Phosphate Market is predicted to reach USD 18,727.6 million at a CAGR of 4.59% during the forecast period

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Phosphate Market.

Market Synopsis

The global phosphate market was valued at USD 12,696.0 million in 2021 and is projected to reach USD 18,727.6 million by 2030 at a CAGR of 4.59%.

Phosphates are inorganic minerals mined from the deposits of clay. They are generally used as compounds of phosphate ions combined with elements such as potassium, ammonium, calcium, sodium, rubidium, and others. Phosphates find application in the fertilizers, food & beverage, detergents, water treatment chemicals, metal treatment, building and construction, pharmaceuticals, and cosmetics and personal care products industries. Phosphates are widely used in fertilizers as they are the key nutrients required for the growth of plants.

Phosphate is a natural resource found under the earth’s surface, where it is exploited to use in multiple agricultural and industrial activities. The global phosphate market has been segmented into five types: ammonium/phosphoric acid, calcium, potassium, sodium, and others. Among these, the Ammonium/Phosphoric Acid segment accounted for xx% of the market in 2021. The segment is projected to register a CAGR of xx% during the forecast period.

Competitive Landscape

The competitive landscape offers an analysis of the key developments by the companies operating in the global market in the last three years. The global phosphate market is anticipated to register a healthy CAGR during the forecast period, owing to the growing demand for phosphate as fertilizers and in waste-water treatment.

Some of the key players operating in Phosphate market are OCP Group (Morocco), The Mosaic Company (US), EuroChem Group (Switzerland), Nutrien Ltd (Canada), Jordan Phosphate Mines Co. (Jordan), ICL Group Ltd (Israel), PhosAgro (Russia), Ma’aden-Saudi Arabian Mining Company (Saudi Arabia), Yara International ASA (Norway), Innophos Holdings, Inc. (US), Yunnan Phosphate Haikou Co., Ltd. (YPH) (China).

Segmentation

By Type

• Ammonium/Phosphoric acid: Ammonium is an inorganic compound and a salt of phosphoric acid. The growth of the fertilizers industry mainly drives the global demand for ammonium. The majority of the ammonia produced is used to produce fertilizers and synthesize chemicals such as nitric acid and hydrogen cyanide. The use of ammonium depends on the proportion of nitrogen and phosphorous needed for crops in the fertilizer industry.


• Calcium: Calcium phosphates occur abundantly in nature in several forms, which are extensively used in the production of fertilizers and water treatment applications. Soluble superphosphate and triple superphosphate are obtained by the reaction of calcium phosphate with sulfuric and phosphoric acid. It acts as a softening agent in the textile industry.


• Potassium: Potassium phosphate is an inorganic compound majorly used in fertilizers and food industries as a laxative, dietary supplement, as a nutrient, and for electrolyte replacement purposes. Particularly, plants absorb large amounts of potassium. It makes enzyme activity possible in plants.


• Sodium: Sodium phosphate is a colorless to white crystalline powder, which is classified into four types of phosphate- monosodium dihydrogenphosphate (MSP, NaH2PO4), disodium hydrogenphosphate (Na2HPO4), trisodium phosphate (Na3PO4), and disodium pyrophosphate (Na2H2P2O7).


• Others:The others segment includes magnesium, rubidium, and many such types.

By Application

• Fertilizers: The fertilizers industry is the largest consumer of ammonium phosphate. The product is used for the direct application and manufacturing of various nitrogenous fertilizers, including urea, ammonium nitrate, ammonium sulfate, and ammonium phosphate. Fertilizers are used in gardening, horticulture, arboriculture, and viticulture.


• Detergents: Phosphates are key ingredients in industrial detergents. They are majorly used in household detergents due to their excellent properties, making them beneficial in manufacturing detergents. Phosphoric acids are also used to produce acidic detergents because phosphate consists of unique properties that help it perform best against grease and oil.


• Food and Beverges: Phosphates such as monoammonium phosphate (MAP), diammonium phosphate (DAP), and monopotassium phosphate (MKP), and phosphoric acid plays a crucial role in the yeast industry. It is used in food products.


• Water treatment chemicals: The use of phosphates in water treatment applications prevents the formation of scales and deposits, controls red and black water phenomena, controls the water pH, and decreases the risk of corrosion in water.


• Metal Treatment: Cars, refrigerators, washing machines, and other painted or enameled equipment all have a phosphate coating between the metallic surface and the paint. The phosphatation reduces the vulnerability of metals to corrode and improves the adhesion of paint on the surface. These products are also used in manufacturing electrical sheets and cleaning metal surfaces.


• Cosmetic and Personal Care: In the cosmetics and personal care industry, sodium phosphate ingredients are used to formulate colognes, bath products, dentifrices, hair conditioners, mouthwashes, hair dyes and colors, shampoos, permanent waves, makeup, and skincare products. Also, trisodium phosphate (TSP) is an effective cleaning agent, which is used in a variety of applications.


• Pharmaceuticals: Potassium phosphate is used to treat or prevent hypophosphatemia (low blood levels of phosphorus). Sometimes, it is added to intravenous fluids, which are given to people who are unable to eat or drink anything. Phosphates are used to control the level of potassium, calcium, and phosphorous in the human body.


• Others: The segment includes ceramics, enamels and refractories, porcelain, paper, flame retardants, paints, glass fiber, biofuels, and textiles.

By Region

• North America: North America holds the third-largest share in the global phosphate market due to the escalating demand for ammonium phosphate in the food & beverages industry.


• Europe: European region is expected to show promising growth during the forecast period due to the increasing demand for phosphate in countries like Germany, Poland, and France, especially in the agricultural sector.


• Asia Pacific: The Asia-Pacific market dominated the global phosphate market with a share in 2021 and is expected to register the fastest growth with a healthy CAGR during the forecast period.


• Latin America: Latin America held the second-largest market share in 2021 due to the growth of the major end-use industries in the region. In this region Brazil, Mexico and Argentina are the major contributors.


• Middle East & Africa: The region is also projected to show a steady growth rate in the phosphate market during the estimated period.