The Global Market for Phosphates is Projected to Exceed 88 Million Metric Tons by 2024
Growing Demand for Phosphate
Fertilizers for Improving Soil Productivity, Promoting Root Health, and
Enhancing Crop Yields to Drive Global Market Growth, According to a New Report
by Global
Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Phosphates market. The global market for Phosphates
is projected to exceed 88 million metric tons by 2024, driven by growing demand
for phosphate fertilizers and feed phosphates and increasing consumption of
phosphorous in several other applications.
Phosphates
are inorganic salts naturally derived from raw phosphorus that is present in a
number of phosphate minerals. Inorganic phosphates are used to produce
phosphorus for industrial and agricultural applications. Phosphorus compounds
find use in a range of applications across industries such as pharmaceuticals,
industrial and institutional cleaners, personal care products and fire
extinguishers. Essential to plant, human and animal life, phosphorus is found
in the bones, muscles, teeth and genes. In contrast to other essential elements
such as nitrogen that are easily available and derived from the atmosphere,
phosphorus is found in the soil as phosphate mineral and represents a non-renewable
source. Global demand and production of phosphates is significantly influenced
by performance of end-use industries and increasing consumption of phosphorous
in several applications. A vast majority of
phosphate extracted from phosphate ore is used in the manufacture of
fertilizers. Phosphate is also used in an array of specialty products, such as
toothpaste, leavening agents, and soft drinks.
Future growth in the market will be driven by growing
demand for fertilizer phosphates supported by increased emphasis on producing high crop
yield, progress being made in farming practices, and expansion
of arable land in developing countries. Phosphate is a vital element in
fertilizer production, given its ability to offer nutrition to plants, increase crop
quality and yield and provide indirect nutritional value through soil
amendment, particularly for saline alkali and calcareous soils. Feed Phosphate represents another major
end- use market with growth supported by rising per capita consumption of meat,
growing sophistication in livestock rearing practices, and industrialization of
the pork and poultry sectors. Phosphate animal feed supplements help meet
phosphorus, calcium and protein needs of animals. Increased affluence of the emerging base of middle class population in
developing economies and the resulting spurt in meat per capita consumption, rise
in food contamination and safety concerns and demand for high quality meat, and
innovation in livestock production are driving the importance of animal nutrition
and benefiting demand for animal feed phosphate.
As
stated by the new market research report on Phosphates, Asia-Pacific represents
the largest market worldwide, led by China as the largest producer of
phosphate fertilizers. Other factors spurring opportunities in the region
include agricultural growth in Asian countries, growing demand for diammonium phosphate, increasing production of
meat, expansion in livestock breeding activity, and rise in demand for food
grade phosphates in the rapidly growing processed food industry in India, China
and Malaysia. Food grade phosphates find
use in several applications such as retaining water in fishes, food processing
applications as well as in wide ranging products such as frozen meat, milk,
bakery products, cheese, powdered food, cereal, dehydrated potatoes, petfood,
animal feed and meat products. Phosphates
are generally used as a vital ingredient in the preparation of sausages as it helps
in holding water and keeps the product stable.
Major
players in the market include Acron Group, Anglo American Plc, CF Industries
Holdings, Inc., Coromandel International Limited, EcoPhos Group, EuroChem
Group, Fosfitalia Group, Israel Chemicals Limited, Itafos, LANXESS AG, The
Mosaic Company, Nutrien Ltd., OCP Group, Phosphate Resources Limited, PJSC
PhosAgro, Prayon S.A., Sichuan Chuanxi Xingda Chemical Co. Ltd., United
Phosphorus Limited, Wengfu Group, and Yara International ASA, among others.
The research report titled “Phosphates: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, and other strategic industry activities of global
companies. The report provides market estimates and projections of manufacturer’s
level revenues in Thousand Metric Tons for all major geographic markets such as
the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and
Rest of Europe), China, Asia-Pacific (India, and Rest of Asia-Pacific), The
Middle East & Africa, and Latin America.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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