Industrial Phosphate Market size may grow exponentially over 2023-2032. Widespread application scope in food, fertilizers, personal hygiene, detergents, and construction sectors will drive industry growth.
Global detergent consumption may witness gains of over 5% up to 2024. Different consumer habits in various regions and rising disposable incomes coupled with consistent growth in the global population have led to a rise in demand for hospitality, clothing, and laundry services driving detergent industry growth. Industrial phosphate is extensively used for cleaning in various end-use industries like paint, chemical, automobile, paper, and textile, which will positively influence the industry landscape.
Global fertilizer consumption was estimated to be over 185 million tons in 2016 and may surpass 225 million tons by 2024. Industrial phosphate fertilizers may witness steady growth over the foreseeable timeframe due to high potash content, which is favorable for crop yield. The remarkable rise in phosphoric acid production in countries such as China, Morocco, and Saudi Arabia will drive industrial phosphate market growth.
Increasing meat and animal-based product consumption worldwide may drive the demand for industrial phosphate in the feed market. Phosphates are alkaline, and USDA has limited the amount to 8 ounces per pound when added to the meat system. Meat vendors have been using the product for better animal health assurance to avoid disease outbreaks in livestock.
Phosphorite and sulfuric acid are essential raw materials in a variety of products. Fluctuating raw materials may challenge industry profitability, widening the demand-supply gap, thus, affecting the industrial phosphate price trend. However, many manufacturing companies in Europe and North America may increase production capacity by acquiring and joint ventures with companies to increase their product portfolio and enhance business.
The use of the product, including sodium triphosphate (STPP) in detergents, has been banned in some countries, including the EU, the U.S., Australia, Italy, and Canada, due to stringent government regulations and growing environmental concerns that may hamper industry growth. However, application potential in horticulture and water treatments should act as a major contributing factor to the global industrial phosphate market value.
The global trade that has been dealing with the looming consequences of the Russia-Ukraine crisis for the last two years is now facing numerous disruptions due to the ongoing inflation. Consistent rise in commodity prices and changing buyer behavior have resulted in sluggish growth of several end-use industries, thus limiting the demand for phosphates. Additionally, the disrupted value chains and limited availability of raw materials have slowed down manufacturing processes across several economies, further hampering the industrial phosphate market revenue streams over 2023-2032.
Industrial phosphate finds widespread application in various food products, including bakery, seafood, dairy, and poultry products. Rising consumer health consciousness and changing dietary patterns have led to an uptick in food-grade phosphorus consumption, thus driving industry growth. Increasing application scope in seafood products owing to retaining moisture & flavor, lipid oxidation prevention, and extending shelf life may propel industrial phosphate demand. Favorable government regulations by FDA and USDA regarding product usage in the food industry should fuel product demand.
Asia Pacific, led by India, Japan, South Korea, and China industrial phosphate market share may amass strong gains owing to a rise in per-capita disposable income resulting in ready-to-use baking mixes, seafood products, packaged meat, and convenience food and beverages products demand should stimulate regional industry growth. An increase in detergent consumption on account of hospitality, laundry services, and the textile industry may fuel product demand in the region.
Europe industrial phosphate market size may register significant gains owing to lithium ion-phosphate (LFP) battery production, which is used in electrical devices and vehicle industries, is likely to stimulate regional industry growth. Potassium and calcium phosphates have wide usage in the European food and beverage market, driving industry growth.
Global industrial phosphate market key players include The Mosiac Company, Israel Chemicals (ICL Group Ltd.), Aditya Birla Chemicals, PhosAgro, EuroChem, OCP Group, Timab Industries, Fosfitalia, and PotashCorp. Companies in this business have been actively incorporating novel expansion strategies to gain a strong foothold in the global market.