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.
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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.
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.
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
Key Objectives of the Study:
- In-depth study of the evolving market segments
- COVID-19 Impact Analysis highlighting the potential opportunities and challenges in the market
- Strategic recommendations to help readers formulate effective business growth strategies
- Comprehensive analysis of the product portfolios of the major market players and their regional presence
- Mention of the strategic initiatives undertaken by the leading companies, such as mergers acquisitions, collaborations, partnerships, and joint ventures, for business growth
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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