The increased food requirement in many Asian countries has resulted in increased need for fertilizer production. This increment, in turn, has resulted in increasing demand for phosphate, assisting the development of global phosphates market. The Asia-Pacific region has emerged as a strong contender in the overall growth of the industry, together with Middle East and Latin America. Phosphate has an extensive range of applications and the demand for phosphate has been comparatively stable. Unlike other participants in the fertilizer market, companies manufacturing phosphate profit from this stability. The main end users of phosphate include food industry, industrial use, detergents and animal feed. There is significant depletion in the arable land per person and deterioration in the soil quality. Phosphates play a vital role in meeting the need for yielding maximum production from the available arable land. In Asia-Pacific, a little more than one-tenth of a hectare per person land is accessible for agriculture.
The global phosphate market is segmented by type into ammonium phosphate, phosphoric acid, calcium phosphate, sodium tripolyphosphate, potassium phosphate and others. The market for calcium phosphate is probable to grow at the highest rate during the forecast period. The higher growth rate for calcium phosphate over other types is owing to the increasing demand from foods & beverages, pharmaceuticals, healthcare & nutraceuticals, rubber, plastics and others applications. It offers benefits such as clarity, softness, flexibility, waterproof properties, barrier, resistance to stress and crack, and ultraviolet radiations, and mechanical and optical properties. Besides, the growing consumption of packaged food is influencing the demand for calcium phosphate.
The foods & beverages application is expected to be the fastest growing application in the global phosphate market during the estimate period mostly due to the growing demand for food. Food rating phosphates are used as food extracts due to properties such as sequestration, buffering capacity (pH stabilization), and water retention ability. The demand for phosphate is expected to grow at maximum CAGR in the Asia-Pacific region owing to changing customer preferences and growing per capita incomes.
There are many aspects that positively impact the growth of phosphates industry, the main factor being its usage in the production of fertilizers. A flourishing agricultural sector has encouraged the growth of this market. Increasing population has resulted in the requirement for increased food and crop production. The Asia-Pacific region has the highest demand in this segment, which is followed by the Latin American countries. The usage of phosphate as animal feed is driven by rapid industrialization of the poultry, enlarged consumption of meat, increase in pork businesses and rising awareness concerning animals’ nutritive necessities. However, the usage of phosphate in detergents in developed nations has deteriorated, affecting the demand. Other issues that inhibit the development include price fluctuations, strict environmental regulations, and weakening supply of phosphate.
By geography, the phosphate market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Geographically, the greatest phosphate reserves in the world are in Morocco and prediction suggests that by 2030, around 85% to 90% of the entire demand will be produced in the region alone. Asia-Pacific is the main phosphates market, followed by Latin America, Europe, and the U.S. The significant players in the global phosphates market include Sichuan Chuanxi Xingda Chemical Co. Ltd., Rhodia Novecare, PhosAgro AG, ICL Group Ltd, The Mosaic Company, Agrium Inc., and Prayon Group.
Market by Type
· Calcium Phosphate
· Ammonium Phosphate
· Phosphoric Acid
· Sodium Tripolyphosphate
· Potassium Phosphate
Market by Application
· Foods & Beverages
· Water Treatment Chemicals
· Metal Finishing
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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