The global phosphate rock market size was valued at USD 22.30 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.2% from 2022 to 2030.
Phosphate rock also called as phosphorite or rock phosphate, is a sedimentary non-detrital rock that contains a major share of phosphate minerals. Phosphorous is mined from phosphate rock, which serves as a prime feedstock in the chemical industry. China, the US, Morocco, Brazil, Saudi Arabia, and Russia are some of the leading countries engaged in the mining of phosphate. It is primarily extracted from marine sedimentary deposits as well as from igneous sources. Phosphate rocks are primarily composed of the apatite group in the presence of accessory minerals such as fluorides, carbonates, clays, quartz, silicates, and metal oxides. The potential of phosphate rock is measured on the basis of phosphate pentoxide content. Higher the percentage of phosphate pentoxide, greater is the plausibility of the mineral. The consumption of phosphate pentoxide is projected to increase slightly to 48.8 Mt in 2021 from 44.7 Mt in 2016.
The phosphate rocks production stood at 255 Mt in 2016, as per the US Geological Survey. According to the International Fertilizer Association (IFA), the phosphate rocks production is projected to increase to 249 Mt in 2021 from 226 Mt in 2016. The production capacity is projected to increase to 270 Mt/year in 2021 from 246 Mt/year in 2016.
The growth of the market is majorly driven due to the extensive use of phosphate rocks derivatives such as phosphoric acid, ammonium phosphate, calcium phosphate, potassium phosphate, and others. The demand for phosphate rocks is dependent on the use of these derivatives in a wide range of applications. The major driver of the phosphate rocks market is its use in fertilizers, with Asia-Pacific being the major consumer. Moreover, with the rising population across the globe has increased the demand for basic amenities, i.e., food, clothing, and shelter. Rapid industrialization and urbanization across the globe have resulted in limited availability of arable land, which drives the demand for fertilizers in maintaining nutrients level of soil for crop production. Additionally, the use of inorganic feed phosphates in animal feed supplement is important as the phosphorus requirements ensure optimal growth, fertility, and bone development in the animals. It is also used in the production of dishwashing and laundry detergents.
However, the ban on the use of phosphate in laundry detergents in Europe and North America negatively affects the demand for phosphate in detergents in these regions. Additionally, Australia banned the use of phosphate in laundry detergents in 2014. This is because the presence of phosphates in water bodies affect the aquatic and marine life by producing excess phosphorous. Moreover, the increasing awareness and adoption of bio-based eco-friendly fertilizers are expected to hamper the market growth during the forecast period.
Global Phosphate Rocks Market Share, by Application, 2017 (%)
Source: MRFR Analysis
The global market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific emerged as the fastest growing regional market for phosphate rocks in 2018 owing to the high demand from fertilizers, animal feed supplements, food preservatives, water treatment, cosmetics, and chemicals. The presence of major agricultural countries such as India, Malaysia, Thailand, and Vietnam in Asia-Pacific are driving the demand for phosphate fertilizers in the region.
The markets in North America and Europe are expected to witness slow growth during the forecast period due to the increasing adoption of bio-based products by manufacturers and consumers.
On the contrary, the markets in Latin America and the Middle East & Africa are projected to grow at a significant rate due to the increasing demand for agrochemicals and pesticides. This is due to the growing awareness regarding healthcare and production of food.
The global phosphate rocks market has been segmented by application and region.
On the basis of application, the global market has been segregated into fertilizers, animal feed supplements, chemicals, food preservatives, water treatment, fungicides, cosmetics, detergents, and others.
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Itafos (Canada),Nutrien Ltd (Canada),Phosphate Resources Limited (Australia), The Mosaic Company (US), Anglo American (UK), GCT (Saudi Arabia),Jordan Phosphate Mines Co (Jordan),OCP (South Africa),PhosAgro (Russia),Maaden - Saudi Arabian Mining Company (Saudi Arabia)|
|Key Market Opportunities||With the rising population across the globe has increased the demand for basic amenities|
|Key Market Drivers||The extensive use of phosphate rocks derivatives such as phosphoric acid, ammonium phosphate, calcium phosphate, potassium phosphate, and others.|
Production capacity of Phosphate Rocks Market stood at 246 Mt/year in 2016.
Production capacity of Phosphate Rocks Market is projected to increase to 270 Mt/year in 2021.
Fertilizers is the largest application segment in the global Phosphate Rocks Market
Asia Pacific holds the largest share in the global Phosphate Rocks Market, followed by North America and Europe, respectively.
Phosphate Resources Limited (Australia), Nutrien Ltd. (Canada), Jordan Phosphate Itafos (Canada), Mines Co (Jordan), GCT (Saudi Arabia), The Mosaic Company (US), OCP (South Africa), Anglo American (UK), Maaden - Saudi Arabian Mining Company (Saudi Arabia), and PhosAgro (Russia), are some of the major players operating in the Phosphate Rocks Market.