Phosphate are inorganic minerals mined from clay deposits. They find application in food & beverages, water treatment chemicals, building & construction, cosmetics & personal care products, fertilizers, detergents, and water treatment. The global phosphate market report by Market Research Future (MRFR) has been carefully compiled covering the latest extraction statistics, development of plants, and other strategies for key players to consider during the forecast period (2018-2023).
The global phosphate market is anticipated to achieve a stellar valuation by exhibiting a strong CAGR over the forecast period. It can accumulate a massive demand due to the expanding agriculture sector and presence of various agrarian nations. This is supported by the large population in China and India, increasing awareness among consumers, and rising demand for nutritious products. Phosphate is primarily used in the manufacture of fertilizers for cultivating crops and trees.
High demand for the mineral in the food and beverage industry can drive overall market demand. Phosphate is included in eggs, meat, dairy products, bottled beverages, and carbonated soft drinks. The mineral is used as a leavening agent in baked goods. It is also used as an additive for maintaining the natural flavor of processed meats and extending its shelf life. Furthermore, applications of phosphate in building & construction, cosmetics & personal care, pharmaceuticals, metal treatment, and water chemicals can provide new growth opportunities for the global phosphate market.
However, side-effects of consumption of phosphate can dampen the market’s growth prospects.
Based on type, the market has been segmented into ammonium, calcium, phosphoric acid, potassium, rubidium, sodium, and others. Potassium, sodium, and calcium are expected to reap high dividends for the global phosphate market in the coming years.
Based on application, the market has been segmented into fertilizers, food & beverage, detergents, water treatment chemicals, metal treatment, cosmetics and personal care, pharmaceuticals, building and construction, and others. Pharmaceuticals can be the biggest application of phosphates due to need for effective medicines globally. The rise of pandemics and chronic diseases can spark the demand for the mineral highly in the coming years.
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Based on region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
APAC accounted for the largest market share in 2017 and can dominate the market till 2023. High investments in crop cultivation and other trees combined with the growing population can drive the demand for phosphate. Schemes and subsidies introduced for farmers such as Per Drop More Crop which can encourage irrigation and produce high yields can bode well for the market.
North America is another large market for phosphates owing to the burgeoning food & beverage industry. High consumption of carbonated beverages due to the lifestyle of citizens and the thriving agriculture sector can bode well for the market. The U.S. is vital to the region owing to the large pharmaceutical industry. Development of medicines for curing various ailments can trigger the demand in the global phosphate market.
Europe is predicted to showcase exceptional growth due to a rise in agricultural production in France, Germany, and Poland. The growing soap and detergent industry due to demand for household cleaning products can fuel market demand. Latin America can contribute highly to the global phosphate market due to demand for nutritious foods. Lastly, the MEA region can fuel the market demand owing growth of end-use industries of food & beverages and agriculture.
ICL, Maaden-Saudi Arabian Mining Company, Mosaic Company, EuroChem, Avantor Performance Materials, LLC, S.A OCP, PhosAgro, Innophos Holdings, Inc., Nutrien Ltd., and Jordan Phosphate Mines Company PLC are prominent players operating in the global phosphate market.
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