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The phosphate rock market size is estimated to grow by USD 4.32 billion at a CAGR of 3.47% between 2022 and 2027. The market's growth is influenced by several factors, including the increasing demand for phosphate fertilizers, the rising need for high-quality meat, and the rapid pace of urbanization. These factors collectively drive the demand for agricultural products, particularly in regions experiencing significant urban expansion. The need for phosphate fertilizers, essential for crop growth and yield, is escalating in tandem with the growing global population's food requirements. Similarly, the demand for high-quality meat is rising, driven by changing dietary preferences and an increasing focus on protein-rich diets. Urbanization, characterized by the migration of populations to urban areas, is driving the need for efficient agricultural practices to meet the food demands of urban populations, further stimulating market growth.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by application (fertilizer, animal feed supplement, and others), source (marine phosphate deposits, igneous phosphate deposits, metamorphic deposits, biogenic deposits, and weathered deposits), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The fertilizer segment is estimated to witness significant growth during the forecast period. It is a crucial resource in various industries, primarily in water treatment, agriculture, and animal supplements. In water treatment, it is processed into phosphoric acid, which plays a significant role in removing phosphates from public water systems to prevent eutrophication and water discoloration.
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The fertilizer segment was the largest segment and was valued at USD 14.82 billion in 2017. In agriculture, phosphate rock is essential for plant health as it is processed into phosphorus, a key macronutrient for optimal crop growth. Phosphorus is a constituent of nucleic acid and regulates protein synthesis in plants. Various forms of phosphate fertilizers, such as diammonium phosphate, mono ammonium phosphate, single superphosphates, and triple superphosphates, are used to overcome phosphorus deficiency in the soil. They also finds application in the animal feed segment as an ingredient in animal supplements. Mining of these rocks yields apatite, fluorapatite, and chlorapatite, which are further processed into phosphoric acid and ammoniated phosphates. Sulfuric acid and ammonia are used in the dissolution process of these rocks. The residue obtained from the process is used as a source of these reserves, providing lucrative gains for the mining industry. They are also used in the production of metals, such as lead, copper, and iron, and in the manufacturing of polyphosphates for water treatment and fish population growth in the aquarium industry. Phosphorus is essential for the health of aquatic plants and fish, making these a valuable resource in the aquarium industry and for maintaining water quality in potable water systems. Hence, these factors are expected to drive the growth of the market during the forecast period.
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APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC is primarily driven by the agriculture sector and water treatment industries. They are essential source of Phosphoric acid, which is used in the production of fertilizers for plant health and animal supplements in the animal feed segment. Apatite, Fluorapatite, and Chlorapatite are key minerals extracted from phosphate rocks. Mining of these is significant in APAC due to the presence of large reserves. China, as the world's leading producer, uses a substantial amount for its domestic agriculture and water treatment needs.
The Chinese government's restrictions on phosphate exports indicate the high demand in the country. They are crucial in water treatment for removing impurities like lead, copper, and other metals. In the agriculture sector, phosphoric acid is used in the production of ammoniated phosphate and sulfuric acid, which are essential for soil enrichment. They also play a vital role in animal feed, particularly in the production of orthophosphates for iron and manganese control and polyphosphates for water discoloration prevention. The market offers lucrative gains for public water systems, the aquatic industry, and the aquarium industry due to the demand for phosphorus in maintaining water quality and fish population health. Phosphorus is an essential nutrient for plankton and aquatic plants, and its presence in water can lead to water discoloration. These reserves are essential for maintaining water quality in potable water systems and ensuring the health of fish populations. Hence, such factors are expected to drive the growth of the regional market during the forecast period.
The market is a significant sector in the agricultural and livestock industries, primarily driven by the demand for phosphate fertilizers in food production. These minerals, including Calcium phosphate, Apatite, Fluorapatite, and Chlorapatite, are essential for plant health and animal supplements in the animal feed segment. These reserves are primarily sourced from Sedimentary non-detrital rocks, such as Phosphorite and Rock Phosphate. Mining companies extract these resources, contributing to land fertility and the production of grains, cereals, livestock, oilseeds, poultry, red meat, and other animal products. Phosphorous, a key component of these minerals, is also used in metallurgy. However, the depletion of Phosphate rock reserves and the challenges of mining from oceans are potential threats to the market's sustainability. The market's growth is linked to Phosphate rock reserves, mining, and the demand for plant health and animal feed supplements. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for phosphate fertilizers is the key factor driving the growth of the market.This is a crucial resource for various industries, including the stainless steel industry and agriculture. In steel production, phosphate rock is utilized as a solid solution strengthener, enhancing the properties of low-carbon sheet steel, such as ductility and formability, leading to the production of high-strength formable steels. In the agricultural sector, phosphate rock is converted into phosphate fertilizer, addressing soil fertility needs.
