Phosphate Market Overview
The global phosphate market is anticipated to garner a striking CAGR during the forecast period (2016-2023), Market Research Future (MRFR) unveils in a detailed report.
The booming agricultural industry drives the global COVID-19 analysis on phosphate market. The surging demand for nutritious food items, along with the rising health awareness among consumers and an ever-increasing population base in China and India are some of the major factors predicted to contribute to the market growth. The demand for phosphates is predicted to witness significant growth, with the soaring application in the water treatment chemicals, cosmetics and personal care, metal treatment, building and construction, and pharmaceutical sectors.
Phosphates are extensively consumed in the food and beverage industry, especially in products such as bottled coffee beverages, carbonated soft drinks, meat, dairy products, and eggs. As phosphate helps to increase the shelf life of food products, it is highly used in packaged food items. This is further estimated to encourage the market growth across the globe. On the other hand, technological advancements are highly influencing the market. Companies involved in the manufacturing of phosphates are striving to develop innovative and better ways to manufacture these salts. Development of new manufacturing procedures is predicted to propel the market in the coming years.
On the contrary, strict regulations about the utilization of phosphates in detergents are predicted to restrict the phosphate market across the globe. Moreover, extensive use of phosphates can result in several side effects like nausea and fast or slow heart rate. Such factors are predicted to vitiate the market growth in the foreseeable future.
Global Phosphate Market: Segmental Analysis
The global phosphate market size has been segmented on the basis of type and application.
By type, the phosphate industry supply is segmented into calcium, ammonium, potassium, phosphoric acid, sodium, rubidium, and others. Of these, the ammonium phosphate segment is predicted to lead the global market with maximum reach across verticals.
The key players operating in the global phosphate market include S.A OCP (Morocco), Mosaic Company (US), EuroChem (Switzerland), Nutrien Ltd. (Canada), ICL (Israel), Innophos Holdings, Inc. (the US), PhosAgro (Russia), Jordan Phosphate Mines Company PLC (Jordan), Avantor Performance Materials, LLC (US), and Maaden-Saudi Arabian Mining Company (Saudi Arabia).
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Geographically, the phosphate market spans across Europe, North America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, Asia Pacific commanded the largest market share and is estimated to retain its dominance. The growth is credited to the soaring investments in crop production and agricultural products. The ever-increasing population in the region is impacting the market growth to a large extent. For example, the overall grain production in Indi was 275.68 million tons from 2016-2017. The Indian government has recently introduced schemes like Per Drop More Crop, which emphasizes on irrigation of the fields and enhance water use efficiency. China is considered a prominent contributor in the agricultural sector and ranks first worldwide in farm output. Phosphate is used as an essential fertilizer, which has created a positive impact on the regional market’s growth.
North America is considered a prominent region for phosphate due to the mounting demand for packaged food and beverages. The rising use of phosphates in the agricultural sector, especially in the U.S., is further contributing to the market growth.
The phosphate market in Europe is estimated to grow at a steady pace, with surging agricultural production, especially in Poland, France, and Germany. Growing demand for household cleaning products has resulted in the growth of the soap and detergent industry, which has further created growth opportunities for the market in the region.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.
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