Magnesium phosphate market is expected to grow by 2030 due to its growing application in the construction sector. The fertilizer sub-segment is expected to be highly lucrative. Market in the Asia-Pacific region to witness more growth opportunities.
NEW YORK, June 29, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Magnesium Phosphate Market by Form (Monomagnesium Phosphate, Dimagnesium Phosphate, and Trimagnesium Phosphate), Application (Fertilizer, Animal Feed, Detergent, Food, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030".
According to the report, the global magnesium phosphate market is estimated to generate a revenue of $2,028.4 million by 2030, growing at a CAGR of 4.3% during the forecast period 2022-2030.
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Dynamics of the Magnesium Phosphate Market
Drivers: Various health benefits of magnesium phosphate like maintaining energy levels, protecting bone and teeth health, etc. and its active usage in food and nutritional supplements is one of many factors anticipated to drive the growth of the global magnesium phosphate market during the forecast period. Additionally, emerging applications of magnesium phosphate in drinking water treatment is yet another factor expected to boost the market growth by 2030.
Opportunities: Increasing application of magnesium phosphate in the construction industry due to its excellent strength and hardening properties is predicted to create abundant growth opportunities for the global magnesium phosphate market during the analysis timeframe. Moreover, growing usage of magnesium phosphate in animal nutrition as animal feed is also projected to offer ample market growth opportunities by 2030.
Restraints: Side effects associated with excessive intake of magnesium phosphate dosage is estimated to hinder the market growth.
Covid-19 Impact on the Magnesium Phosphate Magnesium Phosphate Market
The covid-19 pandemic has negatively impacted the global magnesium phosphate market due to its wide application in the construction and fertilizer sector which was one of the worst-hits industries. The postponements and delays in construction projects along with labor shortages has indirectly affected the demand supply of magnesium phosphate which is majorly used because of its quick setting time, excellent strength, and hardening properties. Moreover, the fertilizer industry also witnessed a declined market growth due to closed borders and consequent delay in the availability of raw materials, import-export restrictions, etc.
Check out Post COVID-19 Positive Impact on the Magnesium Phosphate Market Growth. Speak with our Expert Analyst for more insights
Segments of the Magnesium Phosphate Market:
As per the report, the market has been segmented into multiple segments based on form, application, and regional analysis.
- By form, the dimagnesium phosphate sub-segment is anticipated to hold a dominant market share and garner a revenue of $1,017.7 million during the analysis period due to its wide applications in nutritional supplements. Since dimagnesium phosphate has no calories and is used as a food additive, it's also used in making wafers, waffles, pancakes, cakes, refrigerated doughs, etc. These factors are expected to bolster the sub-segment's growth by 2030.
- By application, the fertilizer sub-segment of the global magnesium phosphate market is predicted to have the largest market share and surpass $1,312.8 million by 2030 due to its significant contribution to the growth of plants. Magnesium phosphate fertilizers provide essential nutrients to the plants that boost the photosynthesis process, promotes healthy roots, seed production, and formation of flowers. Moreover, magnesium phosphate fertilizers are also used as soil conditioners that help in robust crop production. These factors are projected to propel the sub-segment's growth by 2030.
- By region, the magnesium phosphate market in the Asia-Pacific region is estimated to witness better growth opportunities and have the fastest growth rate of 5.0% CAGR during the 2022-2030 forecast timeframe. This noteworthy growth rate is attributed to its end-use applications in fertilizer and construction sector. Due to urbanization and rapid infrastructure developments, the construction industry in India is witnessing tremendous growth. Moreover, China is the leading producer and exporter of fertilizers across the world. Furthermore, the growing dependence on agriculture in India and the rising food requirements are also augmenting the fertilizers market growth. These factors are indirectly uplifting the market growth in the Asia-Pacific region by 2030.
Region: Asia-Pacific Region has lucrative growth in revenue during the forecast period (Avail Report Customization)
Significant Magnesium Phosphate Market Players
Some significant magnesium phosphate market players are
- Innophos Holdings, Inc.
- Refractory Minerals
- KRONOX Lab Sciences Ltd.
- Jost Chemical Co
- Anmol Chemicals
- Triveni Chemicals
- Hap Seng
- American Elements
- Celtic Chemicals Ltd
- Nikunj Chemicals
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in November 2021, Compass Minerals, a leading manufacturer of essential minerals, announced its acquisition of FORTRESS, a next-generation fire retardant organization in North America, to produce a product portfolio of more carbon neutral fire and environment-friendly retardants to fight the disastrous effects of wildfires in North America.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Magnesium Phosphate Market:
- Different Roles of Magnesium Phosphate in Various Areas
- Magnesium Phosphate Cement: The Future of Construction Industry
- Global Magnesium Phosphate Market to Surpass $2,028.4 Million by 2030, Owing to the Wide-ranging Health Benefits of Magnesium Phosphate
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