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Magnesium Phosphate Market Estimated to Generate $2,028.4 Million and Grow at 4.3% CAGR during the 2022-2030 Forecast Timeframe
Magnesium Phosphate Market
Press Release:
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.
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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.
Dynamics of the 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 market growth.
COVID-19 Impact on the 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 decline in market growth due to closed borders and consequent delays in the availability of raw materials, import-export restrictions, etc.
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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, promote 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. Furthermore, the growing dependence on agriculture in India and the rising food requirements are also augmenting the market growth.
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Significant 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, among others. These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain market growth.
The report also summarizes many important facets including the financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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