In the first and second quarters of 2023, the price of magnesium chloride showed consistent increases in Asia, driven primarily by demand from the fertilizer sector, as well as textile and paper industries. This heightened demand boosted trading activity, leading to rising prices. However, challenges emerged in the latter part of the second quarter due to reduced intake from major market drivers and decreased trade from Chinese manufacturers.
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In Europe, the first quarter witnessed a surge in magnesium chloride prices, supported by demand from the fertilizer and construction sectors, but the second quarter saw a decline due to suppressed buyer attitudes and sluggish demand from textile and insulation industries. In North America, price increases in the first quarter were followed by recession-like conditions, rising energy costs, and high magnesium chloride supply in the second quarter, resulting in a weak price trend.
Definition
Magnesium chloride (MgCl2) is a chemical compound consisting of magnesium and chlorine ions. It is a hygroscopic salt, readily absorbing moisture from the air. In its solid form, it appears as white crystalline flakes or pellets. Magnesium chloride is highly soluble in water and often used for de-icing roads and sidewalks in cold climates due to its ability to lower the freezing point of water. Additionally, it has applications in dust control on construction sites, in the manufacture of textiles, and serves as a coagulant in tofu production. Magnesium chloride has diverse industrial and practical uses.
Key Details About the Magnesium Chloride Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on Magnesium Chloride in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Magnesium Chloride Price chart, including India Magnesium Chloride price, USA Magnesium Chloride price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Magnesium Chloride Price Trend:
Magnesium chloride, a versatile chemical compound, finds numerous industrial applications. It is primarily used for de-icing and snow removal on roads, highways, and sidewalks due to its ability to lower the freezing point of water, making it effective in cold climates. In the construction industry, it is utilized for dust control to stabilize and suppress dust on construction sites. Moreover, magnesium chloride serves as a coagulant in tofu production in the food industry. Its properties also make it valuable in textile manufacturing, where it acts as a dye fixative. This compound’s wide-ranging industrial uses highlight its importance in various sectors, including transportation, construction, and food production.
Key Players:
- ICL
- Compass Minerals
- NikoMag
- Skyline Chemical Corporations
- Merck KGaA
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