The burgeoning use of the magnesium across several end-use industries is a principal factor that is anticipated to have a positive impact on the progression of the global magnesium chloride market in the coming years. The adoption of the magnesium alloy in industries such as aerospace and automotive is paving way for opportunities for the players operating in the global magnesium chloride market. Furthermore, other magnesium derivatives, suchas magnesium carbonate, magnesium hydroxide, and magnesium oxide which are formulated through magnesium chloride are gaining traction across several industries. On the other hand, the utilization of magnesium chloride is still dominant in deicing applications.
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As the insights reveal, these factors are impelling the market players to rethink on their strategies and adopt new ones in order to stay competent and also retain their position in the global magnesium chloride market. The market players are adopting strategies such as development of an innovative production procedure and technology for improving efficacy and the overall productivity in a cost effective manner, the expansion of production capacity for catering the surging demand for magnesium chloride in niche application areas, and feasibility study and development of prospecting mines in order to maintain the adequate supply of magnesium chloride for keeping a balance between the demand and supply chain.
According to the report published by Future Market Insights (FMI), the global magnesium chloride market is anticipated to foresee a CAGR of 4.5% from 2018 to 2028. In 2017, the market was worth around US$ 351 Mn and is expected to cross US$ 560 Mn by the end of 2028.
Food and Pharmaceuticals Grade Magnesium Chloride Demand to Rise
Owing to population explosion, incessant economic developments, and increasing disposable income, the demand for additives in the food industry has foreseen a steady growth. Magnesium chloride finds application in animal feed as a source of magnesium. Increasing awareness amongst people regarding the importance of magnesium is expected to drive the use of food grade magnesium chloride as a supplement. Additionally, owing to its neutralizing action, magnesium chloride also aids in regulating food acidity and is utilized as a color retaining agent in the food industry.
The growing food industry is driving the demand for magnesium chloride. Factors, which bring change in someone’s way of living, such as lifestyle, food habits, etc., are contributing to the changes in the healthcare sector. People are spending more on health-related needs. With people becoming more health cognizant every day, the demand for pharmaceuticals is growing, which in turn, is leading to a surging demand for magnesium chloride in the global market. Magnesium chloride is gaining traction as a raw material for cosmetic, wellness and medical purposes. That apart, magnesium chloride is also used for the formulation of a broad range of magnesium tablets and natural cosmetics and salt baths.
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Availability of Low Cost Substitutes to Act as Roadblock
One of the core factors that is expected to act as a major roadblock in the development of the market is the availability of low cost alternative deicing agents in the marketplace. The leading manufacturers are producing conventional salts in order to reap high operational profits. However, the current usage of these substitutes in deicing applications is at a relatively lower level, but is anticipated to emerge as a challenge for the global magnesium chloride market over the course of the forecast period.