Market Research Future (MRFR) report on the global Phosphates Market is a comprehensive evaluation that provides a thorough overview of the industry. The study covers the COVID-19 analysis of the global phosphates market and offers a broad summary of market segments, current trends, growth forecasts, and market challenges from 2016 to 2023 (forecast period) to determine market opportunities.
Phosphates are inorganic minerals that are extracted from the deposits of clay. Phosphates are commonly used as phosphate ion compounds associated with elements such as potassium, ammonium, calcium, sodium, rubidium, and others. The ammonium phosphate segment accounted for most of the global market for phosphates in 2017 due to its increasing use in fertilizer production. Phosphates are used in fertilizers, food & beverage, detergents, water treatment chemicals, metal treatment, building and construction, pharmaceuticals, cosmetics, and personal care products industries, among others.
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Market Dynamics
The growth of the global market for phosphates is driven by the global expansion of the agricultural industry. Market growth can also be attributed to increasing demand for nutritious food products, together with increasing consumer awareness of health and an increasing population base, particularly in developing countries such as India and China.
In the food and beverage sector, the consumption of phosphates in carbonated soft drinks, bottled coffee beverages, dairy products, meats, and eggs is increasing. Growing demand for packaged food and beverages due to convenience and improved shelf life is fueling the market growth.
The market for phosphates is expected to see substantial growth over the forecast period, with growing usage in water treatment chemicals, metal treatment, cosmetics and personal care, pharmaceuticals, construction and end-use industries.
Market Segmentation
The global market for phosphates has been segmented into type and application.
Based on type, the global market for phosphates has been segmented into ammonium, calcium, phosphoric acid, potassium, rubidium, sodium, and others.
Based on application, the global market for phosphates has been segmented into fertilizers, food & beverage, detergents, water treatment chemicals, metal treatment, cosmetics and personal care, pharmaceuticals, building and construction, and others.
Regional Analysis
Based on region, the global market for phosphates has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The market in the Asia Pacific held the largest market share of phosphates in 2017 and is expected to remain dominant during the forecast period. This growth is due to increasing investment in crop production and other agricultural products, combined with the increasing population. For example, total grain output in India in 2016–17 amounted to 275.68 million tons. In addition, the Government of India has introduced a number of schemes, such as Per Drop More Crop, aimed at irrigating every farmer's field and improving the efficiency of water use.
North America is another significant market for phosphates due to the growing demand for packaged food and beverages. Product consumption in beverages is helping increase the demand for health and energy drinks. Moreover, the increasing use of phosphates in the agricultural sector, especially in the US, is boosting the market growth.
The European market is anticipated to grow in the coming years with an increase in agricultural production, particularly in France, Germany, and Poland. In addition, the rising soap and detergent industry is anticipated to augment the market for phosphates due to the increasing market for household cleaning products.
The Latin American market is expected to see significant growth over the forecast period due to the increasing demand for nutritious food products with increasing consumer health concerns.
The market in the Middle East and Africa is likely to show considerable growth during the forecast period with growing end-use industries such as agriculture and food & beverage.
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Key Players
Some of the key players identified by MRFR in the global phosphates market are the Mosaic Company (US), S.A OCP (Morocco), Nutrien Ltd. (Canada), EuroChem (Switzerland), Innophos Holdings, Inc. (US), ICL (Israel), Jordan Phosphate Mines Company PLC (Jordan), PhosAgro (Russia), Maaden-Saudi Arabian Mining Company (Saudi Arabia), and Avantor Performance Materials, LLC (US).
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