Phosphate Rock Market to Reach 268.0 Million Tons by 2024: Hexa Research

FELTON, California, September 11, 2017 /PRNewswire/ --

The global phosphate rock market is expected to reach 268.0 million tons by 2024 as a result of its increasing demand in the downstream sector for producing fertilizers. It is the only global resource which is used in agriculture and fertilizer industry.

The mineral is a vital ingredient used for manufacturing NPK fertilizers. Therefore, the growing demand for fertilizer is expected to be the primary driving factor for the growth of the market over the next few years. Moreover, the absence of substitutes is expected to result in negligible substitution threat.

Additionally, one of the factors for fertilizer consumption growth is directly related to the global increasing calorie consumption per capita. High-calorie consumption foods are becoming popular, with rising prevalence of oilseeds, dairy and meat which are directly increasing the demand for stock feeds, grain, and agricultural production.

Demand for phosphate rock in Asia Pacific was 127.94 million tons in 2016 and is anticipated to maintain its dominant position over the forecast period owing to the presence of numerous agriculture-oriented economies. Rising demand for the mineral as an additive for feed & food as well as manufacturing of industrial chemical coupled with the growth of the manufacturing sector in the region is expected to drive the market. In developing countries such as Brazil, China and India, growing demand for cleansing and detergent agents are projected to drive the market in the coming few years.

Browse full research report with TOC on "Phosphate Rock Market Size and Forecast, By Application (Fertilizer, Feed & Food Additive, Industrial Chemicals), And Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/phosphate-rock-market

Europe and North America has implemented regulations banning the use of phosphate in detergents, as the mineral mixes with water which can result in causing harm to the aquatic life by producing additional phosphorous which results in the death of fish, dolphins, and aquatic plants.

Among fertilizers, food & feed additives and industrial chemicals, fertilizer segment dominates the market by contributing 203.8 million tons in 2016 and is expected to maintain its position during the forecast period. Fertilizers comprise of different compositions of three main crop nutrients phosphorus (P), nitrogen (N), and potassium (K).

One of the major factors that are expected to hinder the growth of the phosphate rock market is the rapid depletion of these reserves and increasing demand for its derivatives as there is no other alternative for these products. The leading manufacturer in these markets is MBAC Fertilizer, Potash Corp, Phosphate Resources Limited, Grange resources, Mosaic, WENGFU Group, Agrium, Shaw River Manganese, Anglo American, and Sterling Group Ventures Inc.

Browse reports of similar category by Hexa Research: 

• Ammonium Sulfate Market - Global market for ammonium sulfate is expected to grow over the forecast period on account of the growing demand from the agricultural industry and increasing fertilizers demand.
• Glyphosate Market - Global glyphosate market is expected to be valued at USD 9 billion by 2024. Surging demand for genetically modified crops is expected to remain a key driver for the market.

Hexa Research has segmented the global phosphate rock market based on application and region: 

Segmentation by application, 2014 - 2024 (Kilo Tons) (USD Million) 

• Fertilizer

• Feed & Food Additive

• Industrial Chemicals

Segmentation by region, 2014 - 2024 (Kilo Tons) (USD Million) 

• North America

    • U.S.

• Europe

    • Russia

• Asia Pacific

    • China

    • India

• Central & South America

• Middle East and Africa

    • Morocco

Key players analyzed: 

• MBAC Fertilizer

• Potash Corp

• Phosphate Resources Limited

• Grange resources

• Mosaic

• WENGFU Group

• Agrium

• Shaw River Manganese

• Anglo American

• Sterling Group ventures Inc.

About Hexa Research 

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

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SOURCE Hexa Research