The Global Phosphate Rocks Market is projected to register a CAGR of over 3% during the review period. The growth of the global phosphate rocks market is primarily driven by the its use in phosphorous production, which is further used as a chemical feedstock. The limited availability of cultivable land across the globe due to the industrialization and urbanization has resulted in an increased demand for fertilizers for crop production. With the growing population, the agricultural production has increased, which is projected to drive the growth of the global phosphate rocks market during the assessment period. However, the increasing adoption of environmentally friendly products due to stringent regulations associated with environment protection by the US Environmental Protection Agency and EU legislation is expected to hamper the market growth.
Some of the prominent players in the global phosphate rocks market are Nutrien Ltd. (Canada), Phosphate Resources Limited (Australia), Jordan Phosphate Mines Co (Jordan), Itafos (Canada), GCT (Saudi Arabia), OCP (South Africa), The Mosaic Company (US), Anglo American (UK), PhosAgro (Russia), and Maaden - Saudi Arabian Mining Company (Saudi Arabia).
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By application, the global phosphate rocks market has been segmented into fertilizers, animal feed supplements, chemicals, food preservatives, water treatment, fungicides, cosmetics, detergents, and others. Among these, the fertilizers segment dominated the global market in 2018 due to the extensive use of phosphorous in nitrogen, phosphorous, and potassium (NPK) fertilizers across the globe. The demand for NPK fertilizers is increasing as the components offer a number of benefits together, wherein nitrogen is responsible for the growth of leaves on the plant; phosphorus enhances root growth and flower and fruit development; whereas potassium is a nutrient that helps the overall functions of the plant perform correctly.