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Specialty Fertilizers Market Growth Projections and Opportunities
They expect it to be 15,062.35 thousand tonnes by the end of 2028. So, not only is the market getting bigger in terms of money, but more phosphate is being used too. The phosphate market is split into different types, like ammonium/phosphoric acid, calcium, potassium, sodium, and others. The ammonium/phosphoric acid part was the biggest, making up 87.06% of the market in 2020. This is because it's used a lot in making fertilizers. In 2020, it was worth USD 14,402.12 million, and they think it will go up by 4.61% each year until it reaches USD 28,047.16 million by the end of 2028.
Looking at what people use phosphate for, there are different categories like fertilizers, detergents, food & beverages, water treatment chemicals, metal treatment, cosmetic & personal care, pharmaceuticals, and others. Fertilizers were the biggest chunk, making up 84.6% of the market in 2020. This is because more stuff is being grown, crop prices are going up, and the fertilizer business is growing. In 2020, it was worth USD 13,997.98 million, and they think it will go up by 4.65% each year until it reaches USD 27,344.70 million by the end of 2028.
They also look at different parts of the world. In 2020, Asia-Pacific was the leader, making up 58.3% of the market. They expect it to grow the fastest, by 4.86% every year. Asia-Pacific is doing well because countries like India, Thailand, and Indonesia are using a lot of phosphate for fertilizers. Latin America was the second-biggest, with 15.8% of the market in 2020. This is because many businesses in that region are using a lot of phosphate.
The reason the phosphate market is getting bigger is because more people are using it, especially for fertilizers and detergents. Agriculture is doing well, and people are willing to pay more for crops. Phosphate is also being used in other things like detergents and water treatment, making it even more important. They also think that using phosphate in food processing will make the market grow even more in the future.
Specialty Fertilizers Market Highlights:
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