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Phosphate Salts Market Analysis
- Report ID: GMI5480
- Published Date: Mar 2023
- Report Format: PDF
Phosphate Salts Market Analysis
Phosphate salts market from the ammonium phosphate segment is projected to record a 5.5% CAGR between 2023 to 2032. Ammonium phosphates ensure that crops receive the required nutrients for necessary growth. With the increasing global population, it is estimated that the demand for food production technologies and advancements in agriculture will lead to an increased requirement for technical-grade ammonium phosphates. Ammonium phosphates are also used in the paint sector as curing agents and flame retardants. This is raising the demand for ammonium phosphates as an ingredient in paints & coatings could facilitate market development.
Phosphate salts market from technical grade segment is estimated to account for over 6% CAGR between 2023 to 2032. Technical-grade phosphate salt plays a critical role in metal surface treatment. The treatment of metal surfaces with phosphate salt provides a coating of insoluble metal phosphate crystals, which is referred to as phosphating. These coatings affect the hardness, appearance, and electrical properties of the metal surface. The rising demand for metals mainly in the automotive and construction sector worldwide is estimated to drive the use of technical grade phosphate salt.
Asia Pacific phosphate salts market is anticipated to account for over USD 30 billion by 2032. The animal feed sector in the region has gained considerable growth due to the rising demand for livestock and the subsequent industrialization of their cultivation. The preference for westernized diets and rapid urbanization are pushing the demand for packaged foods in the Asia Pacific. New FDI investments and rapid industrialization in the region have led to the commencement of new manufacturing units and the demand for heavy machinery. The presence of large food packaging and rubber manufacturing companies in the region is expected to boost regional product demand.
Phosphate salts market from the animal feed segment is forecasted to register a valuation of over USD 7 billion by 2032. Phosphorus is important for the growth & development of animal bones, teeth, and other tissues. The animal feed sector revolves around the production of feed for poultry and livestock, including chickens, cows, pigs & other farm animals. Technical-grade phosphates are particularly used in animal feed as a source of phosphorus, which is an essential mineral for animal health.
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Phosphate Salts Market Scope
