Phosphate Salts Market Scope 2031
The Phosphate Salts Market size is projected to reach US$ 16.02 billion by 2031 from US$ 9.43 billion in 2023. The market is expected to register a CAGR of 6.8% in 2023–2031. Rising demand for phosphate salts from agriculture sector is likely to remain key phosphate salts market trends.
Phosphate Salts Market Analysis
Phosphate salts are used in the food and beverage industry as a food additive, in water treatment to prevent corrosion and scale formation, and in the pharmaceutical industry as a buffering agent and for other medicinal purposes. Phosphate salts, including monosodium phosphate, disodium phosphate, and trisodium phosphate, were utilized as food additives for purposes such as pH control, texture modification, and moisture retention in processed foods. Moreover, in the agricultural sector, phosphate salts play a pivotal role as essential components of fertilizers, providing plants with the crucial nutrient phosphorus. This factor is significantly driving the global phosphate salts market growth.
Phosphate Salts Market Overview
Phosphate salts are chemical compounds that contain phosphate ions (PO4^3-) combined with various positively charged ions, such as sodium, potassium, calcium, or ammonium. These salts are derived from phosphoric acid (H3PO4) and are widely used in various industries and applications due to their versatile chemical properties. The largest application of phosphate salts is in the production of fertilizers, as they are essential nutrients for plant growth.
Strategic Insights
Phosphate Salts Market Drivers and Opportunities
Rising Demand for Phosphate Salts from Agriculture Sector
Phosphate salts are a critical component of fertilizers, providing essential nutrients for plant growth. With the global population steadily increasing, the demand for food production is on the rise. To meet this demand and improve crop yields, the agricultural sector's reliance on phosphate salts as a fertilizer remains a prominent driving factor in the market.
Increasing Utilization in Water Treatment
Phosphate salts are widely employed in water treatment processes to prevent the formation of scale and corrosion in pipes and boilers. Concerns about water quality and the need for efficient water treatment systems continue to grow as urbanization and industrial activities increase, bolstering the demand for phosphate salts in this sector.
Phosphate Salts Market Report Segmentation Analysis
Key segment that contributed to the derivation of the phosphate salts Market analysis is grade.
- Based on grade, the phosphate salts market is segmented into Food, technical, and pharmaceutical. The food sub-segment held a larger market share in 2023.
- Based on type, the phosphate salts market is sub-segmented into monosodium phosphate, disodium phosphate, monopotassium phosphate, trisodium phosphate, and others. The monosodium phosphate sub-segment held a larger market share in 2023.
- Based on application, the phosphate salts market is segmented into agriculture, water treatment, pharmaceutical, food and beverage, and others. The agriculture sub-segment held a larger market share in 2023.
Phosphate Salts Market Share Analysis by Geography
The geographic scope of the Phosphate Salts Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The market is driven by the growing demand for phosphate salts in agriculture. China dominates the regional market, followed by countries such as India, South Korea, Japan, and Australia. Agriculture plays a pivotal role in the Asia Pacific, where a significant portion of the world's population resides. The need to ensure food security and increase agricultural productivity has driven substantial demand for phosphate-based fertilizers, making the agriculture sector a major consumer of phosphate salts.
Phosphate Salts Market Report Scope
Phosphate Salts Market News and Recent Developments
The Phosphate Salts Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for phosphate salts and strategies:
- Moroccan phosphate fertilizer producer OCP supplied 1.7 million tons of phosphate fertilizer to India. In addition to 1 million tons of di-ammonium phosphate (DAP), Moroccan OCP will supply India with 700,000 tons of a nitrogen-free fertilizer called triple super phosphate(TSP). (Source: OCP, News, 2023)
- Asahi Kasei Chemicals, with the collaboration of the Japan Sewage Works Agency, completed a bench-scale trial of a new system to recover phosphate salts from sewage at sufficiently high purity for use as fertilizer materials, and plans to soon start a large-scale demonstration project at a domestic sewage treatment plant. (Source: Asahi Kasei Chemicals, News, 2023)
Phosphate Salts Market Report Coverage and Deliverables
The “Phosphate Salts Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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