New York, United States , June 28, 2024 (GLOBE NEWSWIRE) -- The Global Iron Phosphate Market Size is to Grow from USD 528.3 Million in 2023 to USD 868.5 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 5.10% during the projected period.
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Iron, oxygen, and phosphorus combine to form the iron phosphate molecule. It can help kill slugs and snails. Iron phosphate's toxic component, however, is precisely proportionate to the molecule's iron content. Products containing iron phosphate are often sold as granules and are primarily used to keep household gardens in good condition. Iron phosphates have been utilized in many profitable industries besides agriculture, such as battery production, water treatment, food and beverage production, and the healthcare industry. The compound's low risk to people and wildlife makes iron phosphate one of the main growth drivers for its uses. Additionally, the growing use of iron phosphate in agriculture is expected to fuel a rapid expansion of the global iron phosphate industry. The chemical can be used in many different ways as fertilizers and pesticides in agriculture. The low toxicity of iron phosphate relative to other chemical compounds is one of the main factors attracting farmers and agricultural professionals to the product. Herbicides and fertilizers using iron phosphate do not adversely affect humans or wildlife. Although slugs and snails are ubiquitous in residential gardens and can affect the quality of plant growth, iron phosphate is often employed in gardening.
Browse key industry insights spread across 208 pages with 110 Market data tables and figures & charts from the report on the "Global Iron Phosphate Market Size, Share, and COVID-19 Impact Analysis, By Type (Ferrous Phosphate, Ferric Pyrophosphate, and Others), By Application (Pharmaceutical, Food & Beverage, Paint & Coatings, Fertilizers, Animal Feed, Steel Manufacturing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The ferric pyrophosphate segment is anticipated to hold the largest share of the global iron phosphate market during the projected timeframe.
Based on the type, the global iron phosphate market is divided into ferrous phosphate, ferric pyrophosphate, and others. Among these, the ferric pyrophosphate segment is anticipated to hold the largest share of the global iron phosphate market during the projected timeframe. The demand for ferric pyrophosphate will rise due to its major applications, which include high iron bioavailability, fortification of infant cereals and other drink powders, and iron supplements for the prevention of illnesses including anemia.
The fertilizers segment is anticipated to hold a significant share of the global iron phosphate market during the projected timeframe.
Based on the application, the global iron phosphate market is divided into pharmaceutical, food & beverage, paint & coatings, fertilizers, animal feed, steel manufacturing, and others. Among these, the fertilizers segment is anticipated to hold a significant share of the global iron phosphate market during the projected timeframe. Iron concentration in fertilizers should range from 0.5 to 2 kilos per hectare, following government requirements.
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Asia-Pacific is expected to hold a significant share of the global iron phosphate market over the forecast period.
Asia-Pacific is expected to hold a significant share of the global iron phosphate market over the forecast period. The region will flourish as a result of the compound's growing use in agriculture. China and India are two of the agriculturally most productive nations on the planet. India's total area under cultivation was more than 1.75 million square kilometers in 2021. The growing population of Asia-Pacific has led to a rise in agricultural investment. The Indian government recently announced plans to use INR 600 crore to leverage technology to boost the country's agriculture industry. Additionally, the growth in income for the Asia-Pacific paints and coatings sector will help the area as a whole. The world's largest manufacturer of materials and chemicals is China. In all industries, it is a significant paint and coatings consumer. because the number of people in the area with iron insufficiency has increased. The number of people in the area with iron insufficiency has increased. One of the most populous nations in the world, India, will soon produce a large number of pharmacists, which would boost the iron phosphate industry in this region.
Europe is predicted to grow at the fastest pace in the global iron phosphate market during the predicted timeframe. FePO4 penetration rates will rise due to the pharmaceutical and agricultural industries, especially in France, Germany, and the United Kingdom. Demand for the products will rise due to the quickly expanding food and beverage business, which includes a variety of bakery goods such as bread, cakes, fresh creams, flavorings, and sweeteners due to the growing young population. This has an impact on the size of the industry as a whole. The region's focus on ecologically friendly solutions, strong laws promoting sustainable agriculture, and a thriving paint and coatings sector are what propel the European market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Iron Phosphate Market are The Merck Group, American Elements, Jost Chemical Co., Spectrum Chemical Manufacturing Corporation, Imperial Chemical Corporation, Crest Industrial Chemicals Inc., Hefei Asialon Chemical Co. Ltd., Contemporary Amperex Technology Co., Limited (CATL), BYD Company Ltd., Gotion High tech Co Ltd, CALB, EVE Energy Co., Ltd., LG Energy Solution, Panasonic Corporation, and Other key vendors.
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Recent Developments
- In December 2023, the market for battery raw materials is now more transparent due to the introduction of iron phosphate pricing by Fastmarkets, a top cross-commodity price-reporting agency (PRA). Lithium iron phosphate batteries were first introduced with iron phosphate.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global iron phosphate based on the below-mentioned segments:
Global Iron Phosphate Market, By Type
- Ferrous Phosphate
- Ferric Pyrophosphate
- Others
Global Iron Phosphate Market, By Application
- Pharmaceutical
- Food & Beverage
- Paint & Coatings
- Fertilizers
- Animal Feed
- Steel Manufacturing
- Others
Global Neurorehabilitation Devices Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
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