Phosphates Market: Introduction
In
terms of value, the global phosphates market is
anticipated to expand at a CAGR of ~4% from 2019
to 2027.
Phosphates are largely used for production of phosphate fertilizers and animal
feed products across the globe. Asia Pacific dominated the global phosphates
market in 2018. China
is anticipated to be a leading exporter of phosphates across the globe during
the forecast period. Ammonium phosphates and calcium phosphates are the most
widely consumed phosphates in developed as well as developing regions, in
fertilizers and animal feed, respectively. The demand for phosphates in the
industrial sector is less compared to fertilizers and animal feed, owing to
availability of a large number of substitutes.
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Availability of Substitutes for Phosphates to Hamper
Demand for Phosphates
High
costs of phosphate salts, such as calcium phosphates and its derivatives, have
led to increase in the usage of lower-cost substitutes such as phytase, which
can be used as a means of controlling the overall animal feed cost.
Furthermore, phytase can meet all functionalities of animal feed phosphates
such as enhancing the digestive process, improving bone health, and promoting
higher feed intake. Thus, phytase helps in the physical development of
livestock and it is considered a major substitute for animal feed phosphates. A
large number of substitutes are available for phosphate salts used in the
industrial application. For instance, countries in Europe are planning to
reduce the usage of sodium tripolyphosphate in detergents and switch to
non-phosphate-based alternatives such as zeolite. Several alternatives for
phosphates are available in the market. Phosphates perform a variety of
functions. Alternative substances include chelating agents, surfactants,
dispersant polymers, and enzymes. These provide the same functionality as that
of phosphates. The availability of a large number of substitutes at a lower price
is expected to hamper the demand for phosphates during the forecast period.
Ammonium Phosphate to be Leading Product Type in
Phosphates Market
In
terms of product, the global phosphates market has been segmented into ammonium
phosphate, calcium phosphate, potassium phosphate, sodium phosphate, magnesium
phosphate, single super phosphate, triple super phosphate, iron phosphate, and
others. Ammonium phosphate was a major product type segment of the global
phosphates market, accounting for more than 70% of the
market share in 2018.
It was followed by the calcium phosphate segment. Ammonium phosphate is used as
a phosphate fertilizer. Increase in agricultural activities in order to meet
the food demand has propelled the demand for fertilizers. Phosphorus, along
with nitrogen and potassium, is one of the three key nutrients that plants
require and it the major ingredient of phosphate fertilizers. Maintaining
proper levels of phosphorus helps a plant acquire and store energy as well as
transfer it throughout the plant. Also, phosphorus promotes the development of
roots, flowers, and fruits. For gardeners who care about early harvests,
phosphorus helps promote early maturity. The ammonium phosphate segment is
followed by the calcium phosphate segment. The calcium phosphate segment is
expected to expand at a significant rate during the forecast period. Calcium
phosphate is largely used to produce animal feed products. Calcium
phosphate is an essential nutrient in animal diet. It ensures optimal growth of
animals; improves gut functionality and fertility; and enables bone
development. Increase in the demand for ready-to-eat meat products, owing to
their high protein content is one of the key factors driving the global calcium
phosphate market.
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Agriculture to be Dominant Application of Phosphates
Market
Based
on application, the global phosphates market has been segmented into building
& construction, agriculture, animal feed, personal care,
cleaners/detergents, food & beverages, pharmaceutical, and others. In terms
of consumption, the agriculture segment held a major i.e. more than 70% share of
the global phosphates market in 2018.
This trend is anticipated to continue throughout the forecast period. The
agriculture segment was followed by the animal feed segment, which accounted
for more than 10% share
of the global phosphate market, in terms of consumption, in 2018. Increase
in the consumption of phosphate-based fertilizers and growing popularity of
animal feed, especially in Asia Pacific, are major factors driving the demand
for phosphates across the world.
Asia Pacific to be Lucrative Region of Global
Phosphates Market
In
terms of consumption, Asia Pacific dominated the global phosphates market in
2018. The market in the region is likely to expand at a significant pace from
2019 to 2027. Increase in agricultural activities and rise in the demand for
animal feed products are major factors anticipated to fuel the demand for
phosphates in Asia Pacific during the forecast period. China and India are key
countries of the phosphates market in Asia Pacific. In terms of revenue, China
is projected to be an attractive market for phosphates in Asia Pacific during
the forecast period, owing to abundance of phosphorus reserves, presence of
manufacturers of low-cost products, significant exports, and technological
superiority of China over other countries in the region
Competition Landscape
The
global phosphates market was fragmented in 2018, with the presence of
a large number of global as well as local manufacturers. Major players
operating in the market include The Mosaic Company, OCP, ICL, Nutrien Ltd.,
Prayon Group, JPMC, PhosAgro Group of Companies, and Eurochem. These companies
have significant presence across the globe. Key manufacturers operating in the
global phosphates market are The
Mosaic Company, OCP, Israel Chemicals Ltd, Nutrien Ltd., Prayon Group, Jordan
Phosphate Mines Company PSCL (JPMC), PhosAgro Group of Companies, Eurochem,
Kazphosphate LLC, Maa’den, Sinochem Yunlong Co. Ltd., Yara International,
Phosphea, Aditya Birla Chemicals (Thailand), Coromandel International Limited,
Chemische Fabrik Budenheim KG, Aliphos, and Sichuan Blue Sword Chemical (Group)
Co., Ltd.
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