New York, USA, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global magnesium phosphate market. According to the report, the global market is projected to surpass $2,028.4 million and grow with a CAGR of 4.3% in the estimated period, 2022–2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Magnesium Phosphate Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global magnesium phosphate market. The implementation of lockdown restrictions and disruptions in supply chains massively impacted various industries including construction, food, fertilizer, animal feed, and other industries. As magnesium phosphate is widely used in these industries, the demand for magnesium phosphate plummeted considerably. This significantly hampered the growth of the global market during the crisis period.
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Factors Impacting the Market Growth
The key factor boosting the growth of the global magnesium phosphate market is a significant rise in the use of magnesium phosphate in the production of cement and the rapid growth of the global construction sector. In addition, the increasing use of magnesium phosphate in animal feed products is expected to open door to lucrative opportunities for the growth of the market. However, heavy consumption of magnesium phosphate can cause side effects and deaths, which is anticipated to deter the market’s growth.
The report segments the global magnesium phosphate market into form, application, and region.
Dimagnesium Phosphate Sub-Segment to Hold a Leading Share of the Market
The dimagnesium phosphate sub-segment of the form segment is foreseen to grow massively by garnering $1,017.7 million in the forecast period. This is primarily due to the growing demand for magnesium phosphate in nutritional supplement industries, as it is a great food additive with zero calories.
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Fertilizer Sub-Segment to Grow Remarkably
The fertilizer sub-segment of the application segment is expected to hit $1,312.8 million in the forecast period. This is primarily due to the growing use of magnesium phosphate in the production of fertilizers, as it offers vital nutrients such as magnesium required for the growth of plants.
Asia-Pacific Magnesium Phosphate Region to Observe Supreme Growth
The report analyzes the global magnesium phosphate market across several regions such as Asia-Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to grow with a CAGR of 5.0% in the estimated period. This growth is mostly due to the rising demand for magnesium phosphate from rapidly growing fertilizers and construction industries in this region. Purchase Inquiry
Key Players of the Global Market
The report states some of the foremost players operating in the global magnesium phosphate market including
- Innophos KRONOX Lab Sciences Ltd.
- Triveni Chemicals
- Refractory Minerals
- Celtic Chemicals Ltd
- Anmol Chemicals
- Nikunj Chemicals
- Jost Chemical Co
- Hap Seng, Holdings, Inc
- American Elements
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in September 2022, Orthofix Medical Inc., a worldwide medical device firm focused on the spine and orthopedics field, launched the Opus™ Mg Set osteoconductive scaffold, a synthetic magnesium-based bone void filler for orthopedic processes.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
Broader Insights Pertaining for the Specific Segments or Regions of the Magnesium Phosphate Market
More about Magnesium Phosphate Market:
- Different Roles of Magnesium Phosphate in Various Areas
- Magnesium Phosphate: The Covid-19 Impact, Features, and Much More
- Magnesium Phosphate Cement: The Future of Construction Industry
- Magnesium Phosphate: An Essential Nutrient Keeping Humans Away from Numerous Health Disorders
- Global Magnesium Phosphate Market to Surpass $2,028.4 Million by 2030, Owing to the Wide-ranging Health Benefits of Magnesium Phosphate
