Magnesium Phosphate Market Expected to Reach $2.0 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Magnesium Phosphate Market," The magnesium phosphate market was valued at $1.4 billion in 2021, and is estimated to reach $2.0 billion by 2030, growing at a CAGR of 4.1% from 2022 to 2030.

Magnesium phosphate is an ionic compound that comprises of magnesium cation and phosphate anion. It is used as a dietary supplement to treat magnesium deficiency. It appears as a white crystalline powder which is insoluble in water. Magnesium phosphate is used as dentifrice polishing agent in cosmetics, toothpaste, shampoos, anticaking agents, and as a silicate-containing cleaning agent. The use of magnesium phosphate in food industry is recognized as safe by Food and Drug Administration (FDA), headquartered in the U.S. and it is being used across various countries. 

The magnesium phosphate market is segmented on the basis of form and application. By form, it is classified as monomagnesium phosphate, dimagnesium phosphate, and trimagnesium phosphate. By application, it is classified as 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.

The report focuses on the global magnesium phosphate market size and the major products & applications, where magnesium phosphates are utilized. It further highlights numerous factors that influence the market growth such as forecast, magnesium phosphate market trends, drivers, restraints, opportunities, and roles of different key players that shape the market. The report focuses on the overall demand for magnesium phosphate market forecast in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices, and magnesium phosphate market growth.

IMPACT OF COVID-19 ON THE GLOBAL MAGNESIUM PHOSPHATE MARKET

• Sales of magnesium phosphate is directly proportional to the demand for fertilizers, food, detergent, water treatment, animal feed, and construction. However, various sectors such as fertilizers, construction, animal feed were significantly impacted by the COVID-19 pandemic owing to drastic decline in the production and demand due to disrupted supply chain.
• COVID-19 impacted almost all industries and the fertilizer producing companies have ceased their operations owing to import-export restrictions, delay in the availability of raw materials such as magnesium phosphate, as well as sluggish demand. This has led to decline in the demand for magnesium phosphate fertilizers during the pandemic.
• Furthermore, shortage of labors, social distancing norms, and production constraints across various countries such as China, India, Brazil have affected the global magnesium phosphate market share.
• In India, several restrictions and number of stipulations were laid down on import-export of goods such as disinfection of vessels, 14-days quarantine, and others, which in turn is expected to decline the growth of the magnesium phosphate market during the forecast period.

Key Findings of the Study

• On the basis of form, the dimagnesium phosphate segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of application, the fertilizer segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
• On the basis of region, Asia-Pacific registered the highest market share and is projected to maintain the same during the forecast period.