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Phosphates are inorganic minerals that are extracted from mines. They are naturally occurring minerals of phosphorous. In organic chemistry, phosphate or ortho-phosphate is a type of organophosphate. They are significant in medical, biochemical ecological and other sectors. Most of the phosphates are insoluble in water except for sodium, potassium, rubidium, cesium and ammonium phosphates. They find applications in pharmaceutical, medical, personal care, cosmetic, agricultural, constructional and many other areas.
Increasing demand for phosphate from various end-user sectors is likely to boost the market growth. Calcium phosphates are widely used in dietary supplements and feeds to ensure proper nutrition and growth. Increasing use of phosphates in packaged food products to preserve and increase the shelf life is expected to positively impact the market. additionally, increasing use of phosphates in water treatment chemicals, detergents, metal treatment and other industrial application shall foster the market growth.
However, phosphate salts like monocalcium phosphates and dicalcium phosphates are slightly higher in cost. Also availability of phytase as alternative for these phosphate is expected to hinder the market growth.
Key Market Driver -
Increasing demand for several application areas.
Key Market Restraint -
High cost of phosphate salts.
Based on type, the global phosphates market is segmented into ammonium, calcium, phosphoric acid, potassium, sodium, and others. Based on application, market is segmented into agrochemicals, food & beverages, detergents, water treatment chemicals, metal treatment and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global phosphates market consists of global & regional players operating. Some of the key players in the market include Mosaic Company, S.A OCP, Innophos Holdings, Inc, EuroChem, Maaden-Saudi Arabian Mining Company, Avantor Performance Materials, LLC, PhosAgro, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia pacific held the largest share in 2017 attributed to the high demand for agrochemicals. Increasing population has subsequently increased the demand for food and farm produce. North America is expected to another prime market due to the high demand for packaged food and beverages. Europe is expected to show considerable growth as a result of the rapid industrialization and increasing demand from industrial sector. Latin America & Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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