The global phosphate chemical reagents market is expected to positively grow over the forecast period on account of increasing demand from numerous end-use applications. The agriculture industry has observed rapid over the last five years and is furthermore estimated to grow over the forecast period. Phosphate chemical reagents are used in fertilizers for enhancing the plant growth. Fertilizer demand has witnessed significant growth over the past five years. Decreasing arable lands in developing regions owing to surge in urbanization rate are anticipated to have a positive impact on the overall market. Detergents are an important end-use application for the chemical reagents industry and are estimated to grow over the forecast period. This chemical is used as a cleansing agent in detergents. The water treatment industry has observed brisk development over the last five years and is estimated to further grow in the near future. This chemical is used for reducing bacterial content present in water. The food & beverage industry is another important end-use application. Phosphate chemical reagents are used for enhancing the plant development. These trends are expected to drive the global phosphate chemical reagents market development over the next seven years. Phosphate which is used as a major raw material for these chemicals witnesses extremely high price hike between the fiscal years 2008 to 2009. The overall prices for phosphate increase by approximately 800% in August 2008. Eventually, the prices fell to an all-time low in August 2009. Since then the prices have remained stable over the past eight years.
Stringent government initiatives concerning environmental protection are anticipated to hamper the global phosphate chemical reagents market. Rapid consumer shift towards eco-friendly products and apprehensions concerning hazardous content in the synthetically produced chemical reagents is estimated to retard the overall market development in the near future. Major industry members invested heavily in R&D to develop superior and cheaper bio-based phosphate chemical reagents.
Asia Pacific phosphate chemical reagents market accounted for the major share in the global revenue in 2014. This can be attributed to the continuously growing demand for this product in the food & beverage industry, agriculture industry, and detergents industry. China has ruled the entire regional market on account of surge in growth in detergents and food &beverage industry. Countries such as India, Thailand, Malaysia, Japan, and Indonesia are predicted to witness rapid growth over the forecast period. North America has closely followed Asia Pacific regional market with respect to increasing demand in the food & beverage industry, water treatment industry, and agriculture industry. Europe phosphate chemical reagents market is estimated to observe moderate to sluggish growth over the forecast period. Stringent government initiatives and strong regulatory guidelines in countries such as France, Germany, UK, Italy, and Netherlands are predicted to have a direct influence on the overall market. The Middle East regional market is predicted to observe growth in demand on account of increase in demand for these reagents in detergents and industrial cleaners industry. Africa is estimated to observe brisk growth over the forecast period due to rising demand in the agriculture industry, food &beverage industry, and detergents industry. Central & South American region is also anticipated to witness rapid market development over the forecast period. Decreasing arable land in countries such as Brazil is expected to have a positive impact on the market.
Prominent industry participants include Phos Agro Group, Agrium Inc., The Mosaic Company, OCP Group, Euro Chem Mineral, and Chemical Company, CF Industries Inc., Potash Corp, Rhodia Novecare, ICL Group Ltd. Other market participants include Shanghai Xion Shung Packing Equipment Co. Ltd., Shanghai Reborn Industrial Co. Ltd., Jiande Huahai Hua Gong CO. Ltd., Yixing Yongjia Chemistry Co. Ltd., Zhengzhou Youda Trade Co. Ltd, Zhengzhou Meikewote Trade Co. Ltd, Tianjin Kintran International Co. Ltd and Office Cherifien des Phosphate.
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The current pandemic situation has created disruption in the manufacturing of agrochemicals by virtue of raw material availability. Furthermore, this continual trend shall have a cascading effect on food productivity and crop yields on economies that are predominantly agrarian, during a time when demand for Agri produce shall register a spike over the medium term. Governments across the developing world are vying to incrementally ease restrictions on the manufacturing of fertilizers and maintain seasonal agricultural activities in order to reduce concerns regarding food security, which is a critical indicator for determining the course of a supply gap in the industry. The report will account for Covid19 as a key market contributor.