Study Predicts Growth in Market for Industrial Phosphates
Major applications for industrial phosphate include fertilizer, detergent, metal finishing and water treatment among others. Major portion of the global industrial phosphate production is employed in the production of fertilizers. Moreover there has been increasing concern over the environmental hazards associated with phosphate based fertilizers. Therefore, fertilizer application segment is anticipated to grow at a sluggish rate in the near future. Water treatment application segment is expected to be the fastest growing application segment during the forecast period.
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Fertilizers application segment dominates the global demand for industrial phosphate and this trend is expected to continue for a foreseeable future. Decline in availability of land for agricultural applications has led to surge in demand for increased efficiency for agricultural lands. Increasing demand for high agricultural productivity has been among foremost factors driving demand for industrial phosphate based fertilizers. Demand for industrial phosphate for metal finishing applications has been growing at an accelerated pace and is expected to be among major factors fuelling demand for industrial phosphate during the forecast period. Demand for industrial phosphate is profoundly dependent on population growth rate and macro economic factors of a region including GDP growth rate and purchase power parity. Therefore high economic growth mainly in the BRICs region has been fuelling growth for global industrial phosphate market. The environmental hazards associated with industrial phosphate have led to increase in number of regulations in the market that have been restraining industrial phosphate market growth.
Asia Pacific dominates the global demand for industrial phosphates both in terms of production and consumption. Asia Pacific comprises two of the largest economies in terms of population, India and China that has led to high demand for industrial phosphate for agricultural applications such as fertilizers. Increasing industrial investment and high GDP growth in these emerging economies has led to growth in several end user industries for industrial phosphate including detergents, metal finishing, flame retardants, etc. Owing to the aforementioned factors, Asia Pacific is anticipated to be the fastest growing geographic segment for industrial phosphate market.
North America is the second largest market for industrial phosphate in terms of consumption and the trend is expected to continue for the next six years. However phosphate reserves in North America have been depleting on account of over exploitation. Hence countries such as the U.S and Canada are expected to be dependent on imports to meet their domestic demands. Moreover, demand for industrial phosphate in North America and Europe is anticipated to grow at a sluggish rate mainly owing to market maturity and stringent environmental regulation.
Industrial phosphate market is consolidated and some key players constitute major portion of the global market share. Moreover, there has been increasing threat of new entrants mainly in the Asia Pacific region on account of which, the degree of competition in the market is expected to intensify in the near future. Some of the major players in the industrial phosphate market include The Mosaic Company, Innophos Holding Inc., EuroChem, Yuntianhua Group Co. Ltd and United Phosphorus Ltd. among others.
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