Phosphate refers to an electrically charged substance containing phosphorus. It works alongside nitrogen to facilitate the growth of plants. On the other hand, it also works with calcium to help build strong bones. To this end, it has emerged as a critical ingredient in agriculture and animal feed production. Phosphate is vital for enhancing photosynthesis, root development, and producing nucleic acid, enzymes, and proteins. It also helps with stalk and stem growth and promotes crop maturity and uniformity. Considering its holistic utility in the growth of plants, the agriculture sector has been a key facilitator of the global phosphate market expansion. Food-grade phosphate is also used in animal farming as it improves bone strength, gut health, and fertility. Considering these factors, the market is projected to maintain healthy growth momentum.
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Viability in Bone Regeneration to Create Demand for Calcium Phosphate in Phosphate Market
Recent technological advancements and a better understanding of the nature of phosphates have exploded the demand for the compound across many industries. For instance, the healthcare industry is exhibiting a keen interest in phosphate in relation to the growing usage of biomaterials. Phosphates have proven to be incredibly viable in the bone regeneration domain in both in vivo and in vitro conditions. Calcium phosphate is being researched as a biomaterial found in bones and is also crucial for bone regeneration. Calcium phosphate, when combined with other healing agents has showcased promise. These factors hint at the presence of lucrative business possibilities for the global phosphate market in the study period.
Mounting Demand for Fertilizers to Steepen the Growth Curve of Phosphate Market
Many variants of phosphates are being used across several key industries. The demand for ammonium phosphate is increasing at a sound pace amidst the increased usage of fertilizers and animal feed. One of the most notable benefits of ammonium phosphate is in aiding the growth of roots by improving the level of nitrogen present in the soil. In addition, the growing usage of MAP and DAP-grade fertilizers is further amplifying the sales of ammonium nitrate. As the demand for food continues to grow across the globe, the global phosphate market is projected to have fuel for growth in the foreseeable future.
Paced Demand in Several Key Industries to Aid Asia Pacific’s Phosphate Market Expansion
Growing agriculture activities and continually increasing demand for food are poised to cement Asia Pacific as a key revenue generator for the phosphate market. The region has a high population which creates favourable grounds for several end-use industries. This includes food and beverage, pharmaceuticals, fertilizers, animal feed, construction, and cosmetics. Key regional economies such as India and China also have supportive norms and incentives for these industries’ growth. The region also has a high concentration of key industry players which further benefits the phosphate market here.
Leading Market Players
The most competitive players in the global phosphate market include JPMC, Saudi Arabian Mining Company, The Mosaic Company, ICL, Eurochem, Jordan Phosphate Mines Company, Sinochem Yunlong Co. Ltd., Agrium Inc., OCP, Nutrien Ltd., Yara International, Maa’den, Chemische Fabrik Budenheim KG, Aditya Birla Chemicals, Phosphea, Prayon Group, Kazphosphate LLC, PhosAgro Group of Companies, Innophos Holdings Inc., Potash Corporation, Coromandel International Limited, and Israel Chemicals Ltd.
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