Phosphates are inorganic minerals mined from the deposits of clay. Phosphates are generally used as compounds of Phosphate ions combined with elements such as potassium, ammonium, calcium, sodium, rubidium, and others. The ammonium phosphate segment accounted for the majority share of the Global Phosphates Market in 2017 due to its increasing use in manufacturing fertilizers. Phosphates find application in the fertilizers, food & beverage, detergents, water treatment chemicals, metal treatment, building and construction, pharmaceuticals, and cosmetics and personal care products industries, among others. Phosphates are widely used in fertilizers as they are the key nutrients required for the growth of plants.
The growth of the Global Phosphates Market is driven by the expanding agricultural industry globally. Market growth can also be attributed to the rising demand for nutritious food products coupled with increasing health awareness among consumers, and a growing population base, especially in the developing nations such as India and China.
The consumption of Phosphates is increasing in the food & beverage industry in carbonated soft drinks, bottled coffee beverages, dairy products, meats, and eggs. The increasing demand for packaged food and beverages owing to convenience and improved shelf life is driving market growth.
The Phosphates Market is expected to witness significant growth during the review period with the increasing application in the water treatment chemicals, metal treatment, cosmetics and personal care, pharmaceuticals, and building and construction end-use industries.
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The market in Asia-Pacific accounted for the largest share of the Phosphates Market in 2017 and is expected to continue its dominance during the forecast period. This growth can be attributed to the increasing investments in crop production and other agricultural products coupled with the rising population. For instance, the total grain production in 2016–17 was 275.68 million tons in India. Additionally, the Government of India has introduced several schemes such as Per Drop More Crop, which aims to irrigate the fields of every farmer and improve water use efficiency.
North America is another prominent market for Phosphates because of the surging demand for packaged food and beverages. Product consumption is increasing in beverages due to the rising demand for health and energy drinks. Moreover, the growing use of phosphates in the agricultural industry especially in the US is propelling market growth.
The European market is also expected to grow in the coming years with increasing agricultural production especially in France, Germany, and Poland. Moreover, the growing soap and detergent industry as a result of increasing demand for household cleaning products is expected to fuel the demand for Phosphates.
The Latin American market is expected to witness considerable growth during the review period owing to the rising demand for nutritious food products with increasing health concerns among consumers. The market in the Middle East & Africa is likely to exhibit significant growth during the forecast period with the growing end-use industries such as agriculture and food & beverage.
Based on Type, the market has been segmented into ammonium, calcium, phosphoric acid, potassium, rubidium, sodium, and others.
Based on Application, the market has been segmented into fertilizers, food & beverage, detergents, water treatment chemicals, metal treatment, cosmetics and personal care, pharmaceuticals, building and construction, and others.
Based on Region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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