Magnesium Phosphate Market Analysis by 2024| Jost Chemical, American Elements, Anmol Chemicals Group, Celtic Chemicals, Hap Seng, Hindustan Phosphate, Innophos Holdings, Manus Aktteva Biopharma
The growing demand of magnesium phosphate for DNA synthesis, oxidative phosphorylation, energy production & bone structural development, and glycolysis are likely to further complement the market share through 2024.
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1. American Elements
2. Anmol Chemicals Group
3. Celtic Chemicals
4. Hap Seng
5. Hindustan Phosphate
6. Innophos Holdings
7. Manus Aktteva Biopharma
8. The Mosaic Company
9. Nikunj Chemicals
10. Nithyasri Chemicals
11. Nexgen Chemicals
12. Powder Pack Chem
13. Pacific Chemicals Company
14. Refractory Minerals Company
17. Triveni Chemicals
Apart from these growth factors, growing use of the product as an ingredient in feed products that are packed with minerals to enhance milk production, prevent hymagnesaemia, and increase immunity in ruminants should push the overall market size over the coming years as well.
In addition, increasing demand for nutritional and dietary supplements, majorly across developed economies would positively impact the magnesium phosphate market share.
Efficient usage of magnesium phosphate to prevent kidney stone is increasing its demand. Technological developments in pharmaceutical and agricultural industries would further provide a positive outlook on industry growth.
However, growing demand for products and lesser availability of raw materials due to insufficient supply would hinder the growth of magnesium phosphate market to an extent over the coming years. In addition, substitute advancements from material science development would likely restrict the product demand as well.
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Trends thar are defining the magnesium phosphate industry landscape:
• Extensive usage of magnesium phosphate in food and beverage sector
Speaking of the application segment, the food and beverage sector is projected to show significant growth over the coming years. This proliferation is attributed to various factors like enzyme activity regulation, maintaining mineral balance, and improved energy production.
The market would also observe substantial gains owing to the increasing demand for the product in the bakery industry. Magnesium phosphate is utilized as a leavening agent in the bakery sector.
Furthermore, lowered chances of heart diseases, hypertension, and diabetes should further push the overall market share.
• Asia Pacific to dominate the market growth
On the regional front, the Asia Pacific magnesium phosphate industry is anticipated to continue its domination of the market size in the coming years. The region held a total market volume share of more than 45% back in 2017. The expanding food and beverage sector is a major factor stimulating the growth of industry in the region.
Additionally, growth of the agriculture industry is another factor complementing Asia Pacific magnesium phosphate market expansion. Rising government support and focus towards properly training farmers to improve plant growth, yield, and nutrition is further offering a positive impetus to the market share.
Overall, extensive applications of magnesium phosphate across several industries including food and beverage, agriculture, and healthcare is expected to push the magnesium phosphate market growth exponentially by 2024.
Some of the key players contributing to the global magnesium phosphate market are Nexgen Chemicals, Pacific Chemicals Company, Hap Seng, Shanpar, Redox, Powder Pack Chem, Nikunj Chemicals, Nithyasri Chemicals, Anmol Chemicals Group, Celtic Chemicals, and American Elements among others.
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