Growing Demand from Fertilizers Industry, during the COVID-19 outbreak to promote the development of Global Magnesium Phosphate MarketDownload Sample Reports Overview
This disastrous situation that emerged due to the outburst of COVID-19 pandemic has created a sudden downfall in the overall economic growth worldwide. The COVID-19 catastrophe has adversely affected various markets under the chemicals sector and one among them is the magnesium phosphate market. Government bodies worldwide have declared complete or partial lockdown of industries, businesses, and transport facilities to obstruct the spread of pandemic. The magnesium phosphate industry plays a significant role in the production of countless products ranging from medicine, food & beverages, fertilizer & feed and so on. However, the lockdown of production factories has led to a sudden decline in the demand for chemicals used in these factories. The spread of this life-threatening disease has created a negative impact on overall growth of the magnesium phosphate market. In the course of this crisis, we endeavor to help our clients in understanding the influence of COVID-19 on the magnesium phosphate industry.
Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per a latest report published by Research Dive, the global magnesium phosphate market is set to generate a revenue of $1,703.2 million by 2026, at a CAGR of 4.2% during the forecast period from 2019 to 2026. The market has been segmented based on product type, end-user and region. The magnesium phosphate report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market.
Factors Impacting Market Growth:
As per our analysts, rising demand from healthcare and food & beverage industries is giving a significant boost to the growth of global magnesium phosphate market. However, the lack of raw materials is anticipated to be the key factor that may hamper the market growth in the near future.
Di-Magnesium Phosphate Segments to Have Dominant Share
Based on product type, the global magnesium phosphate market is classified into Mono-magnesium phosphate, Di-magnesium phosphate, Tri-magnesium phosphate. The mono-magnesium phosphate segment accounted for $402.2 million in revenue in 2018 and is projected to grow at 6.0% CAGR by the end of 2026. The growth is widely attributed to the rapid growth in the adoption mono-magnesium phosphate for the relaxation of muscles.
Fertilizers Segment to be Most Lucrative
Based on end-users, the global market for the magnesium phosphate is classified into food & beverages, fertilizers, pharmaceutical, animal feed, water treatment, and others. The market size for the fertilizers accounted for $188.4 million in 2018 and is estimated to grow with the highest CAGR of 5.0% by 2026. This growth is attributed to the increasing necessity for maintaining magnesium phosphate fertilizer content in the soil. Magnesium phosphate also helps to increase the capacity of sunlight capturing for photosynthesis.
Based on the region, the global magnesium phosphate market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia-Pacific magnesium phosphate market accounted for $492.6 million in 2018 and is anticipated to rise at 5.2% CAGR throughout the forecast period. The growth is majorly attributed to the expanding research and development activities, which will further help to increase the regional market size over the upcoming years.
Major Market Players
The major players of the global magnesium phosphate market include Nikunj Chemicals, Hindustan Phosphate, Anmol Chemicals Group, Celtic Chemicals, American Elements, Innophos Holdings, Manus Aktteva Biopharma, Jost Chemicals, The Mosaic Company, and Hap Seng among many others.