Global Phosphorus Ore Market: Overview
Phosphorus ore is any rock formation that contains phosphorus in high amounts. Phosphorus is a critical plant nutrient and its key use is in the manufacture of fertilizers. Phosphorus is an important chemical that is utilized by plants for their day to day functioning. Additionally, phosphorus is used in the manufacture of safety matches (red phosphorus), pyrotechnics and inflammatory shells.
Our current population is expected to double in another 150 years, as per Transparency Market Research. This puts increased pressure on arable land to derive as much agricultural output as possible. Phosphorus is an important compound that is used here and hence the market for phosphorus ore should increase steadily in the future – 2023 to 2030.
Global Phosphorus Ore Market: Competitive Landscape
Small number of companies is engaging in the production and mining of phosphorus ore. This makes the market scenario concentrated. Notable players operating 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
- Guizhou Kailin (Group) Co., Ltd.
These manufacturers are looking to increase production in this market by acquisition of smaller mining facilities. Investing in innovations in mining and extraction of phosphorus are also expected to increase growth in this market in the future.
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Global Phosphorus Ore Market: Key Trends and Drivers
- Arable land is shrinking with rising population. World population is expected to reach 11 billion by 2100. At the global level, per capita agricultural land use is now less than half its value in 1961. This makes the use of fertilizers inevitable and bodes well for phosphorus extraction in the future.
- Global mining industry is growing rapidly on the back for rising demand for raw materials for industries. The top players in the global mining industry had a valuation of around 692 billion U.S. dollars in 2019. This should give steady growth to the phosphorus ore market in the coming years.
Global Phosphorus Ore Market: Regional Analysis
The Asia Pacific region (APAC) is expected to register good growth in this market over the years given the demand for food in this region with increasing population. Also, rich mineral wealth is being increasingly extracted here and makes growth for the phosphorus ore market inevitable.
North America and Europe are estimated to show modest growth in this market because of poor dependence on regional ore extraction, though pockets of mineral wealth are being realized and looked into here.
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