This study intends to unfurl the multiple facets of global phosphate market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Phosphate Market Witnessed Significant Demand Growth with Mounting Consumption from Agriculture and Animal Feed Industries
The demand for phosphate in agriculture and animal feed has been on an upswing since the past decade and is expected to further grow in the coming years. Phosphate, along with nitrogen, is a crucial nutrient for plant growth. Phosphate facilitates improved photosynthesis, root growth, builds proteins, nucleic acid, and enzymes, strengthens stalks and stems, improves crop maturity, promotes crop uniformity, and enhances seed production by improving flower formation. These benefits have fuelled the use of phosphate in fertilizers used in agriculture. This factor coupled with increasing agricultural activities to meet increasing demand for food worldwide is expected to give an impetus to the use of phosphate based fertilizers, in turn aiding the growth of the phosphate market.
Additionally, the demand for phosphate in animal feed is also witnessing an increase. Food grade phosphate is an essential component in animal nutrition. It ensures optimal growth, enhances fertility and gut functioning, and enables improved development of bones. This aspect backed by increasing demand for meat proteins and ready-to-eat meat products is expected to complement the demand for the chemical compound, in turn contributing towards the value growth of the phosphate market.
Bone Regeneration to Prevail as a Major Growth Contributor for Global Phosphate Market
With technological advancements in the healthcare space, the development and use of biomaterials and research and development activities has been the net new. Bone regeneration is one such area in the healthcare domain that has been significantly researched upon. It has gained high traction with increasing experiments that use biomaterials in vivo and in vitro to obtain detailed knowhow regarding bone regeneration. Among several biomaterial types, investigation regarding use of calcium phosphate has been carried out owing to its presence in natural bone and its ability of bone regeneration. Calcium phosphate has been increasingly used in applications related to bone regeneration, given its osteoconductive properties. In addition, combination of calcium phosphate with several healing agents can enhance its efficacy in regenerating bones. This factor is likely to complement growth of the phosphate market in the coming years.
Ammonium Phosphate to Account for a Significant Revenue Share in Phosphate Market
The demand and use of ammonium phosphate has been on an upswing since the past couple of years and is expected to maintain status quo going forward. This can be attributed towards it s growing use in fertilizers and animal feed among other applications. Ammonium phosphate aids growth of roots by enhancing the level of nitrogen in the soil. Moreover, increasing production and use of MAP and DAP fertilizers is also complementing the sales of ammonium phosphate. In addition, its use as one of the key ingredients in chemical fire extinguisher is also expected to fuel the demand for ammonium phosphate. In this backdrop, increasing applications of ammonium phosphate continue to influence the growth of the phosphate market worldwide.
Asia Pacific to Emerge as an Attractive Region in Global Phosphate Market
From a revenue standpoint, Asia Pacific is expected to account for a significant share in the phosphate market. This is mainly owing to increasing agricultural activities to meet rising demand for food coupled with increasing population pool in the region. In addition, increasing urbanization and high attractiveness of the region has resulted in an increased uptake of several industries including food and beverages, fertilizers, cosmetics, pharmaceuticals, animal feed and construction. Countries such as China and India are expected to remain major hubs with respect to use of phosphate backed by growing government support. Fertilizers used in agriculture have fuelled the demand of phosphate in the region owing to its functional benefits.
Moreover, according to FAI (Fertilizer association of India), agriculture significantly contributed towards the GDP of the country. On the other hand, China has approximately 21% of the global population with around 9% of global arable land, according to OECD (Organization for Economic Co-operation and Development). This has presented ample opportunities for the growth of the agriculture activities in these countries, making them a lucrative go-to-market for phosphates. Furthermore, in terms of government support, authorities are providing subsidies on phosphate fertilizers in the region. For instance, in 2022, the Indian Government gave an approval to provide subsidy of US$8 Bn (INR 609.4 billion) for phosphate based fertilizers. These factors are uplifting the demand for the compound, in turn making Asia Pacific a lucrative region for the market.
Phosphate Market: Competition Scenario
A few of the major companies operating in phosphate market include The Mosaic Company, JPMC, OCP, Nutrien Ltd., ICL, Eurochem, Phosphea, Prayon Group, Yara International, Maa’den, Chemische Fabrik Budenheim KG, Aditya Birla Chemicals, Kazphosphate LLC, PhosAgro Group of Companies, Sinochem Yunlong Co. Ltd., Agrium Inc., Innophos Holdings Inc., Jordan Phosphate Mines Company, Potash Corporation, Israel Chemicals Ltd., Saudi Arabian Mining Company, and Coromandel International Limited.
The Global Phosphate Market Is Segmented As Below:
By Product Type
Key Elements Included In The Study: Global Phosphate Market
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