New York, USA, April 26, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global magnesium phosphate market is anticipated to rise at a stable CAGR of 4.3%, thereby garnering a revenue of $1,720.4 million in the 2019-2026 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the magnesium phosphate market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2019-2026. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market:
Drivers: Over the years, magnesium phosphate has gained a lot of popularity due to the vital role played by it in the healthcare sector. Its chemical and physical properties have increased its usage dramatically in the healthcare industry which is expected to boost the magnesium phosphate market in the 2019-2026 timeframe. Along with this, the use of magnesium phosphate as an anti-caking agent, food additive, etc. in the food & beverage industry is further expected to boost the market in the analysis timeframe.
Opportunities: Magnesium phosphate, in the last few years, has been in growing demand as a component of waste water treatment processes. This is expected to offer numerous growth opportunities to the magnesium phosphate market. Moreover, increasing product consumption from end-use industries is further predicted to augment the market.
Restraints: Market analysts fear that lack of availability of raw material required for the production of magnesium phosphates is the major restraint that might become a hurdle in the growth of the magnesium phosphate market.
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Segments of the Market:
The report has fragmented the market into various segments based on product type, end-use, and region.
Product Type: Di-magnesium Sub-segment to be the Most Dominating
By product type, the di-magnesium sub-segment is expected to have the most dominating market share and register a revenue of $876.0 million over the forecast period. Increase in usage of di-magnesium in the food & beverage industry, especially the bakery sector, as a food additive has caused a massive surge in its demand, which is anticipated to be the primary growth driver of the market in the coming years.
End-Use: Food and Beverage Sub-segment to Have the Largest Market Share
By end-use, the food and beverage sub-segment is predicted to have the largest market share of the magnesium phosphate market. It is expected to garner a revenue of $456.6 million over forecast years. Magnesium phosphate is increasingly used as an anti-caking agent or as a food additive in numerous food products and beverages. This is estimated to help this sub-segment grow in the forecast years.
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Region: Market in the Asia-Pacific Region to be the Most Lucrative
By regional analysis, the magnesium phosphate market in Asia-Pacific region is predicted to be the most lucrative one. The market in Asia-Pacific region held a revenue of $519.1 million in 2018, and is expected to increase substantially by 2026. The increasing demand for magnesium phosphate from agricultural economies of India and China for manufacturing of fertilizers is expected to be the main growth driver of the market. Additionally, the pharmaceutical industry in this region is expected to provide massive growth opportunities to the market in this region in the coming years.
Prominent Market Players:
Some leading players in the magnesium phosphate market are
- Hindustan Phosphate
- American Elements
- Hap Seng, Nikunj Chemicals
- Celtic Chemicals
- The Mosaic Company
- Anmol Chemicals Group
- Innophos Holdings
- Jost Chemicals
- Manus Aktteva Biopharma.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in March 2021, Gadot Biochemicals, an Israeli-based nutraceutical company, announced the launch a new range of magnesium products including magnesium phosphates, magnesium citrates, and magnesium gluconates. This range of products is expected to fulfil the health needs of its customers, thereby helping the company to increase its market share in the long run.
Finally, this comprehensive report also summarizes many crucial aspects of the magnesium phosphate market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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