A natural mineral formation that consists of phosphorus compounds and in high quantity is termed as phosphorous ore. The phosphorous content in the ores depends on various factors including processing, behavior geological conditions, etc. The ores occur in different forms such as sedimentary rocks, magmatic deposits, and metasomatic deposits, and more. Among these, sedimentary rocks are preferred the major source for phosphorous, due to the requirement of low energy in processing these rocks. Apatite and phosphorite are the two major groups of phosphate rock. Moreover, aluminum phosphates and iron phosphates are among other phosphorus ores. Phosphorous is one of the quintessential nutrients required for plants that help in cell division, seed formation, photosynthesis, and enlargement. Due to this, phosphorus is majorly used in fertilizer production.
Global phosphorus ore market size is expected to expand significantly, owing to increasing demand for phosphorus from various industries during the forecast period (2019-2027). Phosphorus finds applications in various industries such as fertilizers, soft drinks and beverages, and more. Growing agricultural industry around the world is expected to increase the demand for fertilizers, which in turn is expected to support growth of the market. Phosphorus also used as important nutrition for animals, which is a crucial component for DNA, bones, and others. Growing use of phosphorus in animal feed is expected to increase the demand for phosphorus ore and subsequently drive the market growth. Furthermore, phosphorus finds applications in several food products and beverages. Increasing consumption of beverages such as soft drinks and high growth of food and beverages industry is expected to increase the demand for phosphorus and hence boos the market growth during the forecast period.
However, a significant dip in phosphorus reserves around the world has increased the price of phosphorus ores, which is expected to restrain global phosphorus ore market growth.
Market Regional Analysis
Asia Pacific is expected to hold significant market share in the global phosphorus ore market during the forecast period. This is owing to a growing population and increasing demand for food products in emerging economies such as India and China. Moreover, Asia Pacific is expected to continue its dominance in the near future. Furthermore, North America and Europe are expected to grow at a moderate rate, owing to increasing regulations on the use of phosphorous by regulatory authorities.
Major players operating in the global phosphorus ore market are Hubei Xingfa Chemicals Group Co., Ltd., Yuntianhua Group, Jiangyin Chengxing Industrial Group Co., Ltd, Hubei Yihua Group, Sichuan Qingping Phosphorus Ore, and Guizhou Kailin (Group) Co., Ltd.