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Phosphate Market Forecast Till 2028 – Global Analysis and Forecasts By Application And Segment with Growth Rate, Competitive Trends

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North America Phosphate Market was valued at USD 1,820.0 Mn in 2019 and is projected to reach around USD 2,062.7 Mn by 2027, expanding at CAGR of 3.5% during the forecast period. In terms of volume, the market is estimated to expand at a CAGR of 1.8% between 2020 and 2027. The term phosphate or phosphate rock is used to denote any rock, which has high phosphorus content. Mining is considered to be the least expensive and largest source of phosphorus, due to the presence of several phosphate mines around the world. Phosphate is a chemical compound which is related to phosphoric acid (H3PO4). One group of these derivatives is composed of salts containing the phosphate ion (PO43−), the hydrogen phosphate ion (HPO42−), the dihydrogen phosphate ion (H2PO4−), and positively charged ions such as those of sodium or calcium. The hydrogen atoms of phosphoric acid are replaced by organic combining groups such as ethyl (C2H5) and phenyl (C6H5) in phosphate.

Generally, phosphate is considered an essential element for animals and plant's nutrition and they have primarily used as a component of the nitrogen-phosphorus-potassium (N-P-K) fertilizer. Phosphates are used by the biological systems (cells) for the development of important molecules such as ATP and ADP. These molecules are involved in the metabolism pathway of the respiration. They are also in in the DNA and RNA. Phosphates, in which the sodium and potassium phosphates are widely used as acidity regulators in the food industry.

Market Dynamics

North America phosphate market is expected grow due to the increase in usage of phosphate in the pharmaceutical industry and rise in crop production. Rising use of phosphate in batteries for electric vehicles and improved hard process (IHP) for phosphoric acid production is anticipated to create opportunities in the market. However, growing cost of fertilizers and increasing awareness about side effects of phosphate are expected to restrain the market.

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Segmental Outlook By Resources

In terms of resources, the phosphate market is classified as sedimentary marine deposit, weathered rock, biogenic, and others. The sedimentary marine deposit segment accounted for major share of the market in 2019 and is anticipated to expand at a significant CAGR of during the forecast period. Marine sediment is any deposit of insoluble material, primarily rock and soil particles, which is transported from land to the ocean by wind, ice, and rivers. Most biogenic sediments are erosion products of unconsolidated or consolidated marine detrital deposits or erosion products of framework- building organisms. The rapid rise in sea level during the last deglaciation period resulted in a sharp decrease in the sediment supply from the river to the deep‐sea fan system. This, in turn, increases the demand for sedimentary marine deposit.

Competitive Landscape

  • Key players in the market include The Mosaic Company, Nutrien Ltd., Itafos, J.R. Simplot Company, Bayer AG, and Fertoz Ltd. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and increasing demand for products.
  • These players are adopting key strategies such as product development and geographical expansion to increase their presence in the Phosphate market.
  • In 2020, Nutrien Ltd. entered into a definitive agreement to the purchase 100% equity of Agrosema Comercial Agricola Ltd a Brazil-based company.
  • In 2020, The Mosaic Company entered into a collaboration agreement with BioConsortia, Inc., the US-based company, to develop and launch nitrogen-fixing microbial products, which increase yields of wheat, corn, and other major non- legume raw crops.
  • In 2019, Bayer AG acquired Monsanto Company, St. Louis, Missouri, the US. The acquisition provided the company with Monsanto’s exceptional expertise in the field of seeds and traits.
  • In 2018, J.R. Simplot Company secured joint intellectual property licensing agreement for agriculture research & commercial with Corteva Agriscience, Agriculture Division of DowDuPont, and the Broad Institute of Harvard and MIT for foundational CRISPR-Cas9 and related gene editing tools.

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