Global Phosphate Market: Demand Analysis and Growth Forecast
As per the estimates of the US Geological Survey, global phosphate production was 68 billion metric tons in the year 2017. Morocco holds a share of approximately 70% of the phosphate production due to the huge availability of phosphate reserves in the country. Phosphate rock is abundantly available and least expensive mineral. Apart from its availability, phosphate is a chemical derivate of phosphoric acid, which is booming with a handful of applications. Consequently, a recent IndustryARC report projects profitable progression in the phosphate market during the forecast period of 2018-2023.
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(2018 - 2023)”
Global Phosphate Market: Disruptive Trends
- Phosphate is emerging as a commercial source for fertilizers and animal feed supplements. 85% of world phosphate rock is used to manufacture phosphate fertilizers
- Increasing applications of phosphate fertilizers to obtain strong roots of the plants and healthy crops in the agriculture industry
- Mosaic says, growing sales of phosphate fertilizers coupled with high prices is boosted the net sales of the company in 2017
- Rapid growth of phosphate used in different detergents which involve cleaning process and in water-based paint and coatings
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Global Phosphate Market: Leading Segments
The phosphate market is mainly segmented based on derivatives and applications. On the basis of derivatives, the phosphate market can be bifurcated into ammonium phosphate, calcium phosphate, phosphoric acid, and others. Based on application, the market can be classified into fertilizers, feed and food additives, industrial, chemicals, and others. Morocco, China, and the U.S. are the most prominent country-wide territories in the phosphate market owing to expansive availability of high-quality reserves of the material.
Global Phosphate Market: Competitive Landscape
EuroChem Mineral and Chemical Company, Sichuan Chuanxi Xingda Chemical Co. Ltd., CJSC PhosAgro AG, and Coromandel International Limited are some of the key manufacturers of phosphate. EuroChem Mineral and Chemical Company is offering products such as feed phosphates and phosphate fertilizers. Diammonium Phosphate is a water-soluble phosphate fertilizer which is suitable for all soil types. It is used for ground and bed applications for all agricultural crops, soil cultivation, and for top-dressing as well
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Phosphate is a chemical derivative obtained from phosphate rock. It is majorly used in the manufacturing of fertilizers, which finds agricultural applications. Abundant availability and benefits of phosphate across various industries will continue to stroke the market growth in the near future.
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