Global Potassium Phosphate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Potassium Phosphate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Potassium phosphate is an inorganic compound with a chemical formula of K3PO4, also known as tripotassium phosphate. It is a colorless or white orthorhombic crystal at normal temperature and pressure, and is anhydrate, heptahydrate and nonahydrate. Anhydrous, deliquescent, relative molecular mass 212.27, relative density 2.564 (17 ° C), melting point 1380 ° C, soluble in water, difficult to dissolve in ethanol.

Market Overview:

The latest research study on the global Potassium Phosphate market finds that the global Potassium Phosphate market reached a value of USD 821.79 million in 2022. It’s expected that the market will achieve USD 1026.94 million by 2028, exhibiting a CAGR of 3.78% during the forecast period.

COVID-19 has an impact on the global economy. The COVID-19 epidemic spread to more than 210 countries and regions around the world in three months, affecting nearly 7 billion people. The coronavirus epidemic has impacted all aspects of human health, economic growth, social development, national security, and international relations. It is a comprehensive challenge. The epidemic has drastically reversed expectations of moderate growth in the world economy in early 2020. After the outbreak, the employment situation in various countries has become more severe. Global investors panic, triggering turmoil in the financial and capital markets. The epidemic has caused huge losses to related industries and international trade. From the perspective of the general background, exports, consumption, and investment are driving the economy. After the outbreak of the epidemic, consumption, exports, and investment have all been affected to some extent. Therefore, the global economic downturn is inevitable.

More than one million lives have been lost to COVID-19 since the start of 2020 and the toll continues to rise. Many more have suffered a serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing. This is the worst global recession in decades, despite the huge efforts of governments with the support of fiscal and monetary policies to deal with the economic downturn. But from a long-term perspective, it is expected that the severe recession caused by the pandemic will cause a prolonged economic depression by reducing investment. Should COVID-19 outbreaks persist, should restrictions on movement be extended or reintroduced, or should disruptions to economic activity be prolonged, the recession could be deeper. Businesses might find it hard to service debt, heightened risk aversion could lead to climbing borrowing costs, and bankruptcies and defaults could result in financial crises in many countries. Under such unfavorable circumstances, there will still be a possibility of a global decline in 2021. The global economic downturn caused by COVID-19 is not good for the development of any industry, and Potassium Phosphate industry is the same.
In addition to the economic impact, COVID-19 has also had an impact on the potassium phosphate market. The outbreak of COVID-19 has restricted the production of potassium phosphate and the industry chain has broken. The result of a decrease in potassium phosphate production. However, agricultural demand and the development of downstream markets such as medical treatment will lead to an increase in the demand for potassium phosphate. In particular, some companies such as Pfizer have Monopotassium phosphate in their COVID-19 vaccine ingredients. This has further promoted the development of the potassium phosphate industry. The decline in production and the increase in demand will lead to an increase in the price of potassium phosphate. Regarding the future development after COVID-19, potassium phosphate has good development potential, especially in the medical and chemical industries.

The extensive downstream applications have led to market demand growth.

The global potassium phosphate market will be driven by growing demand from agriculture, chemical industry, food industry, and medical industry. The demand for the use of agricultural technologies such as hydroponics has increased, and large amounts of additives are required per unit of output. The growing personal care and pharmaceutical industries in the developing regions of Asia-Pacific and Latin America are also expected to create new demand for raw materials and ingredients during the forecast period, thereby creating profitable opportunities for manufacturers to expand into new regions. Positive results. Due to dough conditioning, yeast stimulation and fermentation properties, the widespread use of potassium phosphate in the baking industry should drive the demand for potassium phosphate products. In addition, potassium phosphate can improve texture, water retention, stable pH and quality, making it widely used in the manufacture of bakery products and improving the palatability of bakery products. Recently, due to changes in snack choices and increased demand for baked goods, there has been a significant difference in the demand for baked products. The increasing demand for various bakery products and the supply of various manufacturers worldwide are driving the prospects of the potassium phosphate industry. Therefore, the downstream market's extensive demand in agriculture, chemical industry, food industry, and medical industry drives the development of the potassium phosphate industry.

The emergence of natural products and organic agriculture will limit the potassium phosphate market.

In agriculture, potassium phosphate used as fertilizer is one of the most important uses. Potassium phosphate fertilizer cannot be completely absorbed by soil and crops after being used on the land. As rainfall flows into rivers or penetrates into groundwater, it will pollute water sources. Therefore, many people prefer to use natural fertilizers compared to fertilizers made from potassium phosphate. This will limit the potassium phosphate industry to a certain extent.
In addition, some people are always worried about the crops cultivated by chemical fertilizers. They prefer to eat natural foods or organic products. The emergence of natural products and organic agriculture will occupy a large part of the market for cultivated crops of potassium phosphate fertilizer. This is also one of the factors limiting the potassium phosphate industry.

Region Overview:

In 2021, the share of the Potassium Phosphate market in Asia Pacific stood at 43.54%.

Company Overview:

Haifa is one of the major players operating in the Potassium Phosphate market, holding a share of 9.66% in 2022.

Haifa

Haifa Group is a world leader in the field of specialty fertilizers. The company sells a wide range of quality products in more than 100 countries through 16 subsidiaries spread throughout the world. Since its establishment in 1966, Haifa brand has been considered a symbol of quality and pioneering in the global agricultural industry.

ICL

ICL Group Ltd. is a multi-national manufacturing concern that develops, produces and markets fertilizers, metals and other special-purpose chemical products. ICL serves primarily three markets: agriculture, food and engineered materials. ICL produces approximately a third of the world's bromine, and is the world's sixth-largest potash producer.

Segmentation Overview:

As for product types, the Agriculture Grade segment held the largest market share in 2021.

Industries Grade

Industries Grade potassium phosphate requires higher purity and less impurities such as heavy metals. The potassium phosphate standard of Industries Grade is higher than that of Agriculture Grade. Industries Grade potassium phosphate is mainly used in industrial production.

Agriculture Grade

Agriculture Grade potassium phosphate requires lower requirements and lower purity. The price of Agriculture Grade potassium phosphate is relatively low. Agriculture Grade potassium phosphate is mainly used in fertilizer production.

Food Grade

Food Grade potassium phosphate has higher requirements and higher safety. Food Grade has the highest price. Food Grade potassium phosphate is mainly used in food processing and production.

Application Overview:

The market's largest segment by application is the segment Agriculture, with a market share of 60.44% in 2021.

Key Companies in the global Potassium Phosphate market covered in Chapter 3:

Shifang Talent
Haifa
Guangxi Mingli
ICL
Sichuan Ronghong
Sichuan Blue Sword
Chuanxi Xingda
Sichuan Shucan
Shifang Yuda
Wuhan liande
Mianyang Aostar
Shubhchem Industries
NIPPON CHEMICAL INDUSTRIAL CO., LTD.
Rishi Chemicals

In Chapter 4 and Chapter 14.2, on the basis of types, the Potassium Phosphate market from 2018 to 2029 is primarily split into:

Industries Grade
Agriculture Grade
Food Grade
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Potassium Phosphate market from 2018 to 2029 covers:

Agriculture
Chemical industry
Food industry
Medical industry
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)