Phosphate Rock Manufacturers Benefiting from Government Initiatives Promoting Use of Phosphorous-based Fertilizers to Enhance Soil Productivity: Fact.MR Report

According to a new report by Fact.MR, the global phosphate rock marketis expected to reach a valuation of US$ 26.29 billion and further expand at a CAGR of 3.3% from 2024 to 2034.

In the production of these fertilizers, dried-up phosphate rock is utilized. Phosphoric acid is produced through a chemical reaction between phosphate minerals and sulfuric acid. Governments worldwide are supporting farmers by promoting the use of phosphorous-based fertilizers. The focus is on enhancing crop productivity, leading to increased adoption of phosphate rock.

To ensure a successful harvest, farmers look for fertile land to cultivate their crops. However, such land may not be readily available. Farmers actively explore the market for effective and efficient fertilizers. Phosphorous, derived from phosphate rock, is extensively used in fertilizer production.

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Key Takeaways from the Market Study:

• The global phosphate rock market is projected to expand at a CAGR of 3.3% through 2034. Global sales of phosphate rock are estimated at US$ 26.29 billion in 2024.
• The market is forecasted to reach US$ 36.37 billion by 2034. The North American market is projected to expand at a CAGR of 3.5% through 2034.
• The animal feed segment is estimated to account for a 31.5% market share in 2024. East Asia is projected to account for 38.4% of the global market share by 2034.

“Phosphate minerals are significantly used as an additive in the meat industry to preserve meat for longer duration improving phosphate demand in the meat industry. This is contributing to phosphate rock market growth,” says a Fact.MR analyst.

Extensive Use of Phosphate Rock to Derive Minerals for Animal Feed Production

The health advantages of phosphorus include its ability to maintain strong bones, facilitate muscular movement, and aid in the production of energy. Owing to all of these characteristics, farmers utilize this mineral extensively as animal feed. It helps enhance agricultural operations by allowing farm animals to labor longer in the field. All these factors are driving the phosphate rock market growth.

Broad Application of Phosphate Rock in Water Treatment

Phosphate compounds play a crucial role in public water treatment systems, helping to prevent metal contamination in drinking water. Orthophosphate is widely used to control lead and copper levels, while polyphosphates effectively bind with iron and manganese, preventing water discoloration and ensuring safer consumption.

Beyond municipal water treatment, phosphate rock also supports aquatic ecosystems by fostering the growth of plankton and aquatic plants, which serve as essential food sources for fish. This has a positive impact on the aquarium industry, promoting healthier fish populations and improved water quality.

The increasing use of phosphates in water purification is a key trend shaping the phosphate rock market, especially in regions where access to clean drinking water remains a challenge. Government initiatives focused on water safety awareness, coupled with advancements in treatment technologies, continue to drive new revenue opportunities for industry players.

Economic Benefits of Phosphorus in Steel Manufacturing

Phosphorus is a highly effective solid solution strengthener for ferrite, offering a cost-efficient method to enhance the strength of low-carbon sheet steel. Its ability to improve steel strength makes it a valuable additive in the industry, reducing production costs while maintaining structural integrity. However, while phosphorus increases strength, it can also reduce ductility and formability, requiring careful composition adjustments.

In the production of high-strength formable steels, manufacturers must strike a balance between strength and workability to meet diverse industrial needs. The phosphate treatment process further enhances steel by chemically modifying its surface, improving corrosion resistance through a controlled reaction that forms a protective layer. This application of phosphorus continues to be a crucial aspect of modern steel manufacturing, supporting both durability and cost efficiency.

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Key Market Players:

1. The Mosaic Company
2. Misr Phosphate
3. Hube
4. Xingfa Chemicals
5. Phos Agro
6. Potash Corp.
7. Grange Resources
8. Agrium Inc.
9. Anglo American
10. Shaw River Manganese Ltd.
11. Sterling Group Ventures Inc.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the phosphate rock market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on source (marine phosphate deposits, igneous phosphate deposits, metamorphic deposits, biogenic deposits, weathered deposits), application (fertilizer industry, animal feed, metallurgy), and grade (fertilizer, feed, industrial), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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