Magnesium Phosphate Market Research, 2030
The global magnesium phosphate market was valued at $1.4 billion in 2021, and is projected to reach $2.0 billion by 2030, growing at a CAGR of 4.1% from 2022 to 2030.
The magnesium phosphate market is segmented into Form and Application.
Magnesium phosphate is a salt of magnesium and phosphate which occurs in several forms and hydrates. Magnesium phosphate is an important mineral that occurs naturally in plants, bones, and seeds such as avocado seeds. All the magnesium phosphate salts namely monomagnesium, dimagnesium, and trimagnesium are present in crystalline form and do not have any odor. Dietary sources of magnesium include whole grains, legumes, seeds, nuts, and vegetables. It is largely used in medication to support relaxation of muscles and prevent the deficiency of vitamin E. It is also used in food supplements as an emulsifier and anticaking agent. It is also used in prescribed limits in infant formula as a food stabilizer. It also helps in regulating the neuromuscular activity of the heart and helps in metabolizing calcium and vitamin C.
Magnesium phosphate has various applications in detergents, animal feed, food, fertilizer, water treatment, and construction. For instance, utilization of phosphate feed additive in animal feed, is anticipated to show excellent growth owing to increase in meat consumption, growing demand for effective replacements for antibiotics, use to combat diseases, and growing need to boost the livestock and poultry performance. The magnesium phosphate feed additive is gaining huge popularity in recent years. For instance, Yara UK Limited, a leading manufacturer of specialty chemicals, offers magnesium phosphate feed grade additive named Bolifor® MGP+ which contains magnesium phosphate and sulphur. This feed grade is widely used as concentrates and mineral supplements to prevent the deficiency of magnesium and phosphorous in poultry, horses, cattle, pigs, and other animals. This feed grade is available in the form of off-white granules which is highly soluble in diluted acids and odorless with neutral taste.
The global magnesium phosphate market is segmented on the basis of form and application. By form, magnesium phosphate market is segmented into monomagnesium phosphate, dimagnesium phosphate, and trimagnesium phosphate. By application, the market is classified into fertilizer, animal feed, detergent, food, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include Jost Chemical Co, Innophos Holdings, Inc., Triveni Chemicals, Refractory Minerals, Celtic Chemicals Ltd, KRONOX Lab Sciences Ltd., Anmol Chemicals, Nikunj Chemicals, Hap Seng, and American Elements.
By form, the dimagnesium phosphate sub-segment dominated the global magnesium phosphate market size in 2021 and is projected to remain the fastest-growing sub-segment during the forecast period. This is majorly owing to wide range of applications of dimagnesium phosphate or magnesium phosphate dibasic across various end-use industries namely food additives, nutritional supplements, infant formula, and others. Also, it used in making muffins, cakes, doughnuts, pancakes, wafers, baking powders, refrigerated doughs, and others. Also, dimagnesium phosphate is generally recognized as safe (GRAS) by Food and Drug Administration (FDA), the federal agency headquartered in the U.S.
By application, the fertilizer sub-segment dominated the global magnesium phosphate market in 2021 and is projected to remain the fastest-growing sub-segment during the forecast period. This growth is majorly attributed to the benefits of phosphorous which is an essential nutrient that promotes plant growth. Also, phosphate-based fertilizers promote seed development, root development, and plant maturation. Also, magnesium phosphate fertilizers help the plants to withstand harsh environmental conditions. Phosphate-based fertilizers enhance the development of healthy, web-like root system which is necessary for the growth of plants. Also, it boosts the formation of flowers and seeds. These fertilizers also improve plant resilience against various diseases.
By region, Asia-Pacific dominated the global magnesium phosphate market in 2021 and is projected to remain the fastest-growing sub-segment during the forecast period. In the Asia-Pacific region, India, China, and others account for high fertilizer consumption owing to growing population and presence of large arable land. Also, growing demand for animal feed supplements in this region is anticipated to drive the magnesium phosphate market. In addition, as stated by the U.S. Geological Survey (USGS), the leading scientific agency of United States, the Asia-Pacific region is estimated to account for majority of the phosphate fertilizers consumption by 2024. Along with fertilizers, the growing demand for animal feed supplements is anticipated to boost the Asia-Pacific magnesium phosphate market growth during the forecast period.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of the global magnesium phosphate market trends along with the current and future market forecast.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global magnesium phosphate market for strategy building.
- A comprehensive global magnesium phosphate market analysis covers factors that drive and restrain the market growth.
- The qualitative data in this report aims on market dynamics, trends, magnesium phosphate market forecast and developments.
IMPACT OF COVID-19 ON THE GLOBAL MAGNESIUM PHOSPHATE MARKET
- Sales of magnesium phosphate are directly proportional to the demand for fertilizers, animal feed, and food supplements. However, the demand for magnesium phosphate fertilizers was greatly affected owing to import-export restrictions, closed borders, and supply chain disruptions.
- COVID-19 has negatively impacted various industries which has led to a decline in fertilizer production due to shortage of labor and delay in the availability of raw materials. Due to this, there is a sluggish decline in the demand for magnesium phosphate due to impact of COVID-19.
- Furthermore, China is the leading exporter of phosphoric acid and phosphate required for manufacturing of fertilizers. However, China being the epicenter of the coronavirus outbreak, its export was drastically reduced which has led to stock piling of raw materials thereby affecting the magnesium phosphate production.
- According to World Bank Group, the leading international financial institution, in June 2020, the fertilizer prices including the price for magnesium phosphate fertilizers declined by around 8.5%. This is majorly owing to lower feedstock cost, closed borders, low seasonal demand, lockdown, and quarantines.
Magnesium Phosphate Market Report Highlights
| Aspects | Details |
 By Form |
|
 By Application |
|
 By Region |
|
 Key Market Players | Innophos Holdings, Inc., Hap Seng, Nikunj Chemicals, Anmol Chemicals, Triveni Chemicals, Refractory Minerals Co., Inc., Jost Chemical Co., American Elements, KRONOX Lab Sciences Ltd, Celtic Chemicals Ltd |
Analyst Review
According to the CXOs of the leading companies, the global magnesium phosphate market possesses a substantial scope for growth in the future. Emerging applications of magnesium phosphate in medication sector that support relaxation of muscles, prevent cramping of muscles, and prevent vitamin E deficiency is anticipated to boost the market demand during the forecast period. However, excessive intake of magnesium phosphate, especially from food, can cause low blood pressure, breathing issues, irregular heartbeats, and other health issues. There has been significant increase in demand for magnesium phosphate fertilizers especially from developing countries namely China and India. This is majorly owing to growing population, increase in arable land, and the use of magnesium phosphate as a soil conditioner. These factors are anticipated to drive excellent growth opportunities in the global magnesium phosphate market. According to the CXOs, Asia-Pacific is projected to register a more significant growth as compared to North American and European markets.
Growing applications of magnesium phosphate in water treatment and in cement used for building construction is projected to influence the magnesium phosphate market in the upcoming years.
The major applications of magnesium phosphate include its use in fertilizer and in food additives.
Asia-Pacific is the largest regional market for the magnesium phosphate industry.
The estimated market size of magnesium phosphate is $2.0 billion by 2030.
Jost Chemical Co, Innophos Holdings, Inc., Triveni Chemicals, Refractory Minerals, Celtic Chemicals Ltd are the top companies to hold highest market share.
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