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NEW YORK , Feb. 4, 2022 /PRNewswire/ -- Phosphate Market Facts at a Glance-
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According to the recent market study by Technavio, the Phosphate Market is expected to increase by USD 8.68 billion from 2021 to 2026, at an accelerated CAGR of 6.12%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets. APAC will register the highest growth rate of 44% among the other regions.
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The Phosphate Market share growth in APAC will be significant during the forecast period. China and India are the key markets for the phosphate market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
APAC is expected to maintain its dominant position throughout the forecast period. Rapid population growth and the increased consumption of meat are the key growth drivers for the phosphate market in APAC. Increasing awareness of focusing on the health and hygiene of livestock accelerates the use of phosphate in cattle feed in the region.
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The Phosphate Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.
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Latest Drivers & Trends Driving the Market-
The growing demand for phosphate fertilizers is one of the key drivers supporting the phosphate market share growth. Along with potassium and nitrogen, phosphorus is used extensively in agricultural and horticultural applications. Also, it is critical for seed formation and the growth of roots in plants. Simultaneously, the market offers different variants of phosphate fertilizers to rectify phosphorus deficiency in the soil. These fertilizers enrich the soil by providing the essential nutrients needed for plant growth. According to The World Bank Group, the value-added by agriculture, forestry, and fishing sectors across the world was estimated to be $2.233 trillion in 2008, which rose to $3.339 trillion in 2018. This increase in the value-added due to development in the agriculture sector will drive the demand for fertilizers and boost the use of phosphate fertilizers during the forecast period.
The production of ammonium phosphate using green phosphoric acid is another factor supporting the phosphate market share growth. Green phosphoric acid is obtained by the purification of phosphoric acid, which involves pretreatment, purification, and concentration. In the solvent extraction process, tributyl phosphate (TBP) that is mixed with kerosene is used as an extractant. The process yields wet phosphoric acid. In recent years, the purification of wet phosphoric acid to produce food- or pharma-grade phosphoric acid has received significant importance. Green phosphoric acid contains 28%-54% of phosphoric acid. It is commonly used as a food-grade quality fertilizer in food and beverage applications. The rising production of green phosphoric acid because of its properties, such as high purity and effectiveness, will drive the global phosphate market during the forecast period.
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Accelerate at a CAGR of 6.12%
APAC, North America, Europe, South America, and MEA
US, China, India, Russian Federation, and Brazil
Leading companies, competitive strategies, consumer engagement scope
EuroChem Group AG, Innophos Holdings Inc., Israel Chemicals Ltd., Jordan Phosphate Mines Co. PLC, Nutrien Ltd., OCP SA, PhosAgro AG, Saudi Arabian Mining Co., Solvay SA, and The Mosaic Co.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
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About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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