Phosphate fertilizers, including single superphosphates, triple superphosphates, mono ammonium phosphates, and diammonium phosphates, are essential for plant growth, particularly in seed formation, root growth, and promoting flowering. They also play a significant role in food production, as it is a key component in the phosphate procedure used in the production of food and beverages, as well as feed supplements. Additionally, they provides health benefits, contributing to bone health, muscle function, and energy production. This is sourced from various deposits, including marine, igneous, metamorphic, and biogenic deposits. Sodium sulfate is a byproduct of the phosphate fertilizer production process. Hence, these factors are expected to boost the growth of the market during the forecast period.
The increasing population is the major trend driving the growth of the market. The global food demand is projected to expand due to population growth and rising incomes, particularly in developing countries. This trend is anticipated to boost agricultural activities and the need for phosphate rock. This is a crucial component in the production of phosphate fertilizers, which enhance soil fertility and promote crop growth. In the steel industry, phosphate rock is used in the phosphate procedure to produce solid solution strengtheners, enhancing the properties of low-carbon sheet steel, high-strength formable steels, and stainless steel.
Phosphate rock also plays a significant role in various industries, including food and beverages, where it is used as a feed supplement for animal nutrition and as an ingredient in some food products for health benefits. Additionally, this is used in the production of phosphoric acid, which is used in the manufacturing of sodium sulfate and phosphate fertilizers. These deposits include marine, igneous, metamorphic, and biogenic deposits. The demand is driven by the need for increased food production, corrosion resistance, and energy production. Hence, the rising food demand will drive the growth of the market during the forecast period.
Health hazards associated with phosphate-based fertilizers is the significant challenge that impedes the growth of the market. The use of phosphate rock poses health hazards due to its widespread application in various industries. While crucial for stainless steel production and soil fertility enhancement in agriculture, excessive use of phosphate fertilizers, primarily sourced from phosphate rock, can lead to water contamination.
Phosphate fertilizers, including sodium sulfate and phosphoric acid, are prone to leaching into water systems, increasing phosphorus levels. This can have detrimental effects on aquatic ecosystems and human health. The challenge lies in finding a balance between the benefits of phosphate rock usage and minimizing its negative impacts on health and the environment. Hence, these factors can impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Jordan Phosphate Mines Co. PLC: The company offers phosphate rock such as Jordan Phosphate Mines phosphate rock.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
Phosphate rock is a crucial resource in the production of phosphoric acid, which is further utilized in fertilizers and various food industries. The market is driven by the increasing demand for fertilizers due to the rising agricultural sector and food production. This is also used in various industrial applications, such as in the production of detergents and in water treatment. The market is segmented based on types, which include phosphate rock with high phosphorus content and phosphate rock with low phosphorus content. The major producers of these rock are Morocco, China, and the United States.
Furthermore, the market is expected to grow due to the increasing demand for phosphorus-based fertilizers and the expanding agricultural sector in developing countries. Additionally, the growing awareness of the importance of phosphorus in various industries is also expected to drive market growth.This is also used in the production of phosphoric acid, which is further used in various applications such as food additives, animal feed, and industrial applications. The growing demand for these applications is also expected to boost the market. The market is also influenced by various factors such as government regulations, price volatility, and supply and demand dynamics. The market is expected to face challenges due to the increasing competition and the availability of alternative sources of phosphorus. However, the market is expected to remain stable due to the essential role of phosphate rock in various industries.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.47% |
Market growth 2023-2027 |
USD 4.32 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.37 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, India, Russia, and Brazil |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Deep Mineral, EuroChem Group AG, Fertoz Ltd., Guizhou Chanhen Chemical Corp., Hubei Xingfa Chemicals Group Co. Ltd., Innophos Holdings Inc., Israel Chemicals Ltd., Jordan Phosphate Mines Co. PLC, Manidharma Biotech Pvt. Ltd., Nutrien Ltd., OCP Group, Oracle Chemicals Pvt. Ltd., PhosAgro Group of Companies, Saudi Arabian Mining Co., Solanki Minerals, Solvay SA, Surya Min Chem, The Mosaic Co., Yunnan Phosphate Haikou Co. Ltd., and Yuntianhua Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for market forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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