In 2021, the global phosphate rock market accounted for USD 21.41 Bn and is forecast to expand at a CAGR of 3.2% between 2022 and 2032. In 2032, the market will reach US$ 28.86 Bn worldwide.
During the COVID-19 pandemic, forecasts for fertilizer demand grew increasingly pessimistic, with demand significantly declining during July 2020′, which adversely affected the phosphate rock market. The global fertilizer demand for the 2019-20 fiscal year fell from 190.5 MMT to 189.9 MMT, and the demand for the 2020-21 fiscal year dropped from 192.9 MMT to 184.4 MMT, a decline of 4.5%.
With the growing demand for food and increases in per capita income, there will be a significant increase in crop demand, which will result in increased phosphate fertilizer demand. The Asia Pacific region, with countries like China and India, is expected to be the most lucrative regions for this market due to the growing demand for the growing population. As per the segment, the fertilizers segment is going to dominate this market during the forecast period.
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Key Segments Covered in the Phosphate Rock Industry Survey
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By Application
- Phosphate Rock for Fertilizers
- Phosphate Rock for Food & Feed Additives
- Phosphate Rock for Industrial Applications
- Phosphate Rock for Other Applications
Key Takeaways from the Market Study
- The global phosphate rock market is expected to reach a market size worth USD 22 Bn at the end of 2022.
- The Asia Pacific region accounted for 44.5% of global volumes in 2021
- In 2021, the Middle East and Africa held the second-largest share of the global market, and growth is forecast to be 2.2% from 2022 to 2032
- Fertilizers accounted for more than 76.5% of revenue in 2021
- About 70% of the market players operate vertically integrated businesses, which include both mining and fertilizer production
Competitive Landscape
There are many companies involved in the phosphate rock value chain, including mining companies, distributors, manufacturers, and end users. This scale of operation not only lowers logistics costs, but also addresses other supply chain challenges such as delivering products on time and reducing transport costs. It also enables better quality control and production oversight.
- In August 2021, Centrex Metals opened a mining operation in Ardmore, NW Queensland Australia. This operation will yield 800 kilotons of phosphate rock per year, which can be used to produce 600 kilotons of phosphate fertilizer.
- It was announced in January 2019 that Mosaic Company had signed an Memorandum of Understanding (MoU) with Sinochem Fertilizer Company Limited for the supply of phosphate rock and fertilizers.
- IFFCO and Indian Potash Ltd (IPL) announced the acquisition of 37.0% of JPMC, the largest mining and chemical company in Jordan, in May 2018 for nearly Rs 900 crore.
Key Companies Profiled
- OCP Group
- The Mosaic Company
- Ma’aden
- PhosAgro
- Guizhou Kailin Holdings (Group) Co. Ltd.
- Yuntianhua Group
- Misr Phosphate
- Hubei Xingfa Chemicals
- Wengfu Group
- Yunnan Phosphate Haikou Co. Ltd. (YPH)
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