A wave of health awareness has struck all the people across the globe. People are now becoming aware that our body not only needs vitamins and minerals but also some good amount of magnesium phosphate to maintain proper bone health and live a healthy life. Magnesium phosphate is nothing but a chemical compound that contains phosphorus and magnesium. This compound is known to offer immense health benefits and is being increasingly used in several industrial areas today, which is predicted to drive the growth of the global magnesium phosphate market in the coming future.
Application Areas of Magnesium Phosphate
From food and beverages to pharmaceutical and fertilizers, the use of magnesium phosphate is progressively gaining importance in many industrial sectors. In 2014, Compass Mineral Manitoba, Inc., had registered a patent for phosphate magnesium zinc fertilizer. This patent was about a fertilizer that provided starter fertilizers a substitute to traditional phosphorous applications. This fertilizer claimed the rapid and early growth of the plant. The product was made of synergistic mixture of from about: 0.5 to about 1 part Mg; 2.4 to about 2.8 parts P2O5; and 2.8 parts Zn. Besides, during the same year, there was another patent registered which presented the invention related to a process for making slow release phosphate fertilizer. More particularly, the invention described a process for making FCMP from “Low grade rock phosphate ore (LGO)” available from Jhamarkotra mines of RSMM Ltd., Udaipur and serpentinite.
Moreover, magnesium phosphate has been used as an active element in numerous pharmaceutical industries for manufacturing of various products such as antacids, laxatives, and magnesium supplements. On the other hand, several companies in the animal feed industry are also using magnesium phosphate to their products as it is an essential nutrient in animal diets to safeguard optimal growth, improve gut functionality, fertility, and support bone development. TIMAB Magnesium is the one of the leading companies in Magnesium based animal feed. With continuous support from its experts and Groupe Roullier R & D, TIMAB Magnesium is always in hunt for new magnesium-based animal feed products.
COVID-19 Impact on Magnesium Phosphate Market
The outbreak of COVID-19 across the globe has unfavorably impacted the global magnesium phosphate market growth. Magnesium phosphate is majorly used across various end use industries in fertilizers, construction, animal feed, food, and others. All these industries were hit hard due to the pandemic owing to lockdown restrictions. There was a delay or postponements in construction projects, financial pressures, labor shortages, and other factors have negatively impacted the market growth. In addition, the delay in availability of raw materials in the fertilizers sector, import-export restrictions, closed borders, and other factors have drastically impacted the demand for magnesium phosphate during the pandemic period.
Magnesium Phosphate Market Trends and Developments
The key players of the global market include Jost Chemical Co, Triveni Chemicals, Innophos Holdings, Inc., Refractory Minerals, KRONOX Lab Sciences Ltd., Celtic Chemicals Ltd, Anmol Chemicals, Hap Seng, Nikunj Chemicals, and American Elements. These key are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global magnesium phosphate market growth in the upcoming years.
For instance, in September 2021, Orthofix Medical Inc., a global medical device company, announced the launch of a synthetic magnesium-based bone void filler namely, ‘Opus Mg Set’ osteoconductive scaffold for orthopedic procedures. Available in both injectable and moldable form, Opus Mg Set provides instant compressive strength post-implantation at the surgical site.
The rising product demand for DNA synthesis, glycolysis, oxidative phosphorylation, bone structural development and energy production are also expected to drive the magnesium phosphate market in the coming years. This can be backed by statistics offered by a research report from Research Dive. Moreover, Rockville, a Md.-based research firm stated that the focus on whole foods and natural food sources can lead to product formulations that consists of foods naturally rich in magnesium. The report further states that dairy food supplements, cereals, products, dairy substitutes, bread, baby food, bars and beverages will be at the frontline of the trend.
Forecast Analysis of Magnesium Phosphate Market
Global magnesium phosphate market is quite competitive in nature. Several applications of magnesium phosphate in medicines, food & beverages, fertilizers and feed application are thrusting the growth of magnesium phosphate market. In addition, the increasing usage of magnesium phosphate in animal nutrition as animal feed is predicted to drive the market growth by 2030. Conversely, the side effects associated with the excessive intake of magnesium phosphate may hamper the market growth in the projected timeframe.
The growing popularity and usage of magnesium phosphate in the construction industry and its rising usage in the food & nutritional supplements due to wide range of health benefits associated with magnesium phosphate are the significant factors and magnesium market trends estimated to bolster the growth of the global market in the coming future. Besides, Growth in the use of magnesium phosphate as bone graft substitute owing to its impressive mechanical properties, biocompatibility and biodegradability is expected to boost the magnesium phosphate market in coming years. According to a latest report published by Research Dive, the global magnesium phosphate market is expected to garner $2,028.4 million during the forecast period (2022-2030). Regionally, the Asia-Pacific market is estimated to observe dominant growth by 2030, owing to the growing construction and fertilizer sector in the region. For instance, rapid infrastructure development and production of fertilizers in countries like China and India.
Moreover, the rising focus of governments on food safety and healthy living along with consistent dietary consumptions for magnesium phosphate and other essential nutrients are sure to fuel the growth of magnesium phosphate market. Hence, it is clear that be it food industries, animal feed manufacturers or pharma companies the applications of magnesium phosphate are rising day by day and are sure to thrust the market growth in the near future.