New York, US, Feb. 13, 2020 (GLOBE NEWSWIRE) -- According to a new report published by Research Dive, the magnesium phosphate market is anticipated to reach $1,720.4 million by 2026 and grow with a CAGR of 4.3% from 2019 to 2026. Asia-Pacific held the largest magnesium phosphate market share over 40% in 2018, generating a revenue of $ 519.1 million and it is predicted to continue its dominance. This report provides a complete study of current market size, market opportunities, key drivers, current industry trends, risks, and key market segments. Furthermore, it explains different definitions, classification of the industry, and several applications of the global market.
Inquiry about the report at https://www.researchdive.com/purchase-enquiry/29
Key factors driving the growth of the Magnesium Phosphate market
Growing demand for fertilizers from developing as well as developed countries are expected to boost the growth of the global magnesium phosphate market. Moreover, rising the focus of the government from various regions on food safety and a healthy lifestyle is creating awareness among the people about the advantages of magnesium phosphate consumption which is further expected to fuel the market growth. Additionally, the growing concern of the government about industrial wastewater treatment in the production and manufacturing sector is anticipated to offer significant growth for the global industry during the forecast period.
Di-magnesium phosphate segment to dominate the market
Based on product type, the report divides the market into di-magnesium phosphate, mono-magnesium phosphate, and tri-magnesium phosphate. The di-magnesium phosphate segment is expected to garner $876.0 million by 2026, at a CAGR of 4.6% during the forecast period. This is mainly owing to the growing product consumption in the food & beverage industry, particularly in the bakery sector. On the other hand, the mono-magnesium phosphate segment is expected to increase at 4.1% CAGR, and will surpass $577.4 million by 2026.
Food & beverage segment to grab major share of the market
Based on end use, the report segments the magnesium phosphate market into food & beverage, fertilizer, pharmaceutical, animal feed, water treatment, and others. The food & beverage segment is expected generate a revenue of $456.6 million by 2026 and grow at a CAGR of 4.1% during the forecast period. This is mainly due to growing demand from bakery sectors, as food additives are creating significant scope for the growth of the global market. Additionally, the pharmaceutical segment is expected to grow at a CAGR of 4.8%, and is projected to reach $359.2 million by 2026. This is mainly because of the several medical benefits of magnesium.
Asia-Pacific to offer rewarding opportunities for the market players
According to Market Expert, North America market is anticipated to generate a revenue of $234.6 million by 2026 and grow at a CAGR of 3.2%, due to the rise in product consumption in biomedical sectors. On the other hand, Asia Pacific region is expected to garner $785.5 million by 2026. China and India are the top contributors to the growth of the global market. Moreover, growing research and development activities are expected to surge the market growth in the upcoming years.
Market Rulers in Magnesium Phosphate Industry
- Hindustan Phosphate
- Anmol Chemicals Group
- Nikunj Chemicals
- American Elements
- Celtic Chemicals
- Innophos Holdings
- Manus Aktteva Biopharma
- The Mosaic Company
- Jost Chemicals
- Hap Seng
These players are undertaking activities such as new product developments, mergers & acquisitions, and joint ventures. For instance, in October 2019, Jost Chemicals introduced a new product “Magnesium Phosphate Tribasic Pentahydrate USP Powder” for obtaining a strong position in the market.