The Magnesium Phosphate Market Projected to Grow at a CAGR of 4.3% and Generate a Revenue of $2,028.4 Million by 2030Download Sample Reports Overview
The global magnesium phosphate market is predicted to be valued at $2,028.4 million by 2030, surging from $1,403.5 million in 2020, at a noteworthy CAGR of 4.3%.
COVID-19 Impact on Magnesium Phosphate Market
The outbreak of COVID-19 has caused several disruptions in the smooth functioning of various industries across the world. For instance, magnesium phosphate which has various applications in fertilizers, construction, food & beverage, animal feed, and other industries. The lockdown imposed across various countries has led to supply chain disruptions in fertilizer industry. In addition, due to closed borders, the import-export of fertilizers was hampered. For instance, China, is the leading exporter of magnesium phosphate fertilizers in the world. However, due to growing COVID-19 cases in China, there were significant delays in availability, demand, and supply of fertilizers. This has led to stock piling of fertilizers and raw materials in China. Thus, shortage of labors, low seasonal demand, mandatory quarantine, social distancing norms, and sanitization protocols by several countries have greatly affected the magnesium phosphate market size during the COVID-19 pandemic.
Various initiatives to boost the demand for magnesium phosphate & other fertilizers and to ensure their seamless availability is helping the society to recover from the COVID-19 crisis. For instance, in April 2020, the Indian government was actively monitoring fertilizer production & distribution to meet the fertilizer demand and to ensure seamless availability. Also, in India, the real-time availability and monitoring of fertilizers are done to maintain their supply.
Global Magnesium Phosphate Market Analysis
The use of magnesium phosphate as a cement in construction sector is a major growth driver. This growth is majorly attributed to growing construction activities across the world. Magnesium phosphate cement includes a chemical reaction between magnesium oxide and phosphoric acid, and it offers several advantages. For instance, the magnesium phosphate cement has fast setting time, low permeability, rapid strength gain, excellent corrosion resistance, as well as excellent compatibility with contaminants and impurities. This cement has an ability to bond with various substrates such as metals, wood, asphalt, concrete, metals, and others. The abrasion resistance of magnesium phosphate cement is high, impact & scratch resistance is high, has low shrinkage rates, and good thermal conductivity. These factors are anticipated to drive the magnesium phosphate market size in the upcoming years.
However, large doses of magnesium phosphate can cause health issues such as low blood pressure, nausea, urine retention, depression, lethargy, loss of central nervous systems, and others. These factors are estimated to restrain the magnesium phosphate market share during the forecast period.
The magnesium phosphate supplements offer various benefits which move the blood sugar into your muscles and help in disposing lactate that can build up during exercise and cause fatigue. Magnesium boosts the functioning of brain and helps in combating depression. Magnesium phosphate promotes healthy blood sugar levels which is beneficial for the people with type 2 diabetes. Low magnesium intake increases the level of inflammation in the body; Thus, the use of magnesium phosphate supplements has anti-inflammatory benefits which helps in treating the chronic diseases. In addition, migraine headaches that are painful and leads to nausea and vomiting can be prevented by magnesium phosphate supplements. These factors are anticipated to generate excellent growth opportunities and demand for magnesium phosphate during the analysis timeframe.
Global Magnesium Phosphate Market, Segmentation
The global magnesium phosphate market is segmented based on form, application, and region.
The form segment is further classified into monomagnesium phosphate, dimagnesium phosphate, and trimagnesium phosphate. Among these, the dimagnesium phosphate sub-segment is anticipated to have a dominant market share and shall surpass $1,017.7 million by 2030, with an increase from $680.3 million in 2021. This is majorly owing to the use of dimagnesium phosphate in nutritional supplements, infant formulations, baked goods, and others as a leavening agent. For instance, dimagnesium phosphate is used in combination with sodium bicarbonate as a leavening agent. In addition, in nutritional supplements, it is used as a fortificant as it is rich in phosphates and magnesium which are beneficial in infant formulations.
The application segment is further classified into fertilizer, animal feed, detergent, food, and others. Among these, the fertilizer sub-segment is anticipated to have a dominant market share and shall surpass $1,312.8 million by 2030, with an increase from $870.7 million in 2021. This is because magnesium phosphate fertilizer with high phosphorous utilization rate acts as a soil conditioner. Magnesium is an important nutrient for the growth of crops as deficiency of magnesium can affect carbohydrate partitioning and photosynthesis in crops. This impacts the sustainability in agricultural production which can have impact on animal and human health. These factors are anticipated to drive the growth of fertilizer sub-segment in the upcoming years.
The magnesium phosphate market in the Asia-Pacific region is projected to witness rapid growth. This region’s market generated a revenue of $597.0 million in 2021 and is projected to reach up to $919.3 million by 2030. Asia-Pacific countries namely India and China are the leading producers, consumers, and exporters of various fertilizers including magnesium phosphate fertilizers. For instance, Indian farmers largely prefer the use of fertilizers to promote healthy crops and boost the agricultural productivity. Also, some other major fertilizer consuming countries in this region are Singapore, Malaysia, Hong Kong SAR, Vietnam, South Korea, and others. In addition, growing demand for food owing to rising population especially in developing countries such as India and China has led to a significant rise in the demand for fertilizers. All these factors are anticipated to drive the Asia-Pacific magnesium phosphate market size during the forecast period.
Key Players in the Global Magnesium Phosphate Market
Some of the leading magnesium phosphate market players are
- Jost Chemical Co
- Innophos Holdings, Inc.
- Triveni Chemicals
- Refractory Minerals
- Celtic Chemicals Ltd
- KRONOX Lab Sciences Ltd.
- Anmol Chemicals
- Nikunj Chemicals
- Hap Seng
- American Elements