Global Phosphate Rock Market - 2022-2029
The Global Phosphate Rock Market is Predicted to reach at a CAGR during the forecast period (2022-2029)
Phosphate rocks have a high concentration of phosphate minerals, which come mostly from sedimentary and marine deposits. Phosphate rock is a non-detrital sedimentary rock that is gritty and rich in minerals. Calcium phosphate dietary supplements are also made from phosphate rocks. Phosphate rocks are also utilized to produce phosphate fertilizers employed in agriculture. In plants, phosphorus aids in capturing sunlight or solar energy, which accelerates the photosynthesis process. It's also utilized in metallurgy, fertilizer manufacturing, animal feed, food and beverage manufacturing, consumer goods, and water treatment, among other applications.
Increasing demand of phosphate rock in fertilizer and animal feed industry
Phosphoric acid is required to produce fertilizers used in agriculture to improve plant health. Phosphate is also often utilized in animal supplements. These two industries are expected to provide significant growth potential for the phosphate rock market. Phosphate rocks have a high concentration of phosphate minerals, which come mostly from sedimentary and marine deposits. Phosphate rock is a non-detrital sedimentary rock that is gritty and rich in minerals. Calcium phosphate dietary supplements are also made from phosphate rocks. Phosphate rocks are also utilized to produce phosphate fertilizers, which are employed in agriculture. In plants, phosphorus aids in capturing sunlight or solar energy, which accelerates the photosynthesis process. When a water-soluble P fertilizer is applied to soil, it dissolves fast and combines with the soil to generate low-solubility compounds. When phosphate rock is put into the soil, it slowly dissolves, releasing nutrients over time. However, in some soils, the dissolution rate may be too slow to sustain healthy plant development.
Additionally, the phosphate rock market will continue to rise due to rising dairy and meat consumption, as well as rising personal disposable income. According to statistics published by the National Agricultural Statistics Service Information, the per capita intake of poultry and red meat in the United States climbed to 224.63 pounds per person in 2019. Growing demand for high-quality meat is likely to drive demand for high-nutrition animal feed, which, in turn, is expected to drive the phosphate rock industry in the future years. Phosphate rock market growth will be aided by the rise and expansion of several end-user verticals such as metallurgy, chemicals, and fertilizers. Growing demand for phosphate rock as an addition or preservative, expansion in the manufacturing sector, expanding urbanization, and an increase in the number of food and beverage outlets, will all contribute to the market's upward growth rate. However, rising environmental concerns and stringent land pollution regulations will offer a significant impediment to the phosphate rock market's expansion.
Fertilizer’s segment is the dominating segment in the global phosphate rock market
One of the key factors affecting crop productivity and yield is phosphorus deficiency in agricultural soil. The availability of P utilizing rock phosphate can be boosted using organic waste with phosphate solubilizing bacteria to increase crop development. Furthermore, the combination of phosphate rock and compost and the period and dose at which they are applied can impact P availability through mineralization and immobilization. Phosphate rock is a significant natural source of P that is utilized as a raw material in manufacturing artificial phosphatic fertilizers. The direct application of phosphate rock to acidic soils has been beneficial since the low pH helps to solubilize the phosphate rock and increases the accessible form of P to the plants. Due to the high pH of alkaline/calcareous soils, this method does not function. The use of enriched- phosphate rock combined with compost in alkaline/or calcareous soils could be a good strategy for phosphate rock solubilization. In addition, adding organic fertilizers to soil increases its physicochemical and biological qualities. Organic fertilizers were high in macro and micronutrients; this method positively impacted the crop. Most organic fertilizers are typically made from biodegradable solid wastes, such as compost or vermicompost.
Based on deposits, phosphate rock deposits can be sedimentary or igneous. Still, sedimentary deposits generated by the deposition of phosphate-rich minerals in marine environments account for more than 80% of the world's current phosphate rock production. The sedimentary marine segment held the major share in 2021. Enriched-phosphate rock combined with compost in alkaline/or calcareous soils could be a good strategy for phosphate rock solubilization.
Asia-Pacific expected to dominate the global phosphate rock market during the forecast period
Due to diversified food needs in populous and rising countries such as India and China, Asia Pacific accounted for the greatest share of over XX% in 2021. The rising demand for food in the region is likely to promote fertilizers to improve agricultural production efficiency, which is expected to drive up demand for phosphate rock in the future years. Phosphate rock demand is mostly determined by population growth, government efforts, prices, and production in the Asia Pacific. APAC's agriculture sector is growing, and the population is primarily reliant on home farming. These characteristics push farmers to use various soil inputs to raise land productivity, boosting the regional market growth.
The phosphate rock market is fragmented, with many small players in the industry globally. Companies increase their product line and mix to cater to consumers' demands. Centrex Metals began a new phosphate rock mine project in Ardmore, Northwest Queensland, Australia, in August 2021. This mine is expected to generate 800 kilotons of phosphate rock each year, resulting in 600 kilotons of phosphate fertilizer. Every year, Australia and New Zealand import millions of phosphate rocks from the Western Sahara. Due to a large freight advantage over current suppliers, this will present an opportunity for Centrex Metals. The Bureau of Land Management of the United States Department of the Interior and the Forest Service of the United States Department of Agriculture has approved an expansion of Idaho's largest phosphate rock mine. The extension will allow the operating firm to continue mining at the site for another 10 years before shifting to a new mine under construction in the same location.
Positive impact on the phosphate rock market
The fertilizer industry has been greatly impacted by the outbreak of COVID-19 in several parts of the world since the pandemic began. Because of the COVID-19 epidemic, fertilizer manufacturing and supply chains have been partially affected, resulting in lower availability and sales in 2020. In the first half of 2020, a pause in farming techniques, combined with an uncertain foodservice business and a labor shortage, lowered potassium sulfate sales. The market, however, turned around in the second part of the year as a result of the essential category designation granted to agriculture and related sectors around the world. However, in some countries such as the U.S., regulators have launched initiatives that are set to the revive market landscape. For instance, as per a January 2021 report, the U.S. Department of Agriculture, Bureau of Land Management, and the U.S. Department of the Interior gave approval to the expansion of the largest phosphate rock mine situated in the state of Idaho. Such developments are expected to support business scenario in the coming years.
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