Global demand for phosphate rock is increasing due to the rising world population and the increasing food demand. United Nations (UN) has anticipated that by the end of 2050 the global population will reach over 9 billion people. Moreover, because of the growing urbanization and economic growth, more people will move to cities and enjoy high incomes. To feed this larger, more urban and richer population, food production worldwide needs to increased by 70% in the coming years. This increasing food production will boost the demand for energy and water and phosphate fertilizer, making phosphate rock an increasingly scarce resource of minerals.
Phosphates are primarily segmented on the basis of types and applications.
On the basis of types, phosphates are subdivided into phosphoric acid, dihydrogen phosphate and hydrogen phosphate. Out of which phosphoric acid is expected to have the largest market share in the forecast region. Phosphoric acid is widely used as food additives. Food-grade phosphoric acid is added to acidify foods and beverages like various colas and jams, which gives a tangy or sour taste. Dihydrogen phosphate and hydrogen phosphate are used in the chemical industry for the manufacture of other chemicals.
On the basis of application, phosphate is required in mining, industrial processing, fertilizers production and agriculture industry. Amongst all of the applications production of fertilizers requires more phosphates due to which it is expected to dominate the market in the forecast period.
Some of the major key players in phosphate production industry are Agrifos Fertilizer LLC, Aurora Mining, Australian-phosphate, Northern miner, OCP corporate, The Mosaic Company. These companies are actively extracting phosphorus through mines and are trying to find new resources.
Key Topics Covered:
2. Market Overview
3. Market determinants
4. Market Segmentation
5. Geographical analysis
6. Company Profiling: - (Overview, SCOT analysis, strategic review)