Iron Phosphate: Introduction
- Iron phosphate is an inorganic compound that is used in the metal and steel manufacturing process. It is also used to prevent oxidization. Iron phosphate is also employed in pesticides as part of organic farming, as it helps filter heavy metals from the soil into the groundwater. Iron phosphate also acts as a human nutritional supplement; and is used in food & beverages pharmaceutical industries.
Key Drivers of Global Iron Phosphate Market
- The market for iron phosphate is expected to expand at a significant pace during the forecast period. Expansion of the food & beverages sector is expected to drive the demand for iron phosphate.
- The global iron phosphate market is propelled by the rapid expansion of the food & beverages and pharmaceutical sectors. Increase in funds in pharmaceutical companies in order to prepare better medicine processing and other medical technological technologies are also expected to boost the global iron phosphate market in the near future.
- Rapid expansion of agriculture, pharmaceutical, and food & beverages sectors is anticipated to propel the global iron phosphate market. Growth in the population rate is resulting in declining arable land availability. This is leading to an increase in product application scope in fertilizers. Rise in demand for crops and increase in R&D investments in the agricultural sector are estimated to drive the market in the near future.
Ferric Pyro Phosphate Product Segment to Dominate Global Market
- Based on product, the ferric pyro phosphate dominated the iron phosphate market in 2020. Key applications including iron supplements for prevention of diseases such as anemia, fortification in infant cereals & various drink powders, and high presence of iron bioavailability are anticipated to boost the demand for iron phosphate. Increase in occurrence of diseases every year owing to the nutritional & vitamin deficiencies in infants, children, and adults is also estimated to drive the ferric pyro phosphate segment.
Food & Beverages Application Segment to Dominate Global Market
- Based on application, the food & beverages segment accounted for major share of the iron phosphate market in 2020. The food & beverages sector is anticipated to expand significantly due to the increase in usage of food additives in order to increase the longevity of food items. Demand for iron phosphate is also anticipated to rise in food and beverages, as it is used in the preservation of food color, flavor, texture, freshness, as well as flavor.
- The fertilizers segment is anticipated to expand at a significant pace during the forecast period. Rapid advancements in the agriculture sector owing to the rise in population are likely to propel the segment in the near future.
COVID-19 Impact on Iron Phosphate Market
- The COVID-19 pandemic has led to interruption of various manufacturing facilities, disruption of the supply chain, and reduced demand for products from various industries such as paints & coatings and steel making. Therefore, demand for iron phosphate is anticipated to decline in several end-use industries in 2021. However, rise in demand for iron phosphate in food & beverages, nutritional supplements, and pharmaceutical products is driving the iron phosphate market even during the pandemic.
Asia Pacific to Hold Significant Share of Global Iron Phosphate Market
- In terms of region, the global iron phosphate market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is anticipated to hold notable share of the global iron phosphate market during the forecast period due to the increasing number of patients suffering from iron deficiency in the region. Additionally, high rate of population, especially in developing economies of China, Japan, and India, is boosting the market.
- The iron phosphate market in Europe is estimated to expand at a significant pace during the forecast period. Growth of agricultural and pharmaceutical sectors, particularly in Germany, the U.K., and France, is expected to augment the market in the near future.
Key Players Operating in the Market
The global iron phosphate market is fragmented with several small domestic players operating at country or regional level. Key players operating in the global iron phosphate market include:
- American Elements
- Jost Chemical Co.
- ILVE Chemicals
- Spectrum Laboratory Products
- Imperial Chem Corporation
- Crest Industrial Chemicals
- Hefei Asialon Chemical Co. Ltd.
- Aarvee Chemicals
- Charkit Chemical Corporation
Global Iron Phosphate Market: Research Scope
Global Iron Phosphate Market, by Product
- Ferric Pyro Phosphate
- Ferrous Phosphate
Global Iron Phosphate Market, by Application
- Food & Beverages
- Nutritional Supplements
- Steel Manufacturing
- Paints & Coatings
- Animal Feed
Global Iron Phosphate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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