Growing demand for phosphate rock as fertilizer is a significant factor driving the market demand.

Phosphate Rock Market Size – USD 26.05 Billion in 2019, Growth - CAGR of 6.7%, Trends –Growing population.

The global Phosphate Rock Market is forecasted to reach USD 43.82 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the phosphate rock market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.

Get a sample of the report https://www.reportsanddata.com/sample-enquiry-form/3695

Top Leading Players: Nutrien Limited, Hubei Xingfa Chemicals Group Co. Ltd., PhosAgro, Itafos, OCP Group, Yunnan Phosphate Haikou Co. Ltd. (YPH), The Mosaic Company, Fertoz, SC Phosphate Resources Limited, and Misr Phosphat.

Further Key Finding from the Report Suggestion:

·         The phosphate rock is the only substantial resource of phosphorus worldwide used significantly in the production of nitrogen-phosphorus-potassium fertilizers for providing nutrition to food-crop and making of animal feed supplements.

·         Phosphate rock also finds application in water treatment. It is added in a small amount in water supplies to prevent corrosion and is finds widespread usage in boiler water treatment.

·         The direct usage of phosphate rock evades the conventional wet acidification process for water-soluble phosphate fertilizers and avoids the production cycle of wastes comprising greenhouse gases and phospho-gypsum, therefore leads to energy conservation and environmental protection from industrial pollution.

·         The market in the Asia Pacific region contributed to the largest phosphate rock market share in 2019. The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the easy availability of raw materials.

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