Phosphorus Ore Market - Global Industry Analysis 2020
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Phosphorus is among the most essential nutrition for plants and helps in photosynthesis, cell division, enlargement, seed formation, etc. Fertilizer production is the most dominant application segment for phosphorus ore and the trend is anticipated to continue for a foreseeable future. Phosphorus is also among important nutrition for animals and is an essential component of bones, DNA and others. Phosphorus is used in the production of several food products and beverages including some soft drinks. Phosphorus is also widely used in the production of lamps, matches and glass among several others.
Phosphorus ores such as iron phosphate, aluminum phosphate are used for extraction of other materials such as iron and aluminum depending on the ore.
Decreasing arable land has led to demand for high agricultural efficiency which has been a major factor driving demand for phosphorus ore. Moreover, high growth in food and beverages industry also has been among major growth drivers for phosphorus ore market. Major end use industries for phosphorus ore include consumer goods such as toothpaste, soft drinks, etc. Therefore macroeconomic factors such as GDP growth are also among major factors driving demand for phosphorus. Decline in global phosphorus reserve has led to increase in price of phosphorus ore and also has been restraining market growth for phosphorus ore. The elemental form of phosphorus poses severe environmental and health hazards, owing to which, several regulations have been imposed to control the use of phosphorus. This has been a major restraint for the phosphorus ore market growth. Increasing research and development to discover new phosphorus ores is anticipated to offer huge growth opportunity in the market.
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Asia Pacific dominates the global demand phosphorus ore market and the trend is anticipated to continue during the forecast period. Asia Pacific comprises two of the largest countries in terms of population leading to high demand for food in the region which has been among foremost drivers for phosphorus ore market in Asia Pacific. Asia Pacific is also anticipated to be the fastest growing region for phosphorus ore demand during the forecast period. Demand for phosphorus ore in North America and Europe is anticipated to grow at a sluggish rate primarily owing to increasing number of regulations to control the use of phosphorus. High growth in agriculture industry in the developing economies of South America such as Brazil is anticipated to offer huge growth opportunity for phosphorus ore market in South America.
Some of the major players in phosphorus ore market include Yuntianhua Group, Hubei Yihua Group, Hubei Xingfa Chemicals Group Co., Ltd., Guizhou Kailin (Group) Co., Ltd., Jiangyin Chengxing Industrial Group Co., Ltd. and Sichuan Qingping Phosphorus Ore among others.
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