Phosphate rock may be a sedimentary rock having immense concentration of phosphate minerals. The phosphate rock market may be divided on the idea of sources from that it’s mined like marine phosphate deposits, igneous phosphate deposits, metamorphic deposits, biogenic deposits, and weathered deposits. Sedimentary and marine deposits are the main supply for phosphate rock over the world. The market may be divided on the basis of its end applications like fertilizers, feed and food additives, industrial chemicals and others. Based on applications, fertilizers is the biggest segment in the world phosphate rock (PR) market because of its large demand in the developing nations of Asia Pacific and Latin America.The fertilizer segment are sub-segmented into DAP (Di-ammonium Phosphate), MAP (Mono-ammonium Phosphate), and TSP (Triple super phosphate).
According to the study, ‘World Phosphate Rock Market Research Report 2024 (Covering USA, Europe, China, Japan, India and etc)’ categorical that there square measure some corporates that presently functioning several successfully for dominant the prime effective growth of the market and obtaining the productive competitive edge whereas acceptive the productive profit making ways in which policies like joint ventures, partnership, merger, mergers and acquisitions and merchandise includes The Mosaic Company, Yunnan Phosphate Group, Wengfu Group, PhosAgro, Nutrien, Hubei Xingfa Chemicals, Copebras(CMOC), OCP Group Vales, Ma’aden, El Nasr Mining Company, ICL Fertilizers, Kailin Group, GECOPHAM, Groupe Chimique Tunisien, J.R. Simplot Company, Jordan Phosphate Mines.Phosphoric acid is essential to manufacture fertilizers utilized in the agriculture sector for increasing plant health. Phosphate is also used in animal supplements on large scale. These two sectors are likely to deliver high growth opportunities for the growth of the phosphate rock market. The fertilizer industry has shown increased utilization of phosphorous since 2012 and in 2017, this segment dominated the global market by application with a market share of 86.9%. This trend is estimated to grow and continue till the end of the forecast period. The animal feed segment also is expected to show big expansion in this market. The animal feed phosphate rock market is projected to grow at a high CAGR of 3.6% during the period of forecast.
On the idea of geographical distribution, the world phosphate rock market has been segmented for the key regions like USA, Europe, Japan, China, India and also the last South East Asia. Europe is anticipated to the most country across the globe in terms of market share attributable to the rising variety of phosphate consumers within the region. While, North America is expected to exhibit highest rate of growth/ CAGR over the forecast period 2020-2024.
Furthermore, the world phosphate rock market is expected to grow significantly in future primarily due to the growing world population and associated food demand which is increasing the demand for phosphate fertilizers. Phosphate fertilizers are needed for optimum crop production. By upcoming years, the world population is expected to increase which will put pressure on farmers to produce more to feed this large population. Another major driver for the growth of the phosphate rock market is rise in per capita income in developing countries which will impact the dietary habits i.e. shift from mostly vegetarian diet to a diet with a higher volume of meat and dairy products. This in turn will increase demand for crops. Thus, the World Phosphate Rock Market will increase in forthcoming years.
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