Global Magnesium Phosphate Market Predicted to Garner a Revenue of $1,703.2 Million at a CAGR of 4.2% during the Forecast Period, 2019-2026 - Exclusive Report by Research Dive COVID-19 Impact
The coronavirus outbreak has impacted the global magnesium phosphate market in a negative way. This is because of the strict lockdowns and slowdown of manufacturing industries leading to less demand of raw material. The market is likely to recover from the loss in the 1st or 2nd quarters of 2022. The leading players of the market are focusing on developing strategies to revive the market growth in the post-pandemic market.
New York, USA, May 31, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global magnesium phosphate market is forecasted to reach $1,703.2 million by the end of 2026, from $1,177.8 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the magnesium phosphate market has recorded a CAGR of 4.2% during recent months, while it was expected to be 4.3% in the pre-COVID-19 scenario. The reason behind this downfall is the temporary halt in the supply chain due to the pandemic restrictions across countries and decreased demand of magnesium phosphate by the fertilizer production industries.
Factors Impacting the Market Size in the Pre-COVID and Real-time Scenario
According to the report, the real-time market size has been diminished compared to the pre-COVID-19 estimations. The real-time market size has reached a revenue of $1,063.8 million in 2020, while it was estimated to reach $1,329.8 million in a previous analysis.
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The governments across nations imposed lockdown to prevent the spread of coronavirus resulting in temporary shutdown of various manufacturing industries including fertilizer industries. This is one of the major factors behind the downfall of the market.
Fertilizers Segment to be Most Lucrative
Based on end-users, the global market for the magnesium phosphate is classified into food & beverages, fertilizers, pharmaceutical, animal feed, water treatment, and others. The market size for the fertilizers accounted for $188.4 million in 2018 and is estimated to grow with the highest CAGR of 5.0% by 2026. This growth is attributed to the increasing necessity for maintaining magnesium phosphate fertilizer content in the soil. Magnesium phosphate also helps to increase the capacity of sunlight capturing for photosynthesis.
Post Pandemic Insight
As per the report, the global magnesium phosphate market is expected to recover from the loss in the 1st/2nd quarter of 2022. However, with the emerging 2nd wave of the pandemic, the recovery period will get extended. Necessity for magnesium phosphate in the food & beverages and healthcare industry is expected to contribute to the growth of the market in the post-pandemic scenario.
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Some of the most prominent players of the market include
- Jost Chemicals
- Innophos Holdings
- Anmol Chemicals Group
- American Elements
- Celtic Chemicals
- Hap Seng
- Hindustan Phosphate
- The Mosaic Company
- Manus Aktteva Biopharma
- Nikunj Chemicals
These players are emphasizing on the research and development, merger and acquisition, and other strategies to restore the market growth in the upcoming years. For instance, in December 2019, Jost Chemical, a producer of high purity inorganic specialty chemicals and minerals, inaugurated a new production facility in Poland. This is the first step in the global expansion strategy of the company. The new plant complements the production facility that exists in St. Louis and is expected help contribute to Jost’s receptiveness to its increasing global market.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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