August 10, 2022 06:00 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES
New York, USA, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Phosphate Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Phosphate Market Information by Type, Application, and Region - Forecast till 2028”, the market is estimated to grow at a 5.89% CAGR to reach USD 112.15 Billion by 2028.
Phosphorus is derived from clay deposits and is an essential component that benefits human beings, animal life, and plants. Phosphates possess oxoanions that range from orthophosphate to anion.
It is found in water, food, and the human body, including in teeth, genes, muscles, and bones. Depending on the number of phosphorus atoms, it can be segmented into organic as well as inorganic phosphate.
Phosphate offers impressive properties, like high flexibility, softness, waterproofing, and crack resistance. Phosphates in the form of straight-chain phosphates, pyrophosphates, and orthophosphate are extensively deployed in the meat industry for water retention, thereby enhancing the meat’s shelf life.
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The prominent companies in the phosphate industry include
OCP Group, Morocco’s phosphate giant has gotten the go-ahead from the government to establish a new firm with a capital of around USD 1.3 billion. The primary activity of this new company will be producing mono ammonium phosphate, and phosphoric acid.
Intensifying demand for phosphate in the fertilizers sector should favor the worldwide market over the following years. The expanding worldwide population, combined with the expanding food sector fosters the need for cereals and grains, raising the growth rate of the fertilizer market. This is bound to work in favor of the phosphate market.
The Food and Agriculture Organization reveals that world food production should rise by 75% by 2050 to supply sufficient food for the total population. This is one of the major reasons for the rapidly escalating demand for fertilizers, which in turn is touted to have a tremendous impact on the phosphate market. There is a rampant need for high-quality phosphate fertilizers to induce growth in feed and food production to cater to the surging need of humans and livestock. The United States remains one of the leading producers of grains, oilseeds, and cereals, which is why the country will emerge as a profitable market for phosphate in the coming years.
In a few underdeveloped regions, the low availability of chief raw materials required for producing phosphate will be a huge challenge for the worldwide market.
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The global chemicals industry has been seeing a major decline following the outbreak of the COVID-19 pandemic. The pandemic has affected some of the major businesses across the globe, particularly in regions such as Europe and North America.
The phosphate market is bearing the brunt of the pandemic, in line with the economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of the chemical across most of the major end-use industries. However, MRFR anticipates that the worldwide market will remain strong all through the review period, as the lockdown is being lifted up in a few countries.
The phosphate industry, with respect to type, caters to sodium, potassium, phosphoric acid, rubidium, ammonium, and calcium.
The demand for potassium fertilizers has been surging at a notable pace, owing to the mounting food demand, booming worldwide population, and the surge in government spending on advanced techniques as well as fertilizers for enhanced productivity. As a result, the potassium segment will be securing the lead in the years to come.
The major applications of phosphate are fertilizer industry, pharmaceutical industry, building and construction industry, metal treatment industry, water treatment chemicals industry, cosmetics, and personal care industry, food & beverages industry, detergent industry, amongst others.
The fertilizers industry segment has attained the largest share in the global industry, thanks to the heightened demand in the agricultural industry due to the expanding worldwide population and the subsequent increase in food demand.
Hydroponics are gaining traction worldwide due to the provision of high-quality food as well as efficient resource management. The soil-based farming practice has been facing various challenges including natural disasters, declining fertility rate of lands, and climate change. In these cases, hydroponics prove to be highly beneficial since it involves the cultivation of plants in nutrient solutions.
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Emerging as the global leader, the Asia Pacific market greatly benefits from the mounting need for diversified food products in populous countries, like India and China. The amplified food demand and the subsequent increase in the use of fertilizers to enhance the crop production rate will elevate the phosphate market position in the coming years. The demand for phosphate in the region is also bolstered by population expansion, favorable government initiatives, and low production costs. The agriculture industry in the region is thriving with the majority of the population primarily dependent on the farming sector. These factors compel farmers to focus on augmenting land productivity with the use of multiple soil inputs, which propels the regional market expansion rate.
The Middle East and Africa market stand second and will project substantial growth in the next several years. The burgeoning market volume in the region, especially in Africa is the result of the presence of vast phosphate rock reserves.
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