Global Phosphates Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
Phosphate rock is used for the manufacture of fertilizer, animal feed, detergents, and food and beverage products. Of these products, fertilizer is the most important application. Phosphates are rocks or ore containing phosphate ions in mineralogy as well as in geology. The global phosphate production majorly comes from 14 key producing countries. Out of which, Morocco is one of the key producer of the phosphate. Inorganic phosphates are excavated to obtain phosphorus for agriculture and industries. Plants and animals cannot survive without phosphorus. It is an essential element in ATP; which is an energy-bearing compound that drives the biochemical processes. Phosphorus comprises of the molecular like composition of DNA, phospholipids, RNA, and others that are necessary for the functioning of cellular membranes. Nitrogen and another essential element can be obtained from the atmosphere, indicating an easy availability. Phosphorus, present in the soil as phosphate minerals, is a non-renewable resource. The production of phosphate fertilizers, generally involves the application of manure, bone meal, human excreta, or guano to fields which acts as a crop nutrition.
Global demand for phosphate rock is increasing due to the rising world population and the increasing food demand. United Nations (UN) has anticipated that by the end of 2050 the global population will reach over 9 billion people. Moreover, because of the growing urbanization and economic growth, more people will move to cities and enjoy high incomes. To feed this larger, more urban and richer population, food production worldwide needs to increased by 70% in the coming years. This increasing food production will boost the demand for energy and water and phosphate fertilizer, making phosphate rock an increasingly scarce resource of minerals.
Phosphates are primarily segmented on the basis of types and applications. On the basis of types, phosphates are subdivided into phosphoric acid, dihydrogen phosphate and hydrogen phosphate. Out of which phosphoric acid is expected to have the largest market share in the forecast region. Phosphoric acid is widely used as food additives. Food-grade phosphoric acid is added to acidify foods and beverages like various colas and jams, which gives a tangy or sour taste. Dihydrogen phosphate and hydrogen phosphate are used in the chemical industry for the manufacture of other chemicals. On the basis of application, phosphate is required in mining, industrial processing, fertilizers production and agriculture industry. Amongst all of the applications production of fertilizers requires more phosphates due to which it is expected to dominate the market in the forecast period.
On the basis of geography, the market is segmented into North America, Europe, Asia Pacific and rest of the world. In North America, U.S. is the leading producer; producing about 33 to 34 percent of total production worldwide, followed by China, Morocco and Russia.
Some of the major key players in phosphate production industry are Agrifos Fertilizer LLC, Aurora Mining, Australian-phosphate, Northern miner, OCP corporate, The Mosaic Company. These companies are actively extracting phosphorus through mines and are trying to find new resources.
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