Phosphates Market Scope and overview, Segments Analysis and Opportunities 2027

Phosphates Market: Introduction

In terms of value, the global phosphates market is anticipated to expand at a CAGR of ~4% from 2019 to 2027. Phosphates are largely used for production of phosphate fertilizers and animal feed products across the globe. Asia Pacific dominated the global phosphates market in 2018. China is anticipated to be a leading exporter of phosphates across the globe during the forecast period. Ammonium phosphates and calcium phosphates are the most widely consumed phosphates in developed as well as developing regions, in fertilizers and animal feed, respectively. The demand for phosphates in the industrial sector is less compared to fertilizers and animal feed, owing to availability of a large number of substitutes.

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Availability of Substitutes for Phosphates to Hamper Demand for Phosphates

High costs of phosphate salts, such as calcium phosphates and its derivatives, have led to increase in the usage of lower-cost substitutes such as phytase, which can be used as a means of controlling the overall animal feed cost. Furthermore, phytase can meet all functionalities of animal feed phosphates such as enhancing the digestive process, improving bone health, and promoting higher feed intake. Thus, phytase helps in the physical development of livestock and it is considered a major substitute for animal feed phosphates. A large number of substitutes are available for phosphate salts used in the industrial application. For instance, countries in Europe are planning to reduce the usage of sodium tripolyphosphate in detergents and switch to non-phosphate-based alternatives such as zeolite.

Ammonium Phosphate to be Leading Product Type in Phosphates Market

In terms of product, the global phosphates market has been segmented into ammonium phosphate, calcium phosphate, potassium phosphate, sodium phosphate, magnesium phosphate, single super phosphate, triple super phosphate, iron phosphate, and others. Ammonium phosphate was a major product type segment of the global phosphates market, accounting for more than 70% of the market share in 2018. It was followed by the calcium phosphate segment. Ammonium phosphate is used as a phosphate fertilizer. Increase in agricultural activities in order to meet the food demand has propelled the demand for fertilizers. Phosphorus, along with nitrogen and potassium, is one of the three key nutrients that plants require and it the major ingredient of phosphate fertilizers. Maintaining proper levels of phosphorus helps a plant acquire and store energy as well as transfer it throughout the plant.

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Agriculture to be Dominant Application of Phosphates Market

Based on application, the global phosphates market has been segmented into building & construction, agriculture, animal feed, personal care, cleaners/detergents, food & beverages, pharmaceutical, and others. In terms of consumption, the agriculture segment held a major i.e. more than 70% share of the global phosphates market in 2018. This trend is anticipated to continue throughout the forecast period. The agriculture segment was followed by the animal feed segment, which accounted for more than 10% share of the global phosphate market, in terms of consumption, in 2018. Increase in the consumption of phosphate-based fertilizers and growing popularity of animal feed, especially in Asia Pacific, are major factors driving the demand for phosphates across the world.

Asia Pacific to be Lucrative Region of Global Phosphates Market

In terms of consumption, Asia Pacific dominated the global phosphates market in 2018. The market in the region is likely to expand at a significant pace from 2019 to 2027. Increase in agricultural activities and rise in the demand for animal feed products are major factors anticipated to fuel the demand for phosphates in Asia Pacific during the forecast period. China and India are key countries of the phosphates market in Asia Pacific. In terms of revenue, China is projected to be an attractive market for phosphates in Asia Pacific during the forecast period, owing to abundance of phosphorus reserves, presence of manufacturers of low-cost products, significant exports, and technological superiority of China over other countries in the region

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Competition Landscape

The global phosphates market was fragmented in 2018, with the presence of a large number of global as well as local manufacturers. Major players operating in the market include The Mosaic Company, OCP, ICL, Nutrien Ltd., Prayon Group, JPMC, PhosAgro Group of Companies, and Eurochem. These companies have significant presence across the globe. Key manufacturers operating in the global phosphates market are The Mosaic Company, OCP, Israel Chemicals Ltd, Nutrien Ltd., Prayon Group, Jordan Phosphate Mines Company PSCL (JPMC), PhosAgro Group of Companies, Eurochem, Kazphosphate LLC, Maa'den, Sinochem Yunlong Co. Ltd., Yara International, Phosphea, Aditya Birla Chemicals (Thailand), Coromandel International Limited, Chemische Fabrik Budenheim KG, Aliphos, and Sichuan Blue Sword Chemical (Group) Co., Ltd.

Increase in Demand for Calcium Phosphate for Bone Regeneration

The healthcare sector has embraced innovations and new technologies with open arms in the past few decades. Technological advancements, onset of new materials, development of biomaterials, and research & development activities, along with abundant clinical trials are some of the major factors that have improved the healthcare sector worldwide.

Within the healthcare sector, bone regeneration has gained a notable amount of momentum over the past few years, wherein multiple experiments are increasingly using biomaterials in vitro and in vivo to gain a fair understanding of bone regeneration. Among the different types of biomaterials, studies continue to investigate the role of calcium phosphates that are found in natural bone due to its bone regenerative property.

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Calcium phosphate is increasingly being used in bone regeneration applications due to its osteoconductive properties in different forms, including cement, scaffold, and coating. Another major factor that is projected to augment the adoption of calcium phosphate is the unique bioactive properties and efficacy in bone regeneration. Several studies are also inclined toward enhancing the efficacy of calcium phosphates when combined with different healing agents.

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