Selbyville, Delaware , Sept. 10, 2024 (GLOBE NEWSWIRE) -- Magnesium Chloride Market is projected to be worth more than USD 724.5 million by the end of 2032, as per a recent study by Global Market Insights Inc.
Rapid advancements in mining and extraction technologies are making way for more efficient production of magnesium chloride from natural sources. Lately, several new technologies are improving the efficiency of extracting magnesium chloride from seawater and brine resources in salt lakes. This comprises the use of advanced filtration, evaporation, and crystallization techniques for higher yields and reduced processing times.
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Several companies are also focusing on sustainable extraction methods and recycling magnesium chloride from industrial waste streams, aligning with the broader circular economy trend. For example, in May 2024, International Battery Metals Ltd. collaborated with US Magnesium LLC to deploy its patented modular DLE (direct lithium extraction) plant at a brine resource in Utah. The co-located facility processes lithium-containing waste-magnesium salts to generate lithium chloride.
Food & Pharmaceuticals grade to record preference
The food & pharmaceuticals grade segment in the magnesium chloride market is estimated to register notable growth by 2032. This can be attributed to the rising focus of consumers on seeking products with clean labels, free from synthetic additives. Magnesium chloride is employed in various pharmaceutical formulations, including intravenous injections and oral medications. The aging population worldwide is also driving the demand for magnesium chloride supplements to support bone health, muscle function, and heart health. Growing usage in the food sector as a firming agent in tofu, a coagulant in soy products, and a stabilizer in canned vegetables will also boost product uptake.
Increasing adoption in building materials
In terms of application, the magnesium chloride market value from the building materials segment is poised to witness a robust CAGR through 2032. Magnesium chloride is used on unpaved roads, parking lots, and construction sites to manage dust and stabilize surfaces. By retaining moisture in the soil, it minimizes dust and enhances ground firmness. With its fire-resistant properties, magnesium chloride has emerged as a key ingredient in producing fireproof panels and coatings, which are essential in construction for bolstering the fire resistance of buildings.
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North America to attract lucrative growth opportunities
North America magnesium chloride market size will accrue significant valuation by 2032 on account of the changing weather patterns and growing infrastructure maintenance needs. The strong focus on eco-friendly deicing solutions has prompted innovations in magnesium chloride formulations that are less harmful to ecosystems and infrastructure. The rapid growth of the agricultural and healthcare sectors along with the surging research on improving production processes will play a key role in the regional market growth.
Magnesium Chloride Market Participants
Some of the prominent magnesium chloride industry players are K+S Aktiengesellschaft, Compass Minerals International, Inc., DEUSA international GmbH, Israel Chemical Ltd., Merck KGaA, Huitai Investment Group Co., Ltd, Intrepid Potash, Inc., K+S KALI GmbH, Nedmag B.V, and Nikomag OJSC. These companies are focusing on new product developments, capacity expansions, and partnership strategies to proliferate their global presence. For example, in November 2023, Nedmag launched Magnesium Chloride Food Grade Crystals to expand its new brand Pure Health & Earth products.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
