Phosphates Market: Overview
- Phosphorus is the second-most widely used fertilizer nutrient after nitrogen. The most important source of phosphorus is phosphate rock. Phosphate rock is the commercial source used as a raw material in the manufacture of phosphoric acid, phosphate fertilizers, and certain other chemicals. Production of phosphoric acid is the first step in the manufacture of several phosphate fertilizers.
- Phosphoric acid and phosphate compounds can be used directly in the chemical industry or as a key ingredient in the production of other chemicals required in applications such as detergents, animal feed, foods, beverages, surface treatment (including metal cleaning and coating), water treatment, dentistry, tooth pastes, and fire extinguishers. High-purity phosphate compounds are used in the production of foods and pharmaceuticals. Some other phosphoric chemicals derived from phosphate rock are used in pesticides, matches, fireworks, and in a few military applications.
- Rise in the food production in order to serve the demand of increasing population propels the demand for phosphate fertilizers for use in agricultural production. Moreover, increase in the global consumption of meat as a source of protein is a major factor driving the demand for phosphates for animal feed.
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- In terms of value, the global phosphates market is anticipated to expand at a CAGR of 4% during the forecast period to reach value of ~US$ 48 Bn by 2027
- Asia Pacific was the prominent region of the global phosphates market in 2018. The market in the region is expected to expand at a CAGR of more than 4% between 2019 and 2027. Increase in the demand for phosphate-based fertilizers and rise in the consumption of meat are major factors anticipated to drive the phosphates market in Asia Pacific during the forecast period.
- The market in other regions such as North America, Europe, Latin America, and Middle East Africa is expected to witness sluggish growth compared to that in Asia Pacific between 2019 to 2027
- Overall, the demand for phosphates is expected to remain stable between 2019 and 2027
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Apart from the soaring demand from the food beverages industry, the demand for phosphate is on the rise in the healthcare sector for applications in bone regeneration. Sodium phosphate and disodium phosphate are increasingly being used across the personal care and cosmetic sector. Phosphate rocks are the leading commercial source that is predominantly used as a raw material for the manufacturing of phosphate fertilizers, phosphoric acid, and a range of other chemicals. Phosphate fertilizers have emerged as critical end products of phosphoric acid. The demand for phosphate compounds to manufacture toothpaste, detergents, fire extinguishers, etc., is expected to witness significant growth during the forecast period. At the back of these factors, along with additional research and development, the global phosphates market is expected to reach a market value of ~US$ 48 Bn by the end of 2027.
High Adoption in Food Industry to Boost Market Growth
Over the past couple of decades, the demand for phosphates, particularly to develop phosphate additives has witnessed consistent growth. Phosphate additives are used in several food products, especially processed food items. Phosphate additives are growing in demand, as they are extensively used to retain moisture, preserve color, and stabilize frozen food products. The demand for di-sodium phosphate is increasing, particularly to prepare ice cream. In addition, ferric phosphate is increasingly being used to fortify food products– a factor that is expected to increase the demand for food-grade phosphate during the assessment period. The steady rise in demand for phosphate from the food beverages industry is anticipated to provide a boost to the phosphates market during the assessment period. Tri-calcium phosphate is extensively used as an anti-caking agent for several decades and the trend is expected to continue in the coming years. Of the different types of products in the phosphates market, ammonium phosphates are expected to have the highest market share in terms of volume and value due to the widening applications of the same, particularly in the agriculture sector.
Increase in Demand for Calcium Phosphate for Bone Regeneration
The healthcare sector has embraced innovations and new technologies with open arms in the past few decades. Technological advancements, onset of new materials, development of biomaterials, and research development activities, along with abundant clinical trials are some of the major factors that have improved the healthcare sector worldwide. Within the healthcare sector, bone regeneration has gained a notable amount of momentum over the past few years, wherein multiple experiments are increasingly using biomaterials in vitro and in vivo to gain a fair understanding of bone regeneration. Among the different types of biomaterials, studies continue to investigate the role of calcium phosphates that are found in natural bone due to its bone regenerative property. Calcium phosphate is increasingly being used in bone regeneration applications due to its osteoconductive properties in different forms, including cement, scaffold, and coating. Another major factor that is projected to augment the adoption of calcium phosphate is the unique bioactive properties and efficacy in bone regeneration. Several studies are also inclined toward enhancing the efficacy of calcium phosphates when combined with different healing agents.
Participants of the current phosphates market are expected to gain approval from the FDA for their products related to the use of phosphates. For instance, in February 2020, pharmaceutical company CMP Pharma Inc. revealed that the company gained approval from the FDA for a potassium phosphate injection that would address the existing challenges related to the critical phosphate repletion treatment.
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