Phosphatic Fertilizers Market Size, Share, Report, Growth and Forecast to 2032
The global phosphatic fertilizers market was valued at USD 62.24 billion in 2018 and is anticipated to grow to USD 83.28 billion by 2026, reflecting a compound annual growth rate (CAGR) of 3.80% during the forecast period. In 2018, North America led the market, accounting for 12.11% of the global phosphatic fertilizers market share.
Phosphorus plays a critical role in promoting robust root development and enhancing a plant's ability to withstand drought conditions. This essential nutrient is crucial for various stages of plant growth, including seed and fruit ripening. Phosphatic fertilizers, such as diammonium phosphate (DAP) and monoammonium phosphate (MAP), are widely used to address phosphorus deficiencies in soils. Both DAP and MAP contain significant amounts of ammonia, and advancements in ammonia production technologies, such as green ammonia, are expected to further drive the expansion of the global phosphatic fertilizers market.
Information Source: https://www.fortunebusinessinsights.com/phosphatic-fertilizers-market-102583
Rising Product Launches to Drive Market Growth
The report highlights various factors that have fueled the market's expansion in recent years. A significant contributor to this growth is the increasing number of product launches. For instance, in September 2016, ICL unveiled a new technology designed to produce controlled-release fertilizers. The company introduced ‘E-Max Release Technology,’ a system that ensures the controlled release of nutrients such as phosphate and nitrogen. This innovation is expected to significantly boost the company's revenue in the phosphatic fertilizers market in the coming years, thereby positively influencing the overall market growth.
North America Dominates Market Share; Growing Demand for Sustainable Crop Production to Propel Growth
The report evaluates the current market trends for phosphatic fertilizers across regions, including North America, Latin America, Asia Pacific, the Middle East, and Africa. Among these, North America holds the largest market share, primarily due to the high demand for agricultural and crop produce in the region. As of 2018, the North American market was valued at USD 7.54 billion, with expectations of further growth in the foreseeable future. Additionally, the Asia Pacific region is anticipated to experience substantial growth, driven by its extensive agricultural land under cultivation.
RESTRAINING FACTORS
Stringent Government Policies on Phosphate-Based Fertilizer Usage
Phosphatic fertilizers, commonly used in areas with high rainfall, are prone to leaching into groundwater and being washed into waterways. This can lead to significant environmental and economic harm. To mitigate these effects, governments in both developed and some developing economies have imposed stricter regulations on the use of phosphatic fertilizers. These stringent policies are expected to hinder the growth of the phosphate fertilizers market. Additionally, fluctuating product prices, driven by volatility in energy costs, are likely to further restrict market expansion in the coming years.
A few of the leading companies that are currently operating in the global market include:
- Yara International ASA
- Israel Chemical Ltd.
- The Mosaic Company
- CF Industries Holdings, Inc.
- Coromandel International Limited
- The OCP Group
- PhosAgro PJSC
- Sociedad Química y Minera de Chile S.A.
- Nutrien Ltd.
- Koch Industries, Inc.
Industry Developments:
February 2019: ICL expanded its portfolio of phosphatic fertilizers with the introduction of two new products. The company launched Renovator and Turf Starter, both of which incorporate its innovative Pearl Technology.
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