Phosphate Market Prognosticated for a Stunning Growth by 2028 | Mosaic Company, A. OCP, Nutrien Ltd., EuroChem, Innophos Holdings, Inc, ICL, PhosAgro

Phosphates are forms of the element phosphorus, found in clay deposits of phosphate minerals. Phosphate is used for the manufacturing of phosphorous, which find wide applications in the agriculture and chemical industry. The global phosphate market is a slow but persistently growing market owing to the critical nature of the element phosphorous for the modern industry and agriculture.

According to Market Research Future (MRFR), the global Phosphate Market is expected to garner a single-digit CAGR over the assessment period (2020-2027). Extensive uptake of phosphate in the chemical and agriculture sectors are the prime determinants of the substantial market demand.

Morocco commands the position as the most significant global producer as well as exporter of phosphates. Other important producers are the US, Egypt, China, Israel, Western Sahara, Tunisia, Kazakhstan, Australia, and Jordan, which possess commercially large phosphate mining sectors.

Persistent demand from the chemical and agriculture sector is the prime determinant of the market demand. Thus, the prosperity of these sectors correlates with the market demand and, consequently, price commanded by the global phosphate industry. Phosphate plays an important ecological and biological role resulting in it being a critical element in the fertilizer industry. Phosphate is a limiting and essential nutrient in agriculture and aquaculture as it governs the rate of organism growth.

However, the growing stringency of environmental regulations concerning the mining industry is restraining the market. The enactment of reclamation standards for phosphate mines is driving the cost of the end product.

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Global PhosphateMarket – Segments

MRFR has segmented the report into three dynamics to widen the scope of understanding,

By Type                     : Ammonium, Calcium, Phosphoric Acid, Potassium, Rubidium, Sodium, among others.

By Application       : Fertilizers, Food & Beverage, Detergents, Water Treatment Chemicals, Metal Treatment, Cosmetics & Personal Care, Pharmaceuticals, and Building & Construction, among others.

By Regions               : Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

 Global PhosphateMarket – Regional Analysis

The Asia Pacific region commanded the largest share of the global phosphates market in 2017, the fastest growing trend which shows no sign of slowing in the immediate future. This large and growing agriculture sector owing to the rising population is driving a persistent demand for phosphate-based fertilizers. The various schemes of the Governments to stimulate agriculture is driving a consistent growth of the market.

North America and Europe account for considerable markets for phosphates owing to their large-scale agriculture sector. In addition to agriculture, another industry such as soap and detergent is another driver of the phosphates market.

The Latin American market is also driving a large market owing to the rising consumption of food resulting in greater use of fertilizers.

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Global Phosphate Market – Competitive Landscape

The phosphate market is highly fragmented and competitive due to the presence of several big and small players. Phosphate is a high-volume low-value material resulting in high transportation costs. Thus, the economy of scale is a prime strategy employed by firms. End users are also using demand pooling so as to gain control of stock material at a lower cost. The little if any product differentiation results in a price being the prime value proposition. Thus, the industry is reeling under heavy pricing pressure. 

A sizeable industry is under government control as state-run enterprises owing control of mines. A large number of state own fertilizer companies are an influential buyer in the market. Thus, the market resembles a semi-monopoly resulting in inefficiencies. Geopolitics also plays an important part as only a few regions contain rich ores that can be extracted economically. 

Producers of phosphate are employing services such as free on-board shipping and reasonable credit so as to attract and gain large customers. 

Major Players:

Players leading the global phosphate market include Avantor Performance Materials, LLC (US), Maaden-Saudi Arabian Mining Company (Saudi Arabia), Mosaic Company (US), ICL (Israel), Nutrien Ltd. (Canada), Jordan Phosphate Mines Company PLC (Jordan), EuroChem (Switzerland), Innophos Holdings, Inc. (US), PhosAgro (Russia), SA OCP (Morocco), among others.

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Industry/ Innovation/ Related News:

November 11, 2019 —– Dangote Industries Limited (Dangote Group – Nigeria), a multinational, diversified, and fully integrated conglomerate, and the Government of Togo announced their partnership to develop and transform phosphate into phosphate fertilizers for the West African sub-region, to improve consumption of the product in Africa. With over two billion tones of phosphate reserves, Togo is one of the leading phosphate producers in Africa. Under the agreement, Togo will provide access to phosphate resources, and the Dangote Group will provide access to ammonia and the Nigerian market.

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