Monopotassium phosphate Market: Introduction: Monopotassium phosphate (MKP), is a potassium dihydrogenphosphate. Monopotassium phosphate is a soluble salt of dihydrogen phosphate and potassium ion. It is a source of phosphorus and potassium for both animals including human, and plant. Monopotassium phosphate is also applied as buffering agents in the different chemical reaction in industry. It is a good source for ammonium phosphate in feed, generally mixed with urea to increase the feeds effectiveness as it maintains soil pH and reduces the loss of feed used in the soil. Other industrial application includes nutraceutical, cosmetics and personal care, and other industrial application. The Monopotassium phosphate market is expected to witness steady global growth over the forecast period owing to its versatile application in growing industries such as hydroponic agriculture, pharmaceutical, and personal care cosmetics. The North America region is expected to dominate the global monopotassium market over the forecast period.
Monopotassium phosphate Market: Segmentation: The Monopotassium phosphate market is segmented on the basis of form, and application.
Segmentation on the basis of form in the Monopotassium phosphate market is powder, crystal, and liquid. The powder form is expected to dominate the global monopotassium phosphate market over the forecast period owing to its larger demand resulted by its usage benefits such as controlled discharge per serving and homogeneous mixture formation with other macro-nutrient in the feed. The liquid segment is expected to see larger growth rates in the global monopotassium phosphate market owing to increasing demand from hydro phonic agriculture industry and paint and coating industry.
On the basis of end-user, the global monopotassium phosphate market is segmented into food and beverage, pharmaceutical, animal feed and pet food, personal care and cosmetics, and others. The animal feed and pet food segment are expected to dominate the global monopotassium phosphate market owing larger demand in terms of volume and increasing efficient feed additive in the animal feed industry.
Monopotassium phosphate Market: Region-wise Outlook: Europe is expected to dominate the global monopotassium phosphate market resulted in the growing hydroponic agricultural industry and personal care industry. The region is a major hub for pharmaceutical also, which is expected to capture a larger share of the global monopotassium phosphate market. North America region is expected to capture successive place owing to its large feed additive demand and growing pharmaceutical industry. Asia Pacific region is expected to experience a faster growth rate owing to its growing industry for both pharmaceutical and agricultural for which there is a high demand for raw materials such as monopotassium phosphate in the region. Latin America to perform well over the forecast period as the key countries in the region is heavily investing in agricultural and personal care industry which is expected to increase production activity over the forecast period the region.
Monopotassium phosphate Market: Drivers and Restraints: The global monopotassium phosphate market is expected to be driven by the increasing demand for feed additives over the agro-industry and rise is the use of agricultural techniques such as hydroponic which requires a large number of additives per unit yield. The growing personal care and pharmaceutical industry in developing regions of the Asia Pacific and Latin America are also expected to create fresh demand for the raw materials and ingredients over the forecast period thus, creating a lucrative opportunity for the manufactures to expand into new geographies with a positive outcome.
The advent of usage of natural based products and organic farming is expected to cause restraint for the monopotassium phosphate market over the forecast period.
Monopotassium phosphate Market: Key Players: The global player for the Monopotassium phosphate market are Sandoz AG, Pharmaceutical Associates Inc., Master Plant-Prod Inc., Prayon Group, Charkit Chemical Company LLC., and Allan Chemical Corporation.