PUBLISHER: Market Research Future | PRODUCT CODE: 1572700
PUBLISHER: Market Research Future | PRODUCT CODE: 1572700
Global Phosphate Market Research Report Information by Type (Ammonium/Phosphoric Acid, Calcium, Potassium, Sodium, Others) By Application (Fertilizers, Detergents, Food & Beverages, Water Treatment Chemicals, Metal Treatment, Cosmetic & Personal Care, Pharmaceuticals, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa)- Forecast to 2030
In 2022, the phosphate market was estimated to be worth USD 50,410.0 million. The phosphate industry is anticipated to experience a compound annual growth rate (CAGR) of 3.88% from USD 52,764.2 million in 2023 to USD 68,897.3 million by 2030. The primary factor that is propelling the expansion of the phosphate market is the increasing demand from critical end-users, including fertilizers and detergents. It is anticipated that the demand for phosphate will be significantly influenced by the high prices of crops and the robust agriculture production that is expected to occur during the forecast period.
Phosphorus is a critical component of life and is abundantly available on Earth, ranking eleventh in terms of availability. Based on the data published by the United States Geological Survey, the present rate of extraction can sustain global production for approximately 1,200 years. A significant number of phosphate reserves are available. Phosphorus is a critical component of agriculture, as it is essential for the optimal production of sustenance. The demand for phosphate fertilizers is exacerbated when soils are deficient in phosphorus, which can result in limited crop yields unless phosphate fertilizers are administered. The preponderance of phosphate fertilizers are currently derived from naturally occurring minerals that contain phosphorus.
A nutrient that is indispensable for the survival of existence is phosphorus. Nevertheless, it is not readily accessible to vegetation. Typically, phosphate rock must be processed to convert the phosphorus into water-soluble or plant-available forms in order to make it accessible to plants. There are numerous methods for the conversion of phosphate ore into fertilizers. Although there are natural organic sources of phosphate, including bone meal, manure, guano, and urban refuse, their commercial importance is relatively insignificant. There are two primary reasons for this: the fact that the prospective supply of these sources is only a fraction of the raw materials required to produce the amount of phosphate-based fertilizers used globally and the fact that their cost per nutrient unit is higher.
Market segment insights
The Phosphate Market has been segmented by type, including Ammonium/Phosphoric Acid, Calcium, Potassium, Sodium, and Others.
The Phosphate Market is segmented into the following application categories: Fertilizers, Detergents, Food & Beverages, Water Treatment Chemicals, Metal Treatment, Cosmetic & Personal Care, Pharmaceuticals, and Others.
Regional Perspectives on Phosphate
The phosphate market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. During the forecast period, the Asia-Pacific Phosphate market is anticipated to account for a substantial revenue share and maintain the highest market share. Various factors, such as the increasing demand for ammonium phosphate for fertilizer manufacturing, increased foreign investments, government subsidies, and the growing demand from South Asian countries like India, Thailand, and Indonesia, are driving the market growth in the Asia-Pacific region.
Mosaic Company, EuroChem Group AG, Nutrien Ltd, Jordan Phosphate Mines Co., ICL Group Ltd, PhosAgro, Ma'aden-Saudi Arabian Mining Company, Yara International ASA, Innophos Holding Inc, and Yunnan Phosphate Haikou Co., Ltd. are the primary market participants.