Magnesium chloride has the chemical formula MgCl2, and it is present in the hydrated form as MgCl2(H2O) x. The high solubility of magnesium chloride in water has aided in the expansion of the global magnesium chloride industry. The hydrated form of magnesium chloride, which can be derived from sea water, has numerous applications in a variety of industries. Because of developments in the chemical industry, demand for magnesium chloride has been increasing at an ethereal pace in the global market. The compound can be used for both residential and industrial purposes.
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Food Grade Magnesium Chloride Demand to Rise: -
The demand for additives in the food industry is expected to rise steadily as a result of population growth, continuous economic changes, and rising disposable income. Magnesium chloride is used as a source of magnesium in animal feed. The use of food-grade magnesium chloride as a supplement is expected to increase as people become more conscious of the value of magnesium. Magnesium chloride also helps in the regulation of food acidity and is used as a color preserving agent in the food industry due to its neutralizing action. Other magnesium derivatives derived from magnesium chloride, such as magnesium carbonate, magnesium hydroxide, and magnesium oxide, are also gaining popularity in a variety of industries. Magnesium chloride, on the other hand, continues to be the most widely used deicing agent.
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Global Market: Trends and Chances: -
Magnesium chloride demand in the global market has increased in tandem with the increasing demand for magnesium metal in a variety of industries. Magnesium metal is produced by electrolysis from magnesium chloride, with Cl2 as a byproduct. The use of magnesium chloride for dust mite control, wind erosion prevention, and soil stabilization has all contributed to the global market for magnesium chloride's development. Another field where magnesium chloride is widely used is catalytic reactions, and this aspect is expected to drive consumer demand in the coming years. Magnesium chloride is used to de-ice roads and highways in regions where there is a lot of snowfall. The global magnesium chloride market is expected to reach new heights as a result of the aforesaid dynamics.
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Global Magnesium Chloride Market: Market Potential: -
Because of the wide range of applications for this chemical compound, the demand for magnesium chloride has a bright future. The use of magnesium chloride in economically important industries such as gardening, horticulture, nutrition, and medicine is expected to generate substantial revenue for the global magnesium chloride industry. The toxicity of magnesium ions, on the other hand, necessitates precautions and warnings while using the compound.
Asia Pacific dominated the regional market: -
In 2018, Asia Pacific surpassed Europe as the leading country, with the largest market share. The regional market demand is being driven by an increase in renovation and refurbishment activities, as well as an increase in spending on the construction of highways, bridges, and other public utility infrastructure. India, as the world's largest producer of MgCl2, is boosting regional demand growth with favorable government support to extend production lines.
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Global Arcade: -
The global magnesium chloride market is projected to reach USD 4.4 billion by 2025, rising at a CAGR of 4.5 percent from a sales value of USD 3.2 billion in 2018. Compass Minerals, Dead Sea Works, Nedmag, and Alkim are some of the key industry participants.
Conclusion: -
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