Phosphate Rock Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3834
Phosphate Rock Market size is projected to show tremendous growth during the forecast period driven by its increasing use in the production of phosphate fertilizers and in animal feed applications. Phosphate rock or phosphorite is a type of sedimentary rock that contains excessive amounts of phosphate minerals.
The growing product application in animal feed, fertilizers, industrial chemicals and food additives will be augmenting global phosphate rock market size during the assessment period. The product is also processed to extract phosphorous that acts as a vital feedstock in the chemical industry. Some of the niche product applications include metallurgy, water treatment, cosmetics, anti-corrosion agents and others. The growing demand for phosphate rocks from the agrarian economies across the globe is anticipated to be a major factor driving the overall market.
Phosphates forms an essential part in animal and plant nutrients and is used as a pivotal component of phosphorus-potassium (NPK) fertilizers. Moreover, the growing use of phosphorous derivatives in industries such as detergents and cosmetics shall further boost the phosphate rock market growth during the review period. However, growing awareness related to the adverse effects of phosphate rock mining coupled with the presence of stringent regulations mainly in Europe and the U.S. for phosphate-based fertilizers may pose challenges to phosphate rock market in the coming years. The major environmental effects pertaining to the mining of phosphorous rock includes water contamination, land surface disturbance and air pollution. These effects occur at all stage of mining from mine development to mine closure. Thus, the growing environmental protection pressure in developed countries of Europe and North America is anticipated to act as a major downside to the growth of the global phosphorous rock market.
In terms of deposits, the global phosphate rock market is segmented into sedimentary marine, igneous, metaphoric, biogenic and others. Among the segments, sedimentary marine deposits were the largest deposit type in 2018 and shall exhibit the same trend over the forecast period. Sedimentary marine deposits occur in every continent and over 75% of overall phosphorous rock consumed globally, is extracted from these deposits and over 15% is extracted from igneous deposits across the globe.
In terms of applications, the global phosphate rock market is classified into fertilizers, animal feed supplements, metallurgy, water treatment, industrial chemicals, fungicides, cosmetics, anti-corrosion agents, detergents and food preservatives. Among the segments, fertilizers were the largest segment in 2018 and is shall expand substantially from 2019 to 2025. The growing demand for phosphate-based fertilizers mainly from Latin American and Asia Pacific shall positively influence phosphate rock market size growth during the forecast timeframe
Detergents and industrial chemicals are another important application segment in global phosphate rock market. The growing demand for detergents and cleaning agents across the globe coupled with increasing production of phosphate based industrial chemicals is likely to boost the product demand in future. Food is a prominent application segment in global phosphate rock market. The food industry uses phosphate for various applications including solubilizing agent in meat products and to improve moisture retention properties.
Asia Pacific and Latin America shall show a significant growth, in terms of volume and value, during the forecast period. The presence of major agriculture-dependent countries in these regions shall contribute positively to the overall product demand. China is likely to lead in Asia Pacific and globally in the coming years. The presence of large phosphate rock reserves in the country will be a prime growth attributor. The other major countries with phosphate rock reserves include Russia and the U.S., whereas Morocco and Western Sahara possess some of the largest reserve in the world.
Some of the key market players in phosphate rock market include Vale, Mosaic, Grange resources, Potash Corporation, MBAC Fertilizer, Phosphate Resources, Wengfu Group, Agrium, Anglo American and Sterling Group ventures.
Phosphate Rock Market, By Deposits, 2014-2025 (Tons) (USD Million)
- Sedimentary Marine
Phosphate Rock Market, By Application, 2014-2025 (Tons) (USD Million)
- Animal feed supplements
- Water treatment
- Anti-corrosion agents
- Food preservatives
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Grange resources
- Potash Corporation
- MBAC Fertilizer
- Phosphate Resources
- Wengfu Group
- Anglo American
- Sterling Group ventures
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