Several factors like the increasing personal care sector due to high health awareness among people, surge in investment for the research & development facility, better demand as fertilizer, as material in construction sector, hike in market penetration in sectors like cosmetics and others are expected to take the phosphate market ahead in the coming years. The food & beverage sector is expected to provide thrust to the global market in the coming years.
Phosphates are inorganic minerals and are used as phosphate ions in combination with various elements, such as calcium, potassium, ammonium, sodium, rubidium, and others. Various segments are showing substantial traction for the global phosphate market, which could trigger high growth for the same in the coming years. The phosphate market would witness inheritance of significant CAGR during the forecast period of 2016 to 2023. Market Research Future (MRFR) claims positive growth patterns in the coming year for the market.
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Type and applications are two segments in which the global phosphate market can be segmented for a better analysis. Such an extensive report would provide better market focus on factors that are expected to transform the market in the coming years.
Based on the type, the phosphate market includes phosphoric acid, potassium, ammonium, calcium, rubidium, sodium, and others. The potassium segment is expected to gain robust traction in the coming years. Other segments like sodium and calcium are also expected to gain traction.
Based on the application, the phosphate market can be segmented into detergents, water treatment chemicals, fertilizers, food & beverage, metal treatment, pharmaceuticals, cosmetics & personal care, building & construction, and others.
Asia Pacific (APAC), Europe, North America, and the Reset of the World (RoW) are regions that have been included in the global phosphate market study on a region-specific scale. This study aims at uncovering demographic challenges that can be of great importance in setting the pace of the global market in the coming years.
The APAC market had the largest market share in 2017, which the region is expected to continue in the coming years as well. The region has a massive population, which requires strong support from the agrarian countries where the inclusion of phosphate as fertilizer is gaining precedence. India and China are expected to provide thrust to the market. Government initiatives are also expected to bore fruits.
North America’s market growth would mostly depend on the food & beverage sector that would see rising investment in innovation for health and energy drinks. The booming demand from the agricultural sector is also expected to provide much traction.
Europe’s market would benefit substantially in the coming years owing to its features that are similar to that of North America. Major countries like France, Germany, Poland, and others are expected to take the regional market forward. The growth would depend on the demand from the manufacturing sector of household items.
Demand for nutritious foods and extensive use of phosphate in the industrial sector are expected to take markets of Latin America and the Middle East & Africa ahead in the coming years. The demand in food & beverage segment would be substantial as well.
A number of companies are showing keen interest in taking the global phosphate market ahead by promoting various strategic moves that would not just ensure thei market status but improve the market in a holistic way. These companies are Nutrien Ltd. (Canada), the Mosaic Company (US), S.A OCP (Morocco), Innophos Holdings, Inc. (US), EuroChem (Switzerland), Jordan Phosphate Mines Company PLC (Jordan), ICL (Israel), Maaden-Saudi Arabian Mining Company (Saudi Arabia), PhosAgro (Russia), and Avantor Performance Materials, LLC (US). Their strategy includes merger, acquisition, collaboration, product launch, and other methods.
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- In August 2019, Centrex Metals of Australia announced their collaboration with CDE Meta in Australia to create a new project in Queensland, Australia. This is an example of how much the product is gaining opportunity to permeate across industries.