The global phosphate rock market is forecasted to reach USD 43.82 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the phosphate rock market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
The COVID-19 impact:
The COVID-19 pandemic is having a significant impact on the phosphate rock industry. Demand for phosphate rock is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. The lack of free movement of the labor force required for the application of fertilizers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
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Key participants include Nutrien Limited, Hubei Xingfa Chemicals Group Co. Ltd., PhosAgro, Itafos, OCP Group, Yunnan Phosphate Haikou Co. Ltd. (YPH), The Mosaic Company, Fertoz, SC Phosphate Resources Limited, and Misr Phosphate, among others.
Further key findings from the report suggest
- The phosphate rock is the only substantial resource of phosphorus worldwide used significantly in the production of nitrogen-phosphorus-potassium fertilizers for providing nutrition to food-crop and making of animal feed supplements.
- Phosphate rock also finds application in water treatment. It is added in a small amount in water supplies to prevent corrosion and is finds widespread usage in boiler water treatment.
- The direct usage of phosphate rock evades the conventional wet acidification process for water-soluble phosphate fertilizers and avoids the production cycle of wastes comprising greenhouse gases and phospho-gypsum, therefore leads to energy conservation and environmental protection from industrial pollution.
- The market in the Asia Pacific region contributed to the largest phosphate rock market share in 2019. The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the easy availability of raw materials.
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For the purpose of this report, Reports and Data has segmented into the global phosphate rock market on the basis of deposits, distribution channel, application, and region:
Deposits Outlook (Revenue, USD Billion; 2017-2027)
- Sedimentary Marine
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Animal Feed
- Water Treatment
Over the years, mergers and acquisitions, collaborations, and partnerships have played a pivotal role in companies’ plans of expanding customer base and gaining a robust footing in the market. Rising investments by the key industry players for the R&D activities will further bolster market growth over the analysis period.
The report also utilizes key statistical tools such as SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and venture return analysis to offer better insights into the market landscape. The report also covers recent developments and trends and provides a comprehensive industry overview to help readers understand the complete scenario and dynamics of the Phosphate Rock market.
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Regions covered by the report:
- North America (U.S.A., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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