Magnesium Phosphate Market To Reach $ 1,720.4 Million, Globally, By 2026 At 4.3% CAGR - Research DiveDownload Sample Reports Overview
According to a study, Magnesium Phosphate Market by Research Dive, the market is expected to reach $1,720.4 million by 2026, registering a CAGR of 4.3% from 2019-2026. Growing utilization from different applications and increasing focus on consumption are some of the magnesium phosphate market drivers.
Magnesium is a vital nutrient for plants, as it supports to improve the photosynthesis process. Due to this, this product is widely used in manufacturing fertilizers. Increasing demand for fertilizers from both developing and developed economies will further enhance the product demand, which in turn increases the global magnesium phosphate market growth. Increasing the focus of various governments on food safety and a healthy lifestyle is creating awareness among the people regarding the benefits of magnesium phosphate intake, and this will further promote the magnesium phosphate market growth. Increasing demand for fertilizer across the globe is generating an important scope for the development in this market.
Uneven geographical distribution of phosphate salts across the globe will affect the production of magnesium phosphate, which will further hinder the development of the global market. Besides, the overdose of magnesium phosphate among humans may cause various illnesses such as lethargy, respiratory problems and stomach upset, and this will also act as a significant restraint to the magnesium phosphate market growth.
Market Drivers of Magnesium Phosphate Industry:
Increasing governments concern about industrial wastewater treatment in the production and manufacturing industry will provide substantial progress for the growth of the magnesium phosphate industry. The effluents produced by every production and manufacturing industry can consume magnesium phosphates for their treatment, and this will, in turn, provide ample growth opportunities for this market during the forecast period.
Di-magnesium phosphate market has registered its dominance in 2018, and will reach $876.0 million by the end of 2026, at a CAGR of 4.6%. This is majorly due to the increasing product consumption in the food & beverage industry, mainly in the bakery sector. The mono-magnesium phosphate global market is expected to increase at 4.1% CAGR, and will surpass $577.4 million by 2026.
Magnesium phosphate market size for food & beverage is anticipated to account for $456.6 million by 2026, at a CAGR of 4.1%. Increasing demand from bakery sector as food additive across the globe is creating significant scope for the growth of global market. Magnesium has huge medical advantages including the regulation of enzyme activities and keeping up mineral equality. This is further projected to drive product demand in the healthcare and pharmaceutical industry. The global market share for pharmaceutical is growing at a CAGR of 4.8%, and is anticipated to reach $359.2 million by 2026.
Regional Growth Factors:
North America market is expected to reach $234.6 million by 2026, at a CAGR of 3.2%, owing to the increase in product consumption in biomedical applications. In 2018, Asia-Pacific magnesium phosphate market size accounted for a share of over 40%, and registered a growth rate of 5.3% during forecast period. Asia Pacific magnesium phosphate market will surpass $785.5 million by 2026. China and India are the key contributors to growth of the market, additionally, expanding research and development activities will further help to increase the regional market size over the upcoming years.
Leading Key Players in Magnesium Phosphate Market:
1. Jost Chemicals
2. Innophos Holdings
3. Anmol Chemicals Group
4. American Elements
5. Celtic Chemicals
6. Hap Seng
7. Hindustan Phosphate
8. The Mosaic Company
9. Manus Aktteva Biopharma
10. Nikunj Chemicals
Recent developments in magnesium phosphate market include merger & acquisition, research & development (R&D) investments and supply deals, manufacturers are expected to gain greater market share.