Immense use of magnesium phosphate in detergents, fertilizers, water treatment, animal feed, construction, and food sectors drives the growth of the global magnesium phosphate market.
Allied Market Research published a research report on the global magnesium phosphate market. The findings of the report state that the global market for magnesium phosphate generated $1.4 billion in 2021, and is projected to reach $2.0 billion by 2030, witnessing a CAGR of 4.1% from 2022 to 2030. The report offers valuable information on changing market trends, key segments, key investment pockets, and the competitive landscape for market players, shareholders, investors, and new entrants.
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Vitika Verma, the Manager, Materials and Chemicals at Allied Market Research, stated, “Rise in food & dietary supplements, animal feed additives, fertilizers, and other sectors led to increase in the demand for magnesium phosphate, which may act as the major driving factor for the market”
The report offers an extensive analysis of drivers and opportunities to help market players in determining strategies based on driving forces and tap into new opportunities. The immense use of magnesium phosphate in detergents, fertilizers, water treatment, animal feed, construction, and food sectors drives the growth of the global magnesium phosphate market. Furthermore, its use for boosting livestock and poultry performance boosts the global market growth. Moreover, the wide demand for magnesium phosphate as the best substitute for antibiotics and its use in combating diseases will open new avenues of growth for the global market.
The research provides detailed insights regarding the Covid-19 pandemic along with its impact on the global magnesium phosphate market across the globe. The COVID-19 pandemic had a negative effect on the global magnesium phosphate market as there was an immense reduction in fertilizer production owing to a short supply of labor and raw materials. Furthermore, the decline in costs of magnesium phosphate during the COVID-19 period was due to lockdown, low feedstock costs, quarantines, and less seasonal demand.
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The report offers an extensive analysis of segments of the global magnesium phosphate market based on form, application, and region. These insights are helpful for new entrants as well as existing market players in optimizing their gains through information on the fastest growing and largest revenue-generating segments derived from the report.
Based on the form, the dimagnesium phosphate segment accounted for the highest market share in 2021, contributing about half of the global magnesium phosphate market share. The segment is predicted to retain its leading position during the forecast timeline. Moreover, this segment is anticipated to record the fastest CAGR of 4.5% from 2022 to 2030.
In terms of application, the fertilizer segment contributed the highest share in 2021, accounting for nearly three-fifths of the global magnesium phosphate market share. Moreover, the segment is predicted to retain its market domination during the assessment period. Furthermore, this segment is forecast to record the fastest CAGR of 4.6% from 2022 to 2030.
Based on the region, the Asia-Pacific accounted for the largest regional market share in 2021, contributing more than two-fifths of the overall market share. The region is predicted to maintain its leadership position by 2030. Moreover, the same region is anticipated to register the highest CAGR of 4.8% during the forecast timespan.
Key players in the global magnesium phosphate market include KRONOX Lab Sciences Ltd., Jost Chemical Co, Hap Seng, Innophos Holdings, Inc., Triveni Chemicals, Nikunj Chemicals, Refractory Minerals, Anmol Chemicals, Celtic Chemicals Ltd, and American Elements.
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