- Ammonium phosphate one of the major product types during the assessment period, demand in the segment to reign supreme, propelled by its widespread use in agricultural sector
- Healthcare industry increasingly looking to harness the bone regeneration properties of calcium phosphate, the application area gaining impetus on the back of several studies by the end-use industry
ALBANY, N.Y., Dec. 23, 2020 /PRNewswire/ -- The use of different high-grades of phosphates in wide range of industries drives the expansion of the phosphates market, especially in food and beverages, animal feed and agriculture, personal care, and water treatment applications. Food-grade phosphates have gained widespread acceptance in several economies, and the number of applications of phosphate additives in food processing is only bound to proliferate.
The use of ammonium phosphates as an increasingly popular fertilizer in the agriculture industry has lent the product segment highest market share, both in relation to value and volume. Phosphate rocks are popularly used to manufacture variety of phosphate products, particularly phosphate fertilizers.
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Analysts at TMR concur that market participants should intensify research and development activities not just to meet the current demand in end-use industries but to explore newer application areas.
Aside from the rise in commercial demand for phosphates in numerous industries, steady revenue streams in the phosphates market is expected to come from ammonium phosphates and calcium phosphates in the fertilizers and feed industries, respectively. The global valuation of the phosphates market is expected to reach worth of ~US$ 48 Bn by 2027-end, clocking CAGR of ~4% from 2019 - 2027.
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Key Findings of Phosphates Market
- Of the various applications, agriculture held the major share in 2018
- The sway held the agriculture end-use industry to continue throughout forecast period
- Animal feed is the next popular application segment in the phosphates market
- Geographically, Asia Pacific held the major share in 2018
- India and China jointly accounted for more than 80% share in the Asia Pacific market
- China is the major producer as well as consumer in the phosphates market, globally
- Presence of large number of local as well as international players in 2018 rendered the landscape increasingly fragmented
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Phosphates Market: Key Driving Factors and Promising Avenues
- Food and feed industry are increasingly utilizing various forms of phosphates and the applications will continue to expand, adding momentum to the global phosphates market.
- The rising demand for ferric phosphates and tri-calcium phosphate for food product fortification and anticaking respectively is a key driver for the growth in the phosphates market. Thus, rise in food production volumes globally is adding revenue potential.
- Chemical companies reap revenue gains from the demand for high-purity phosphate compounds to meet the demand for pharmaceutical industry.
- There is extensive application of phosphate compounds and phosphoric acid in producing numerous commercially important chemicals, bolstering opportunity-generation in the phosphates market.
- Rise in demand for meat has spurred the use of phosphates in the animal feed industry. The livestock industry in several developing and developed economies has realized the benefits of feed phosphates
- Producers and vendors in the phosphates market have opened to the vast revenue potential in the healthcare industry.
- Most prominently, the demand for phosphates in bone regeneration applications will spur growth to the overall phosphates market. Numerous in vivo and in vitro studies on bone regeneration materials have tries to extract the properties of phosphates.
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Key Impediments to Phosphates Market and Strategies by Players
Incumbent players in the phosphates market encounter tall challenge due to the availability of low-cost phosphates, increasingly for those meant for industrial use. The demand for phytase as a substitute of phosphates in the animal feed industry is substantial, hampering the growth potential of the players in the phosphates market. Substitute for phosphate salts continue to gain adoption in industrial application, a glaring example being the use of non-phosphate-based compound zeolite in water purification in Europe. Some of the other common substitutes are surfactants, dispersant polymers, enzymes, and chelating agents. However, chemical companies will continue to benefit from the versatile use of food-grade phosphate.
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