According to a new report, published by KBV research, 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).
The magnesium phosphate market refers to the global trade and economic activity surrounding magnesium phosphate compounds, including their production, distribution, consumption, and associated trends. Magnesium phosphate compounds are chemical substances composed of magnesium and phosphate ions, with various formulations and applications across industries such as agriculture, pharmaceuticals, chemicals, and materials science.
The Dimagnesium Phosphate segment is leading the Global Magnesium Phosphate Market by Form in 2023; thereby, achieving a market value of $948 Million by 2031. Dimagnesium phosphate is a vital component in fertilizers, particularly in agriculture. It provides plants with essential nutrients like magnesium and phosphorus, promoting healthy growth and increasing crop yields. With the growing global population and the need to enhance agricultural productivity, the demand for dimagnesium phosphate fertilizers remains high.
The Animal Feed segment is registering a CAGR of 4.4% during (2024 - 2031). Magnesium and phosphorus are essential nutrients for animal health and growth. Magnesium is important for bone development, muscle function, and nerve transmission, while phosphorus is crucial for skeletal integrity, energy metabolism, and overall growth. Including magnesium phosphate in animal feed formulations ensures that these essential nutrients are provided to animals adequately, promoting their health and productivity.
Full Report: https://www.kbvresearch.com/magnesium-phosphate-market/
The Asia Pacific region dominated the Global Magnesium Phosphate Market by Region in 2023; thereby, achieving a market value of $925.1 Million by 2031. The North America region is experiencing a CAGR of 3.5% during (2024 - 2031). Additionally, The Europe region would witness a CAGR of 3.7% during (2024 - 2031).
By Form (Volume, Tonnes, USD Billion, 2020-2031)
By Application (Volume, Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Tonnes, USD Billion, 2020-2031)
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