The global market for phosphates is expected to develop with a growth rate of 2.7% between 2021 and 2031, according to the most recent report by Future Market Insights (FMI). Numerous end-use industries, including agrichemicals, animal feed, cleaners and detergents, food and beverage, water treatment, and others have consistently shown a demand for phosphates on the global market.
Since they are essential components of the fertilisers sector, ammonium phosphate and calcium phosphate are anticipated to continue to be important product types in the global market.The more popular variations include diammonium phosphate, monoammonium phosphate, single super phosphate, and triple super.
In the upcoming years, it is projected that demand for phosphate-based fertilisers would rise due to growing worries about food security brought on by the rising world population. Additionally, the global decline in arable land due to urbanisation and industrialization has fueled the rise in phosphate demand.
Due to the decline in demand from the industrial sector, the phosphate market is anticipated to slow down during the Covid-19 crisis. In spite of the crisis, the market has experienced a favourable outlook because of the output of agricultural goods and animal feed. These elements will be essential for the global phosphates market’s continued expansion.
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Key Takeaways from Phosphates Market Study
- The global phosphates market is anticipated to reach a value of US$ 21,169.7 Mn by the end of the forecast period in 2031.
- Ammonium phosphate is expected to remain the dominant product type owing to higher agriculture applications accounting for three quarters of the global market through 2031.
- China is dominant in East Asia with a value share of over 95% through 2031, supported by large scale agriculture and chemicals industries.
- India will reflect above average growth with a CAGR of 3% through 2021, owing to its position as a leading agrarian economy.
- Brazil will hold over 50% of the Latin America market through 2031, owing to government incentives towards large-scale agriculture practices.
“Agrochemical sales have fueled the growth of phosphates significantly over the past few years owing to the demand for fertilizer products particularly in emerging agrarian economies such as India and China. Government incentives will support growth through 2031,” said a lead analyst at FMI.
Phosphates Market: Participant Insights
Key players are focusing on strategic expansions by expanding production capacity in emerging economies by setting up of new production units, collaborations and mergers and acquisitions of other market participants. They are focusing on strengthening of their product portfolio while strengthening distribution networks.
Market participants in the global phosphates market are Nutrien Ltd., The Mosaic Company, YARA International, EuroChem, Prayon SA, Ma’aden-Saudi Arabian Mining Company, PhosAgro, Jordan Phosphates Mines Company (PLC), Aditya Birla Chemicals, Israel Chemicals, KazPhosphates LLC, Sulux Phosphates Limited, Zimbabwe Phosphates Industries Limited, OCP Group, Innophos Holdings, Inc., Chemische Fabrik Budenheim KG, Haifa Chemicals ltd., URALCHEM JSC, Solvay SA, OCI Company Ltd., Cabot Microelectronics Corporation, Asia Union Electronic Chemical Corp., Hubei Xingfa Chemicals Group Co., Ltd., Yichang Municipal Pacific Chemicals Co., Ltd (YMPCC), Sichuan Blue Sword Chemical (Group) Co., Ltd., Foskor (Pty) Ltd., and Industries Chimiques du Senegal.
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Phosphates Market by Category
By Product Type:
- Ammonium Phosphate
- Calcium Phosphate
- Potassium Phosphate
- Sodium Phosphate
- Others
By Grade:
- Food & Feed
- Pharmaceutical
- Industrial
By End Use:
- Agrochemicals
- Food & Beverages
- Animal Feed
- Cleansers & Detergents
- Pharmaceutical & PC
- Water Treatment
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East
- Africa
Want to Know More?
Future Market Insights has published a market research report on the Phosphates market that contains global analysis for 2016–2020 and opportunity assessment for 2021–2031. The report provides insightful analysis of the Phosphates market through three different segments – by Product Type, by Grade, by End Use and by Region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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