Phosphates Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Phosphates Industry Hit Worst due to Russia-Ukraine War Impact?
The global phosphates market size is projected to experience dynamic growth in the forthcoming years owing to increasing demand for phosphates from various end-user industries, observes Fortune Business Insights™ in its report, titled “PhosphatesMarket, 2021-2028”.
There has been a significant growth in the phosphates market across several regions owing to increasing demand for phosphates from numerous end-user industries such as pharmaceutical, personal care, cosmetics, agriculture, and others. This is an important factor responsible for the growth of this market. Further, phosphates may prove beneficial in the treatment of constipation, indigestion, and high calcium in the blood. Some phosphates can also be used to treat urinary tract infections. Thus, this is another major reason contributing to the growth of this market. However, some phosphate salts such as monocalcium phosphates are relatively higher in cost, which is projected to restrict the growth of this market.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Phosphates Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Phosphates Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The COVID-19 pandemic and the subsequent lockdown restrictions around the world has stymied the growth of the chemicals and materials industry. As a result, the production of phosphates has also been severely impacted, which is projected to impede this market’s growth.
List of Key Players Covered in the Phosphates Market Report:
Mosaic Company, S.A OCP, Innophos Holdings, Inc, EuroChem, Maaden-Saudi Arabian Mining Company, Avantor Performance Materials, LLC, PhosAgro.
On the basis of type, the market is classified into ammonium, calcium, phosphoric acid, potassium, sodium, and others. Based on application, the market is divided into agrochemicals, food and beverages, detergents, water treatment chemicals, metal treatment, and others. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This research report offers an in-depth study of the driving factors, restraints, and trends related to the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by the leading players to boost their market position.
Increasing Usage of Phosphates in Packaged Food Products to Fuel the Market
In recent years, the phosphates have gained prominence in many industries such as food and beverages, and others. There has been an increasing utilization of phosphates in the packaged food items as the phosphates help to safeguard and increase the shelf life of the food items. Thus, this is a vital factor responsible for the growth of this market. Further, some phosphates are useful in the elimination of waste from the body and repair the damaged tissues. This is another crucial factor driving the growth of this market.
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Rising Demand for Agrochemicals to Boost the Asia Pacific Market Growth
Asia Pacific region is projected to grow at a rapid pace in the phosphates market share on account of the increasing demand for agrochemicals, food and farm products in this region.
Across the ocean in North America, the market will be principally characterized by the rising demand for packaged food and beverages in this region.
Increasing Production Capabilities of Phosphates to Stoke Competitive Spirits
Leading phosphates manufacturers are focused on increasing their production capabilities across several regions of this market. The adoption of this strategy is enabling companies to broaden their business horizons and expand their foothold in this market.
February 2020: Innophos Inc. had been acquired by a private equity firm One Rock Capital Partners. Prior to the acquisition, Innophos had been (still is) in the procedure of transforming itself into a specialty phosphates producer.
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