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Abundant Demand for Food-Grade Phosphate Keeps Phosphates Market Brimming With Opportunities, Market to Spawn Revenue of ~US$ 48 Bn by 2027: TMR
ALBANY, N.Y. , Dec. 23, 2020 /PRNewswire/ -- The use of different high-grades of phosphates in wide range of industries drives the expansion of the phosphates market, especially in food and beverages, animal feed and agriculture, personal care, and water treatment applications. Food-grade phosphates have gained widespread acceptance in several economies, and the number of applications of phosphate additives in food processing is only bound to proliferate.
The use of ammonium phosphates as an increasingly popular fertilizer in the agriculture industry has lent the product segment highest market share, both in relation to value and volume. Phosphate rocks are popularly used to manufacture variety of phosphate products, particularly phosphate fertilizers.
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Aside from the rise in commercial demand for phosphates in numerous industries, steady revenue streams in the phosphates market is expected to come from ammonium phosphates and calcium phosphates in the fertilizers and feed industries, respectively. The global valuation of the phosphates market is expected to reach worth of ~US$ 48 Bn by 2027-end, clocking CAGR of ~4% from 2019 – 2027.
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Incumbent players in the phosphates market encounter tall challenge due to the availability of low-cost phosphates, increasingly for those meant for industrial use. The demand for phytase as a substitute of phosphates in the animal feed industry is substantial, hampering the growth potential of the players in the phosphates market. Substitute for phosphate salts continue to gain adoption in industrial application, a glaring example being the use of non-phosphate-based compound zeolite in water purification in Europe . Some of the other common substitutes are surfactants, dispersant polymers, enzymes, and chelating agents. However, chemical companies will continue to benefit from the versatile use of food-grade phosphate.
Chemicals and Materials
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