The global phosphates market has seen consistent demand from a variety of end-use industries, including agrichemicals, animal feed, cleansers and detergents, food and drinks, water treatment, and others. According to the most recent analysis by Future Market Insights (FMI), the worldwide phosphate market is expected to increase at a 2.7% annual rate from 2021 to 2031.
Because of their importance in the fertilizer sector, ammonium phosphate and calcium phosphate are expected to remain major product types in the global market. Among the more prevalent varieties are diammonium phosphate, monoammonium phosphate, single super phosphate, and triple super phosphate.
With increased concerns about food security as the world’s population grows, demand for phosphate-based fertilisers is expected to rise in the future years. Furthermore, the global decrease in arable land area as a result of urbanisation and industrialisation has fueled the expanding need for phosphates.
The phosphate market is expected to slow during the Covid-19 crisis due to a fall in demand from the industrial sector. Despite the crisis, the market has seen a favourable outlook due to the output of agricultural products and animal feed. These elements will be critical for the global phosphates market’s continued expansion.
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Key Takeaways from Phosphates Market Study
- The global phosphates market is anticipated to reach a value of US$ 21,169.7 Mn by the end of the forecast period in 2031.
- Ammonium phosphate is expected to remain the dominant product type owing to higher agriculture applications accounting for three quarters of the global market through 2031.
- China is dominant in East Asia with a value share of over 95% through 2031, supported by large scale agriculture and chemicals industries.
- India will reflect above average growth with a CAGR of 3% through 2021, owing to its position as a leading agrarian economy.
- Brazil will hold over 50% of the Latin America market through 2031, owing to government incentives towards large-scale agriculture practices.
Phosphates Market: Participant Insights
Key players are focusing on strategic expansions by expanding production capacity in emerging economies by setting up of new production units, collaborations and mergers and acquisitions of other market participants. They are focusing on strengthening of their product portfolio while strengthening distribution networks.
Market participants in the global phosphates market are Nutrien Ltd., The Mosaic Company, YARA International, EuroChem, Prayon SA, Ma’aden-Saudi Arabian Mining Company, PhosAgro, Jordan Phosphates Mines Company (PLC), Aditya Birla Chemicals, Israel Chemicals, KazPhosphates LLC, Sulux Phosphates Limited, Zimbabwe Phosphates Industries Limited, OCP Group, Innophos Holdings, Inc., Chemische Fabrik Budenheim KG, Haifa Chemicals ltd., URALCHEM JSC, Solvay SA, OCI Company 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., and Industries Chimiques du Senegal.
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Phosphates Market by Category
By Product Type:
- Ammonium Phosphate
- Calcium Phosphate
- Potassium Phosphate
- Sodium Phosphate
- Others
By Grade:
- Food & Feed
- Pharmaceutical
- Industrial
By End Use:
- Agrochemicals
- Food & Beverages
- Animal Feed
- Cleansers & Detergents
- Pharmaceutical & PC
- Water Treatment
- Others
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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