I came to think of it from interesting discussion at one of my answers regarding wildfire.
My understanding was that Wildfire is not magical because nothing suggests that it was. Granted that Order of Pyromancers keeps calling the manufacturing process a "spell" but they call everything a spell and hint at their own magical prowess as noted by Tyrion. The guild of Alchemists is not named so without a reason. If wildfire were magical, then that art should have been lost with death of the last dragon in Aegon III's reign as magic
went begun to go out of the world then apparently. Some quotes from ACOK:
The substance was the pyromancers’ own term for wildfire. They called each other wisdom as well, which Tyrion found almost as annoying as their custom of hinting at the vast secret stores of knowledge that they wanted him to think they possessed. Once theirs had been a powerful guild, but in recent centuries the maesters of the Citadel had supplanted the alchemists almost everywhere. Now only a few of the older order remained, and they no longer even pretended to transmute metals...
Again from ACOK about "spell" on apparently fire-sensing ceilings:
By spell Tyrion imagined Hallyne meant clever trick. He thought he would like to inspect one of these false-ceilinged cells to see how it worked, but this was not the time. Perhaps when the war was won.
But counter argument is strong as well. Reforging Valyrian steel swords was still in practice after death of dragons which is also supposedly carried out with spells. Also existence of dragons seems to have improved quality of all fire-related "magic" spells. Admittedly it makes no sense that dragons should act as a catalyst in production of wildfire if it was not magic.
So the question is, Is wildfire really magical? Or the spells are simple chemical manufacturing processes for which dragons might play a role of catalyst?
Or can we say that while the procedure required to manufacture wildfire might involve magic but the end product remains chemical?
It might be opinion-based at this point since we do not know it for a fact right now but I'd like to see arguments based on canon sources which can help in determining the nature of wildfire.