Phosphate Sales To Exceed 51,331 KT By 2021 As Phosphate Fertilizers Gain Ground In Agrochemical Industry: Future Market Outlook Study
The Future Market Insights (IMF) analysis of the Phosphates market aims to uncover hidden opportunities in key segments including product, quality and end use. Focusing on improving agricultural yield without causing a carbon footprint will create attractive growth opportunities
DUBAI, United Arab Emirates, August 5, 2021 / PRNewswire / – Global Phosphate Market Expected to Grow 2.4% CAGR during the forecast period, driven by increasing demand for phosphates in agrochemical applications. Future Market Insights (IMF) indicates that the phosphate market will generate revenues reaching US $ 16.1 billion in 2021.
The agricultural sector has flourished in recent years due to strong demand for cash crops and food as well as rapid population growth in developing and developed economies. To meet the growing food needs, the demand for fertilizer to increase the yield of arable land has skyrocketed, thus increasing the consumption of phosphate.
Growing demand for diammonium phosphate (DAP), monoammonium phosphate (MAP), simple superphosphate (SSP) and triple superphosphate (TSP) fertilizers to counter the deterioration of the nutritional value of cultivated soil is expected to drive sales of phosphates in the years to come.
The government’s proactive measures to increase agricultural yield and promote the use and production of harmless fertilizers will positively influence the growth of the phosphate market in the years to come.
The Indian government is investing more and more to revive the agricultural sector and provide financing for crop protection and subsidized fertilizers to farmers. As the aggregate gross domestic product (GDP) of India heavily dependent on the agricultural sector, the demand for phosphates is expected to increase in the near future.
The COVID-19 pandemic has hampered logistics and transportation activities, resulting in sluggish trade and disrupting the supply chain network. With the easing of strict foreclosure restrictions, the market is expected to recover over the next two years.
The market, however, experienced significant growth during the pandemic due to increased demand for food and beverages and increased agricultural activities. Demand for feed and fertilizer also contributed to the growth seen amid the pandemic.
“The increasing industrialization and contraction of agricultural land will significantly increase the sales of phosphate fertilizers during the forecast period. The increasing demand for animal feed and population growth will create attractive growth opportunities in the years to come. “said the IMF analyst.
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Key points to remember
- The US phosphate market has shown a steady recovery from the pandemic with 2.4% year-on-year growth in 2021. The increase in sales can be attributed to the presence of large reserves of phosphate rock in the country and to demand Growing Phosphate Fertilizer Among Farmers in the United States.
- The increase in population and the growing demand for fertilizers for the production of animal feed will drive the demand for phosphates in India. The market is expected to grow 3.2% in 2021.
- China represents more than 52% of the world phosphate market in Asia Pacific Region. The flourishing agricultural sector and the increase in food consumption to feed the growing Chinese population will boost the market growth in the country.
- Morocco is one of the world’s leading producers and exporters of phosphate rock. Morocco account for 14% of the global market share in 2021. The availability of low-cost labor force and favorable government policies in the chemical industry have created a conducive environment for the growth of the market in the country.
- Extensive use of Ammonium Phosphate in chemical fertilizers and decrease in soil fertility will drive the growth of Ammonium Phosphate market in China. Food and feed grade will emerge as a key segment with the highest growth rate due to the increasing demand for phosphates in the food and beverage industries.
- The Mosaic Company, OCP Group, PhosAgro, Ma’aden-Saudi Arabian Mining Company and EuroChem together represent 52.4% of the global market in 2021.
The phosphates market is highly competitive, with the top five companies accounting for more than 50% of the global market in 2021. To meet growing demand, market players are investing in expanding their production capacities and setting up new production plants in emerging countries Asia Pacific Region.
For example, Ma’aden ordered his 900 million US dollars fertilizer plant in Ras Al-Khair in June 2021. This new project is part of 6.4 billion US dollars “Phosphates 3” expansion plan of Ma’aden’s phosphate fertilizer portfolio covering the entire development process from the mine to the phosphate fertilizer market.
Strategic mergers and acquisitions are being considered to expand their presence in the market and increase their annual turnover. Upstream integration to optimize productivity is emerging as a key area of ââinterest among market players.
- Mosaic received the last 404 permit from the US Army Corps of Engineers in January 2019, for the Ona phosphate mining project in Florida and obtained the rights to extract 160.2 million tonnes of phosphate rock through mining.
- The merger between PotashCorp and Agrium Inc. took place in 2017, leading to the formation of Nutrien Ltd. This merger is considered the largest collaboration in the history of the agricultural industry.
Some of the major companies operating in the phosphate market are:
- Nutrien Ltd.
- The Mosaic Company
- YARA International
- Prayon SA
- Ma’aden-Saudi Arabia Mining Company
- Jordanian Phosphate Mining Company (PLC)
- Aditya Birla Chemicals
- Israel Chemicals
- KazPhosphates LLC
- Sulux Phosphates Limited
- Zimbabwe Phosphates Industries Limited
- OCP Group
- Innophos Holdings, Inc.
- Shirt Fabrik Budenheim KG
- Haifa Chemicals Ltd.
- URALCHEM JSC
- Solvay SA
- Company OCI Ltd.
- Cabot Microelectronics Corporation
- Asia Union Electronic Chemical Corp.
- Hubei Xingfa Chemicals Group Co., Ltd.
- Yichang Municipal Pacific Chemicals Co., Ltd (YMPCC)
- Sichuan Blue Sword Chemical (Group) Co., Ltd.
- Foskor (Pty) Ltd.
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More information on the global phosphate market
Future Market Insights, in its new offering, provides unbiased analysis of the phosphate market, presenting historical demand data and forecast statistics for the period 2021-2031. The study reveals compelling insights into the phosphates market with detailed segmentation on the basis of
By product type:
- Ammonium phosphate
- Calcium phosphate
- Potassium phosphate
- Sodium phosphate
- Food and feed
By end use:
- Food and drinks
- Animal feed
- Cleaners and detergents
- Pharmaceutical & PC
- Water treatment
- North America
- Latin America
- East Asia
- Middle East
Key Questions Answered In The Phosphates Market Report
- The report offers in-depth information on the demand outlook of the Phosphates market for 2021-2031
- The market research also highlights the expected sales growth for the Phosphates market between 2021 and 2031.
- The Phosphate market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancement within the market. ‘industry
- Analysis of the phosphate market share of key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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