The expansion of the construction sector and the continious growth of the pharmaceutical industry have resulted in boosting the Hexahydrate Magnesium Chloride market.
The Global Hexahydrate Magnesium Chloride Market is forecast to reach USD 4.41 Billion by 2027, according to a new report by Reports and Data. Hexahydrate Magnesium Chloride is an inorganic compound comprising of two chloride and one magnesium ion. Salts of this compound are highly soluble in water, and its hydrated form can be extracted from sea water or brine. The compound has a wide arena of applications, which is one of the mentionable factors fostering the growth of the market. In the healthcare sector, it is used in medications as a source of magnesium ions, which are important for various cellular activities. These medications are a mineral supplement used for treating symptoms of heartburn, stomach upset, acid indigestion, and excessive stomach acid. Magnesium is also essential for the effective functioning of muscles, nerves, the heart, and bones. It has also been used in alloys and as a cathartic. In ice control, it is used for low-temperature de-icing of sidewalks, parking lots, and highways. It is one of the various substances used for wind erosion mitigation, soil stabilization, and dust control. Thus, such a wide arena of applications is supporting the growth of the industry.
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Top Leading Players in Market: Israel Chemicals Ltd, K+S Kali AG, Nedmag B.V, Intrepid Potash, Inc., DEUSA international GmbH, Nikomag OJSC, Weifang Yuze Chemical Co., Ltd, Huitai Investment Group Co., Ltd, Tianjin Changlu Haijing Group Co., Ltd, and Weifang Dongyuan Lianhai Chemical Co., Ltd.
Further Key Finding from the Report Suggestion:
- The Hexahydrate Magnesium Chloride market held a market share of USD 3.00 Billion in the year 2018 that is forecasted to grow at a rate of 4.3% during the forecast period.
- In context to Form, the Liquid segment is projected to witness a faster growth rate of 4.9% during the forecast period, which occupied more than 36.0% of the market in 2018. The growth rate witnessed by the Liquid segment is attributed to the growing demand for the compound as an anti-icing agent wherein it is required in the liquid form. As this compound is less corrosive as compared to other substitutes like sodium chloride, it is gaining popularity as an anti-icing agent, which is contributing to the growth rate witnessed by this segment.
- In context to Type, the Anhydrous Hexahydrate Magnesium Chloride segment held the largest market, which is expected to maintain its market dominance. By 2027, it is expected to hold more than 55.0% of the market by 2027, with a significant CAGR of 4.7% during the forecast period. The market share held by the Anhydrous Hexahydrate Magnesium Chloride segment is attributed to the elevating demand for anhydrous Hexahydrate Magnesium Chloride in the construction and automotive sectors, which contributes to the growth rate witnessed by this segment. The rising demand for light-weight vehicles, expansion of the construction sector, and its applicability in metal processing also contributing to the growth rate witnessed by this segment.
- In regards to End-user, the Construction segment held the largest market share of more than 35.0% in 2018, with a CAGR of 4.4% during the forecast period. The market share held by the Construction segment is attributed to the continuous expansion of the construction sector and applicability of the compound in the industry in the production of glass magnesium boards, magnesia cements, foamed concrete, gas concrete, and glass-magnesium tiles based on magnesite cement.
- In regards to the region, Europe is projected to witness a considerable CAGR of 4.4% during the forecast period, which is expected to hold 25.3% of the market by 2027. The growth rate witnessed by Europe is attributed to the rising geriatric population and the expanding pharmaceutical industry.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Hexahydrate Magnesium Chloride market is segmented into:
Form Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Hexahydrate Magnesium Chloride
- Anhydrous Magnesium Chloride
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Building material
- Deicing agent
- Food feed
- Chemical derivatives
- Dust suppressant
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Food beverage
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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