December 02, 2021 07:51 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The global phosphorus and derivatives market size is expected to reach USD 85.01 billion by 2028, exhibiting a CAGR of 3.9% during the forecast period. The high demand for phosphorus and derivatives due to their application in fertilizers, food, and detergent will have a tremendous impact on the global market growth, states Fortune Business Insights™, in a report titled “Phosphorus and Derivatives Industry, 2021-2028.” The market size stood at USD 62.78 billion in 2020.
Phosphorus and derivatives are important nutrients that boost the strength of fertilizers and boost plant efficiency. They are used in plant fertilizers, edible products, detergent manufacturing, and water cleaning agents. It helps in root development, seed development, and plant maturation. The rising demand for effective fertilizers from the agricultural industry is likely to boost the product’s demand. Furthermore, it provides nourishment to the soil that lacks nutrients and saves losses. In addition, rising demand for organic products is expected to boost the product’s demand. These factors may boost the market development in the upcoming years.
The Report Lists the Main Companies in the Phosphorus and Derivatives Market:
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What Does the Report Include?
The Phosphorus and Derivatives industry research contains a complete analysis of the key market drivers and constraints, opportunities, and challenges that the industry will encounter during the forecast period. The study offers an in-depth analysis of the industry's geographical changes and how they impact market growth.
High Demand for Bioenergy Crops to Incite Business Development
The principal source of phosphorus in agriculture is mined rock phosphate. Morocco has the bulk of the world's rock phosphate supply, with China coming in second. Phosphorus deposits are found only in a few places, such as Australia, India, and Europe. Growing population, shifting consumer preferences for meat-rich diets, and rising need for bioenergy crops will contribute to increased demand for bioenergy crops, thus boosting the phosphorus and derivatives market progress. Phosphorus shortages account for 29% of the world's agricultural area and 71% of overall P surpluses. Synthetic fertilizer use resulted in a larger quantity of P excess than green manure globally. Reduced P losses in agricultural land will require steps to eliminate the use of synthetic fertilizers, which, in turn, will spur demand for these derivatives.
Asia Pacific: The expected to dominate the market in 2020 with market size of 23.10 billion. Owing to the increasing demand from the fertilizer and additives industries and the rise in income for the rural farmers, countries such as China and India are expected to show significant growth in the coming years.
North America: Market expected to hold the largest phosphorus and derivatives market share during the forecast period. The growth is attributed to the high production and consumption of phosphate fertilizers and phosphate rock in the U.S. Moreover, favorable government policies regarding agricultural activities in the U.S. will spur lucrative opportunities in North America. Besides, the implementation of modern agriculture techniques can elevate the market in the region.
Europe is expected to account for a significant share in the forthcoming years due to consumers' growing population and high disposable income. The increasing health awareness will contribute positively to the market in Europe.
R&D Investments by Eminent Companies to Consolidate Industry
To generate phosphorus and derivatives and establish avenues in the value chain, companies acquire, partner, build new production units, and launch new goods. Moreover, prominent companies are also focused on R&D to improve the product’s quality and efficacy. In addition, companies are expected to generate remunerative revenues in the forthcoming years due to the growing food demand, thus promoting market development.
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