New York, USA, May 16, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global magnesium phosphate market [p1] is predicted to grow at a stable CAGR of 4.3%, thereby garnering a revenue of $2,028.4 million in the 2022-2030 timeframe. This holistic report provides an overarching overview of the nature of the magnesium phosphate market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2030 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market:
Drivers: Since the last few years, there has been an increase in the application of magnesium phosphate in the construction industry. This has led to a growth in demand for magnesium phosphate and is thus expected to help the market grow in the forecast timeframe. Apart from this, increasing usage of magnesium phosphate in animal feed as a nutrient is expected to drive the magnesium phosphate market further in the 2022-2030 timeframe.
Opportunities: Lately, magnesium phosphate has gained a huge popularity due to the numerous health benefits it provides. As a result, magnesium phosphate has experienced a huge demand from food and nutritional supplements industry, which is predicted to provide massive growth opportunities to the market. Also, growing application of magnesium phosphate in the construction industry is expected to boost the market in the analysis period.
Restraints: Side effects associated with excessive intake of magnesium phosphate, however, might prove to be a hindrance in the growth trajectory of the magnesium phosphate market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic has affected millions of lives, directly or indirectly. The lockdowns ordered by various government to curb the spread of the disease has affected numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The magnesium phosphate market, on similar lines, has faced problems on both fronts- irregular supply of raw materials and fall in demand for manufactured products. The slowdown faced by the construction sector, fertilizer industries, etc. has collectively led to a decline in the growth of the magnesium phosphate market.
Segments of the Market:
The report has divided the magnesium phosphate market into certain segments based on form, application, and region.
Form: Dimagnesium Phosphate Sub-Segment to be the Most Profitable
By form, the dimagnesium phosphate sub-segment is predicted to have the most dominant market share and generate a revenue of $1,017.7 million by 2030. Dimagnesium phosphate has a unique characteristic feature of being less in calorie value while having high nutritional value. This has led to an increase in demand for dimagnesium phosphate from the food industry which is expected to boost the growth of this sub-segment in the forecast timeframe.
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Application: Fertilizer Sub-segment to be the Most Dominant
By application, the fertilizer sub-segment is predicted to garner a substantial revenue of $1,312.8 million by 2030, thereby having the most dominant market share. Fertilizers rich in magnesium phosphate are proven to be beneficial for plants as they help in healthy growth of the roots and help in making the plants disease-resilient. These advantages are anticipated to be the main growth driver of the sub-segment in the forecast timeframe.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the magnesium phosphate market in the Asia-Pacific region is poised to become the most dominant and the fastest growing sub-segment. It is predicted to grow at a CAGR of 5.0% in the 2022-2030 timeframe. The growth of construction industry in India is expected to be the primary growth driver of the market in this region. Along with this, the growth in the fertilizer industry in China is further estimated to boost the market in the forecast timeframe.
Prominent Market Players:
Some prominent market players of the magnesium phosphate market are
- Jost Chemical Co
- Celtic Chemicals Ltd
- Nikunj Chemicals
- Innophos Holdings, Inc.
- KRONOX Lab Sciences Ltd.
- Hap Seng
- Triveni Chemicals
- Anmol Chemicals
- American Elements
- Refractory Minerals
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in September 2021, Orthofix, a global medical device company announced the launch of Opus Mg Set, a magnesium-based bone filler orthopedic procedure. Since Opus Mg Set is a synthetic magnesium solution, the magnesium phosphate present in the solution crystallizes to provide high strength. This product launch will help Orthofix to enlarge its market share in the near future.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the magnesium phosphate market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
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Some Trending Article Links:
- Different Roles of Magnesium Phosphate in Various Areas
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- Global Magnesium Phosphate Market to Surpass $2,028.4 Million by 2030, Owing to the Wide-ranging Health Benefits of Magnesium Phosphate
