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Magnesium Phosphate Market Statistics and Information is projected to reach $2.0 billion by 2030 [Latest]
Magnesium Phosphate Market
Leading players of the global magnesium phosphate market analyzed in the research include Jost Chemical Co, Innophos Holdings, Inc., Triveni Chemicals, Refractory Minerals, Celtic Chemicals Ltd, KRONOX Lab Sciences Ltd., Anmol Chemicals, Nikunj Chemicals, Hap Seng, and American Elements.
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Magnesium phosphate has various applications in detergents, animal feed, food, fertilizer, water treatment, and construction, which drives the growth of the magnesium phosphate market. For instance, utilization of phosphate feed additive in animal feed is anticipated to show excellent growth, owing to increase in meat consumption, rise in demand for effective replacements for antibiotics, use in combating diseases, and surge in need to boost the livestock and poultry performance. These factors are providing lucrative opportunities for the market growth.
COVID-19 scenario:
The outbreak of the COVID-19 pandemic has negatively impacted various industries and led to a decline in fertilizer production due to shortage of labor and delay in the availability of raw materials. Due to this, there is a sluggish decline in the demand for magnesium phosphate during the pandemic.
According to World Bank Group, the leading international financial institution, the fertilizer prices including the price for magnesium phosphate fertilizers declined by around 8.5% in June 2020. This is majorly due to low feedstock cost, closed borders, low seasonal demand, lockdown, and quarantines.
Nevertheless, the market is recovering steadily post-pandemic.
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The report offers detailed segmentation of the global magnesium phosphate industry based form, application, and region.
Based on form, the dimagnesium phosphate segment held the highest market share in 2021, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to register the highest CAGR of 4.5% from 2022 to 2030.
Based on application, the fertilizer segment held the largest market share in 2021, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 4.6% from 2022 to 2030.
Based on region, Asia-Pacific is contributed to the highest share in terms of revenue in 2021, holding more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. Moreover, the same region is projected to manifest the fastest CAGR of 4.8% during the forecast period. Other regions analyzed in the report are North America, Europe, and LAMEA.
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