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Phosphate Sales to Surpass 51,331 KT by 2021 as Phosphate Fertilizers Gain Traction in Agrochemical Industry: Future Market Insights Study

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Future Market Insights

05 Aug, 2021, 13:30 GMT

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Future Market Insights (FMI) analysis on phosphates market is intended at uncovering hidden opportunities across key segments including product, grade, and end use. Focus on improving agricultural yield without causing carbon footprint will create attractive opportunities for growth

DUBAI, U.A.E, Aug. 5, 2021 /PRNewswire/ -- The global phosphates market is projected to grow at 2.4% CAGR over the forecast period, driven by increasing demand for phosphates in agrochemical applications. Future Market Insights (FMI) states that, phosphates market will generate revenue reaching US$ 16.1 Bn in 2021.

 Agricultural sector grew many folds over the past few years owing to high demand for cash crops and food along with rapid population growth in developing and developed economies. To cater to the rising food requirements, demand for fertilizers to boost the yield of arable land skyrocketed, thus boosting phosphate consumption.

Increasing demand for diammonium phosphate (DAP), monoammonium phosphate (MAP), single superphosphate (SSP) and triple superphosphate (TSP) fertilizers to counter the deteriorating nutritional value of the cultivating soil is predicted to boost the sales of phosphates in upcoming years.

Proactive steps from government to boost agricultural yield and promote the use and production of harmless fertilizers will positively influence the phosphate market growth in coming years.

The Indian government is investing increasingly to revive the agricultural sector and provide funding for crop protection and subsidized fertilizers to farmers. As overall gross domestic product (GDP) of India is highly dependent on agricultural sector, the demand for phosphates is expected to increase in the near future.

COVID-19 pandemic hindered the logistics and transport activities leading to sluggish trade and disrupted supply-chain network. With easing of strict lockdown restriction, the market is expected to recover in the next couple of years.

The market however enjoyed significant growth during the pandemic owing to increase in demand for food and beverages and rise in agricultural activities. The demand for animal feed and fertilizers also contributed towards the growth registered amid the pandemic.

"Rising industrialization and contracting agricultural land will considerable increase the sales of phosphate fertilizers during the forecast period. The rising demand for animal feed and population growth will create attractive opportunities for growth in the forthcoming years," says the FMI analyst.

For more Insights into the Market, Request a Sample of this Report https://www.futuremarketinsights.com/reports/sample/rep-gb-13672

Key Takeaways

  • The U.S. phosphate market exhibited steady recovery post pandemic with 2.4% year-on-year growth in 2021. Sales uptick can be attributed to presence of large reserves of phosphate rocks in the country and increasing demand for phosphate based fertilizers among farmers in U.S.
  • Increasing population and increasing demand of fertilizers for production of animal fodder will drive the demand for phosphates in India. The market is expected to grow at 3.2% in 2021.
  • China accounts for more than 52% of global phosphate market in Asia Pacific region. Thriving agriculture sector and surge in food consumption to feed the growing Chinese population will drive the market growth in the country.
  • Morocco is one of the leading producer and exporter of phosphate rocks in the world. Morocco account for 14% of global market share in 2021. Availability of low cost labor and favorable government policies in chemical industry has created a conducive environment for market growth in the country.
  • Extensive use of ammonium phosphate in chemical fertilizers and decreasing fertility of soil will drive the ammonium phosphate market growth in China. Food and feed grade will emerge as a key segment showcasing highest growth rate due to increasing demand of phosphates in food and beverage industries.
  • The Mosaic Company, OCP Group, PhosAgro, Ma'aden-Saudi Arabian Mining Company, and EuroChem cumulatively account for 52.4% of the global market in 2021.

Competitive Landscape

Phosphate market is highly competitive with top five companies accounting for more than 50% of global market in 2021. To cater to rising demands, market players are investing towards expanding their production capacities and set-up new production plants in emerging countries of Asia Pacific region.

For instance, Ma'aden commissioned its US$ 900 million fertilizer plant in Ras Al-Khair in June 2021. This new project is a part of US$ 6.4 billion 'Phosphates 3' expansion plan of Ma'aden's phosphates fertilizer portfolio covering everything in mine-to-market development process of phosphates fertilizers.

Strategic merger and acquisition is on the cards, to expand their market foothold and increase their annual turnover.  Backwards integration to optimize productivity is emerging as a key area of focus among market players.

For instance,

  • Mosaic received the final U.S. Army Corps of Engineers 404 permit in January 2019, for Ona phosphate mining project in Florida and secured the rights to mine 160.2 million tons of phosphate rocks through mining.
  • Merger between PotashCorp and Agrium Inc. took place in 2017, leading to formation of Nutrien Ltd. This merger is considered as the greatest collaboration in the history of agricultural industry.

Some of the leading companies operating in the 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.

Get Access to Research Methodology Prepared by Experts>>> https://www.futuremarketinsights.com/ask-question/rep-gb-13672

More Insights on the Global Phosphates Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Phosphates market, presenting historical demand data and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the phosphates market with a detailed segmentation on the basis of

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

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East
  • Africa

 Key Questions Covered in the Phosphates Market Report

  • The report offers detailed insights into phosphates market demand outlook for 2021-2031
  • The market study also highlights projected sales growth for phosphates market between 2021 and 2031
  • Phosphates market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
  • Phosphates market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/13672

Explore FMI's Extensive Coverage on Chemicals and materials Domain

Soft Touch Polyurethane Coatings Market: The global Soft Touch Polyurethane Coatings Market report by FMI gives an in-depth insight on the future expansion prospects, trends and challenges that market is likely to face in the upcoming decade. Key statistics regarding key segments have been presented across prominent geographies, along with a detailed assessment of the market's competitive landscape. 

Alumina Trihydrate Market: The Alumina Trihydrate Market study published by FMI offers a comprehensive analysis and focused views on major trends expected to provide shape to future growth prospects. The report provides detailed analysis of the significant drivers, trends, challenges and opportunities prevailing for the forthcoming decade across key geographies along with competitive landscape of the upcoming decade.

Rare Earth Metals Market: Future Market Insights gives a detailed segmentation on the global Rare Earth Metals Market with upcoming market trends, challenges and future growth dynamics across key geographies and prominent segments. The report provides a holistic approach, mapping the competitive landscape with detailed analysis on established players, new entrants, and opportunities likely to prevail across the 2021-2031 decade.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:

Abhishek Budholiya 
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
D: +44 (0) 20 3287 4268
F: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com 
For Media Enquiries: press@futuremarketinsights.com 
Website: Future Market Insights 
LinkedIn | Twitter | YouTube
Report: https://www.futuremarketinsights.com/reports/phosphates-market
Press Release Source: https://www.futuremarketinsights.com/press-release/phosphates-market

Logo: https://mma.prnewswire.com/media/1197648/FMI_Logo.jpg  

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