Magnesium Phosphate Market is expected to grow by 2030 owing to its increasing application in the construction sector. The fertilizer sub-segment is expected to be very lucrative. Market in the Asia Pacific region to see 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, Feed, Detergent, Food and Others) and Regional Analysis (North America, Europe, Asia Pacificand LAMEA): Global Opportunities Analysis and Industry Forecast, 2022-2030″.
According to the report, the global magnesium phosphate market is estimated to generate a income from $2,028.4 million by 2030increasing to one CAGR of 4.3% during the forecast period 2022-2030.
Magnesium Phosphate Market Dynamics
Drivers: Various health benefits of magnesium phosphate, such as maintaining energy levels, protecting healthy bones and teeth, etc. and its active use in dietary and nutritional supplements are one of the many factors expected 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 another factor expected to drive the market growth by 2030.
Opportunities: The increasing application of magnesium phosphate in the construction industry owing to its excellent strength and hardening properties is expected to create abundant growth opportunities for the global magnesium phosphate market over the analysis period. . Moreover, the increasing use of magnesium phosphate in animal feed as animal feed is also expected to provide ample opportunities for market growth by 2030.
Constraints: The side effects associated with excessive consumption of magnesium phosphate dosage are estimated to hinder the market growth.
Impact of Covid-19 on the Magnesium Phosphate Market Magnesium Phosphate
The covid-19 pandemic has had a negative impact on the global magnesium phosphate market due to its wide application in the construction and fertilizer sector, which was one of the most affected industries. Postponements and delays in construction projects as well as labor shortages have indirectly affected the demand for magnesium phosphate, which is mainly used because of its fast setting time, excellent strength and hardening properties. Additionally, the fertilizer industry has also witnessed decline in market growth due to border closures and consequent delay in the availability of raw materials, import and export restrictions, etc.
Magnesium Phosphate Market Segments:
According to the report, the market has been segmented into several segments based on form, application and regional analysis.
By form, the dimagnesium phosphate sub-segment is expected to hold a dominant market share and earn an income 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 is also used in making wafers, waffles, pancakes, cakes, refrigerated doughs, etc. These factors are expected to support the growth of the sub-segment through 2030.
By application, the fertilizer sub-segment of the global magnesium phosphate market is expected to have the largest market share and exceed $1,312.8 million by 2030 because of its important contribution to plant growth. Magnesium phosphate fertilizers provide essential plant nutrients that stimulate the process of photosynthesis, promote root health, seed production and flower formation. Additionally, magnesium phosphate fertilizers are also used as soil conditioners that contribute to robust crop production. These factors are expected to propel the growth of the sub-segment by 2030.
By Region, the Magnesium Phosphate Market in the Asia Pacific It is believed that the region knows better growth opportunities and have the fastest growth rate of 5.0% CAGR over the forecast period 2022-2030. This remarkable growth rate is attributed to its end-use applications in the fertilizer and construction industry. Due to urbanization and rapid infrastructure development, the construction industry in India is experiencing tremendous growth. In addition, China is the leading producer and exporter of fertilizers worldwide. Moreover, the growing dependence on agriculture India and growing food requirements are also increasing the growth of the fertilizer market. These factors are indirectly driving the growth of the market in the Asia Pacific region by 2030.
Magnesium Phosphate Market Key Players
Some Important Magnesium Phosphate Market Players Are
Innophos Holdings, Inc.
KRONOX Lab Sciences Ltd.
Jost Chemical Co.
Celtic Chemicals Ltd.
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 instance, in November 2021Minerals Compassa leading manufacturer of essential minerals, announced its acquisition of FORTRESS, a next-generation flame retardant organization in North Americato produce a more carbon-neutral and environmentally friendly fire retardant product portfolio to combat the disastrous effects of wildfires in North America.
The report also summarizes many significant facets including financial performance of key market players, SWOT analysis, product portfolio, and latest strategic developments.
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