The global phosphate rock market size was USD 25.0 billion in 2022 and is expected to reach USD 38.78 billion in 2032, and register a revenue CAGR of 5% during the forecast period. The demand for fertilizers in the agricultural sector, which is raising the demand for phosphate rock as a crucial raw material for fertilizer manufacturing, is one of the major factors driving the market revenue growth. The primary forces behind the expansion of the agricultural sector, which is raising demand for fertilizers and, in turn, the phosphate rock market, are the rising world population and rising food demand.
The manufacturing of phosphate fertilizers, which are widely used in agriculture to raise crop yields and improve soil fertility, requires phosphate rock as a key raw ingredient. The rising demand for phosphate fertilizers, which is raising the demand for phosphate rock, is caused by the increased requirement for food security brought on by the increasing world population. Furthermore, the demand for organic fertilizers, which are also produced using phosphate rock, is being driven by growing knowledge of the advantages of organic farming and sustainable agricultural techniques.
The COVID-19 impact:
The COVID-19 pandemic is having a significant impact on the phosphate rock industry. Demand for phosphate rock is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. The lack of free movement of the labor force required for the application of fertilizers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
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Further key findings from the report suggest
- The phosphate rock is the only substantial resource of phosphorus worldwide used significantly in the production of nitrogen-phosphorus-potassium fertilizers for providing nutrition to food-crop and making of animal feed supplements.
- Phosphate rock also finds application in water treatment. It is added in a small amount in water supplies to prevent corrosion and is finds widespread usage in boiler water treatment.
- The direct usage of phosphate rock evades the conventional wet acidification process for water-soluble phosphate fertilizers and avoids the production cycle of wastes comprising greenhouse gases and phospho-gypsum, therefore leads to energy conservation and environmental protection from industrial pollution.
- The market in the Asia Pacific region contributed to the largest phosphate rock market share in 2019. The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the easy availability of raw materials.
- Key participants include Nutrien Limited, Hubei Xingfa Chemicals Group Co. Ltd., PhosAgro, Itafos, OCP Group, Yunnan Phosphate Haikou Co. Ltd. (YPH), The Mosaic Company, Fertoz, SC Phosphate Resources Limited, and Misr Phosphate, among others.
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For the purpose of this report, Reports and Data has segmented into the global phosphate rock market on the basis of deposits, distribution channel, application, and region:
Deposits Outlook (Revenue, USD Billion; 2017-2032)
- Sedimentary Marine
- Igneous
- Metamorphic
- Biogenic
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2032)
- Online
- Offline
Application Outlook (Revenue, USD Billion; 2017-2032)
- Fertilizers
- Animal Feed
- Water Treatment
- Others
Regional Outlook (Revenue, USD Billion; 2017-2032)
- North America
- U.S
- Canada
- Europe
- Germany
- U.K
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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