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Phosphate Rocks Market is anticipated to Reach US$ 42.15 billion by 2028|Key Players- PhosAgro, Solvay SA and more
Phosphate Rocks Market 2028
At a CAGR of 6.41% over the forecast period of 2021-2028, the worldwide phosphate rock market is anticipated to increase from US$ 20.01 billion in 2021 to US$ 42.15 billion by 2028.
The Phosphate Rocks Market is a highly dynamic industry with a wide range of products and services available. Phosphate rocks are used in numerous industrial and agricultural applications, such as fertilizer production, animal feed supplements, food additives, and detergents. Phosphate rocks have been extensively mined for centuries, but the global Phosphate Rocks Market has seen significant growth in recent years due to increasing demand from multiple sectors.
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The Phosphate Rocks Market can be divided into six major types: Phosphorus Pentoxide (P2O5), Phosphoric Acid (H3PO4), Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP), Triple Superphosphate (TSP), and Ammonium Polyphosphates (APP). Each of these products has its own unique properties that make it suitable for different industrial and agricultural applications. For example, Phosphorus Pentoxide is mostly used as a feedstock for producing phosphorus-containing chemicals while Phosphoric Acid is mostly used in fertilizers and detergents. Similarly, MAP is used as fertilizer while DAP is mainly used as animal feed supplement.
Key Players-
• PhosAgro
• Solvay SA
• The Mosaic Company
• S.A. OCP
• JPMC
• Prayon Group
• Gecopham
• GCT
• Vale
• Yara International ASA
• Others.
These companies have adopted various strategies such as product launches & developments; partnerships & collaborations; mergers & acquisitions; joint ventures; expansions; patents & agreements; research developments & innovations; investments ; divesting activities ; and other strategies to gain an edge over their rivals in this competitive landscape .
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Key Highlights on the Global Phosphate Rock Market
The global phosphate rock market is segmented by application, by grade and by region.
• By application, the fertilizer industry segment is expected to be show the largest consumption of phosphoric acid and hence it is highly lucrative segment for the expansion of the phosphate rock market. The animal feed segment by application is also expected to show high potential in the coming years. This segment is projected to be grow at the highest pace and poised to register a high CAGR of 3.6% throughout the course of assessment
• By grade, the fertilizer grade segment is the largest segment with respect to market share and is projected to show a valuation of more than US$ 23 Bn by the end of 2022. The feed grade segment is the fastest growing segment in 2017, and this trend is expected to continue over the course of assessment 2017-2022
• Asia pacific excluding Japan (APEJ) region is expected to show high market attractiveness for the expansion of the global phosphate rock market. The phosphate rock market in the Asia Pacific excluding Japan region is expected to be the largest among other regions during the assessment period. By the end of 2022, this region is likely to portray a valuation of more than US$ 15 Bn. Moreover, the Middle East and Africa (MEA) region is expected to reflect higher growth rate and a noteworthy market value by the end of the forecasted year
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The increasing population and urbanization across the globe are driving growth in the Phosphate Rocks Market over the forecast period. Additionally, rising investments in infrastructure development projects are creating opportunities for the market players operating in this sector. Furthermore, several governments are providing financial support to agricultural activities which also creates opportunities for market players offering phosphate-based products such as fertilizers or animal feed supplements.
However, environmental concerns regarding phosphate rock mining activities may hamper growth in this sector over the next few years. Moreover, certain government regulations on product quality standards may also act as restraints on market growth during this period. Nonetheless, the increasing number of strategic collaborations between key market players should boost growth over the forecast period from 2020 to 2027.
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