prognosticated to propel market demand in the years to come. In areas that receive heavy snow falls, magnesium chloride is used to clear roads and highways through de-icing. Owing to the aforementioned dynamics, the demand within the global magnesium chloride market is expected to touch new heights.
Global Magnesium Chloride Market: Market Potential
The market for magnesium chloride bears lucrative growth opportunities due to the wide application-portfolio of this chemical compound. The use of magnesium chloride in economically significant industries such as gardening, horticulture, nutrition, and medicine is expected to bring in voluminous revenues into the global magnesium chloride market. However, the toxicity of magnesium ions calls for cautions and warnings during the use of the compound.
Global Magnesium Chloride Market: Regional Outlook
The market for magnesium chloride in North America has expanded at a robust rate, majorly due to the heavy snow fall received by several North American regions each year. The need to clear snow and ice off of roads, bridges, and highways has propelled demand for magnesium chloride in the region. The market for magnesium chloride in Europe has also expanded at a stellar rate in recent times.
Global Magnesium Chloride Market: Competitive Landscape
Some of the key players in the global magnesium chloride market are Shouguang Dingsheng Chemical Co., Ltd, Weifang Yuze Chemical Co., Ltd., and Intrepid Potash, Inc., and Compass Minerals International.