Phosphate Rock Market Trending Technologies, Remarkable Developments and Key Players 2019-2024
The growing product application in animal feed, fertilizers, industrial chemicals and food additives will be augmenting global phosphate rock market size during the assessment period. The product is also processed to extract phosphorous that acts as a vital feedstock in the chemical industry. Some of the niche product applications include metallurgy, water treatment, cosmetics, anti-corrosion agents and others. The growing demand for phosphate rocks from the agrarian economies across the globe is anticipated to be a major factor driving the overall market.
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In terms of applications, the global phosphate rock market is classified into fertilizers, animal feed supplements, metallurgy, water treatment, industrial chemicals, fungicides, cosmetics, anti-corrosion agents, detergents and food preservatives. Among the segments, fertilizers were the largest segment in 2018 and is shall expand substantially from 2019 to 2025. The growing demand for phosphate-based fertilizers mainly from Latin American and Asia Pacific shall positively influence phosphate rock market size growth during the forecast timeframe
Detergents and industrial chemicals are another important application segment in global phosphate rock market. The growing demand for detergents and cleaning agents across the globe coupled with increasing production of phosphate based industrial chemicals is likely to boost the product demand in future. Food is a prominent application segment in global phosphate rock market. The food industry uses phosphate for various applications including solubilizing agent in meat products and to improve moisture retention properties.
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Asia Pacific and Latin America shall show a significant growth, in terms of volume and value, during the forecast period. The presence of major agriculture-dependent countries in these regions shall contribute positively to the overall product demand. China is likely to lead in Asia Pacific and globally in the coming years. The presence of large phosphate rock reserves in the country will be a prime growth attributor. The other major countries with phosphate rock reserves include Russia and the U.S., whereas Morocco and Western Sahara possess some of the largest reserve in the world.
Some of the key market players in phosphate rock market include Vale, Mosaic, Grange resources, Potash Corporation, MBAC Fertilizer, Phosphate Resources, Wengfu Group, Agrium, Anglo American and Sterling Group ventures.
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