“Global Magnesium Phosphate Market to reach a market value of USD 2 Billion by 2031 growing at a CAGR of 4.0%”
The Global Magnesium Phosphate Market size is expected to reach $2 billion by 2031, rising at a market growth of 4.0% CAGR during the forecast period. In the year 2023, the market attained a volume of 1,27,773.21 tonnes, experiencing a growth of 2.0% (2020-2023).
Phosphorus is vital for maximizing crop yields, particularly in regions with phosphorus-deficient soils. Adequate phosphorus availability promotes vigorous root development, early plant establishment, and efficient nutrient uptake, improving crop growth and yield potential. Hence, the Fertilizer segment captured $924.68 million revenue in the market in the year 2023. Also, globally, 79,518.89 tonnes of Magnesium Phosphate would be utilized in Fertilizer by the year 2031. Farmers worldwide rely on phosphorus fertilizers, including magnesium phosphate-based formulations, to enhance crop productivity and meet the growing demand for food, feed, and fiber.
Sustainable agriculture emphasizes efficient nutrient management practices to minimize nutrient losses, optimize nutrient use efficiency, and reduce environmental pollution. Magnesium phosphate-based fertilizers offer several advantages in terms of nutrient management and efficiency. They provide a balanced supply of phosphorus and magnesium, essential nutrients for plant growth while minimizing the risk of nutrient runoff and leaching.
Additionally, livestock producers are increasingly focused on improving feed efficiency and optimizing animal performance to enhance profitability and sustainability. Magnesium phosphate compounds contribute to feed efficiency by providing readily available sources of essential nutrients, reducing feed wastage, and maximizing animal nutrient utilization. Enhanced feed efficiency improves growth rates, feed conversion ratios, and production outcomes, benefiting producers and consumers. Hence, the global expansion of the livestock industry is driving the market’s growth.
However, producing magnesium phosphate compounds requires raw materials such as phosphoric acid and magnesium sources, which can be costly. Phosphoric acid, in particular, is a key ingredient in synthesizing magnesium phosphate and is derived from phosphate rock through complex chemical processes. Fluctuations in phosphate rock prices and transportation and logistics expenses can contribute to high raw material costs for magnesium phosphate production. Thus, high production costs are hampering the growth of the market.
On the basis of application, the market is segmented into fertilizer, animal feed, detergent, food, and others. The fertilizer segment recorded 63% revenue share in the market in 2023. In terms of volume, 79,518.89 tonnes of Magnesium phosphate would be utilized in fertilizer by the year 2031. Magnesium phosphate helps improve soil fertility and structure, promoting healthy plant growth and higher crop yields.
Based on form, the market is divided into monomagnesium phosphate, dimagnesium phosphate, and trimagnesium phosphate. The monomagnesium phosphate segment attained 31% market share in the market in 2023. In terms of volume, the Monomagnesium phosphate would utilize 39,549.64 tonnes of Magnesium Phosphate by the year 2031. Monomagnesium phosphate may be preferred in certain applications due to its unique properties or suitability for specific processes. Industries such as food and beverage, pharmaceuticals, and water treatment may require monomagnesium phosphate for its specific characteristics, leading to consistent demand within these sectors.
Free Valuable Insights: Global Magnesium Phosphate Market size to reach USD 2 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region witnessed 46% revenue share in the market in 2023. In terms of volume, the Asia Pacific region would utilize 61,149.28 tonnes of Magnesium Phosphate by the year 2031. With a large population to feed and limited arable land, there is a significant demand for magnesium phosphate-based fertilizers in the region to improve soil fertility and increase agricultural yields.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.5 Billion |
| Market size forecast in 2031 | USD 2 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 4.0% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2020 to 2031 |
| Number of Pages | 260 |
| Number of Tables | 550 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, Application, Region |
| Country scope |
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| Companies Included | Celtic Chemicals Ltd., Jost Chemical Co., Anmol Chemicals Private Limited, American Elements Innophos Holdings, Inc. (One Rock Capital Partners, LLC), Triveni Interchem Pvt Ltd., Refractory Minerals Co., Inc., The Mosaic Company, Nikunj Chemicals, and Kronox Lab Sciences Ltd. |
By Form (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
This Market size is expected to reach $2 billion by 2031.
Increasing Demand for Phosphorus Fertilizers are driving the Market in coming years, however, High Production Costs of Magnesium Phosphate restraints the growth of the Market.
Celtic Chemicals Ltd., Jost Chemical Co., Anmol Chemicals Private Limited, American Elements Innophos Holdings, Inc. (One Rock Capital Partners, LLC), Triveni Interchem Pvt Ltd., Refractory Minerals Co., Inc., The Mosaic Company, Nikunj Chemicals, and Kronox Lab Sciences Ltd.
In the year 2023, the market attained a volume of 1,27,773.21 tonnes, experiencing a growth of 2.0% (2020-2023).
The Dimagnesium Phosphate segment is leading the Market by Form in 2023; thereby, achieving a market value of $948 Million by 2031.
The Asia Pacific region dominated the Market by Region in 2023; thereby, achieving a market value of $925.1 Million by 2031.
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