Pune, Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Phosphate Salts Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Grade, Type and Application,” the phosphate salts market size is expected to grow from US$ 8.94 Billion in 2022 to US$ 14.85 Billion by 2030; it is estimated to record a CAGR of 6.5% from 2022 to 2030. The report highlights key factors driving the phosphate salts market growth and prominent players along with their developments in the market.
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Phosphate Salts Market: Competition Landscape
The Mosaic Company; OCP Group; EuroChem Group AG; Israel Chemicals Ltd.; Nutrien Ltd.; Innophos Holdings Inc.; ICL Fertilizers; Yara International ASA; Prayon SA; and Solvay S.A. are a few players operating in the global Phosphate Salts market. Players operating in the global Phosphate Salts market focus on providing high-quality products to fulfill customer demand.
Phosphate salts are chemical compounds that contain phosphate ions (PO4^3-) combined with various positively charged ions, such as sodium, potassium, calcium, or ammonium. These salts are derived from phosphoric acid (H3PO4) and are widely used in various industries and applications due to their versatile chemical properties. The largest application of phosphate salts is in the production of fertilizers, as they are essential nutrients for plant growth. Phosphate salts are also used in the food and beverage industry as a food additive, in water treatment to prevent corrosion and scale formation, and in the pharmaceutical industry as a buffering agent and for other medicinal purposes.
Phosphate salts, including monosodium phosphate, disodium phosphate, and trisodium phosphate, were utilized as food additives for purposes such as pH control, texture modification, and moisture retention in processed foods. Moreover, in the agricultural sector, phosphate salts played a pivotal role as essential components of fertilizers, providing plants with the crucial nutrient phosphorus. With the need for enhanced crop yields and sustainable agriculture practices, the market was experiencing increased demand for innovative phosphate-based fertilizers. Additionally, the pharmaceutical and industrial sectors relied on phosphate salts for applications ranging from excipients in pharmaceuticals to water treatment.
The report includes the segmentation of the global phosphate salts market as follows:
The global phosphate salts market is divided on the basis of grade, type and application. Based on grade, the phosphate salts market is segmented into food, technical, and pharmaceutical. Based on type, the phosphate salts market is segmented into monosodium phosphate, disodium phosphate, monopotassium phosphate, trisodium phosphate, and others. Based on application, the phosphate salts market is segmented into agriculture, water treatment, pharmaceutical, food and beverage, and others. By geography, the global phosphate salts market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America phosphate salts market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific phosphate salts market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America phosphate salts market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Phosphate Salts Market
Before the COVID-19 pandemic, many countries reported economic growth, whereas Phosphate Salts manufacturers invested in research to develop advanced technology and improve production efficiency. The chemicals & materials industry announced a slowdown of manufacturing operations and shutdown, as well as projected a slump in Phosphate Salts sales. Thus, major companies involved in Phosphate Salts production faced the hardest hit during the initial phase of the pandemic due to sudden government restrictions on the manufacturing of nonessential commodities. In 2021, several developed economies began recovering from the losses incurred in 2020 as governments of various countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them cope with the demand-supply gap. With economies reviving their operations, the demand for Phosphate Salts started rising globally as the automotive, aerospace, and electrical & electronics industries resumed their operations at full capacity.
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