Growing demand for Phosphate Rocks as fertilizer is a significant factor driving the market demand.
Phosphate Rocks Market Size – USD 26.05 Billion in 2019, Growth - CAGR of 6.7%, Trends –Growing population.
The global Phosphate Rocks 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 Rocks 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.
Phosphate Rocks Market Trend: The Phosphate Rocks market has been growing due to increasing demand for fertilizers and food production, as well as increasing demand for phosphoric acid in the production of industrial and consumer goods. The market is expected to continue its growth in the coming years, driven by population growth and urbanization, which are increasing demand for food and other resources. However, the market may also face challenges, such as declining reserves, environmental concerns, and increased competition from alternative sources of phosphates.
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Top Companies: 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 Phosphat.
Further Key Finding from the Report Suggestion:
- The Phosphate Rocks 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 Rocks 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 Rocks 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 Rocks 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.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Phosphate Rocks market is segmented into:
Deposits Outlook (Revenue, USD Billion; 2017-2027)
- Sedimentary Marine
- Igneous
- Metamorphic
- Biogenic
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
Application Outlook (Revenue, USD Billion; 2017-2027)
- Fertilizers
- Animal Feed
- Water Treatment
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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