Potassium phosphate is generic terms used for salts of potassium and phosphorous. It is a soluble salt of potassium and phosphate used as a source of potassium and phosphorous. Phosphorous and potassium are unstable; therefore, they are always paired with other elements, such as sodium and calcium, to make them stable. Potassium phosphate is used in a broad range of end-use industries which include food, detergents, personal hygiene, construction, and others. The global potassium phosphate market is largely driven by increasing population, which in turn increases the demand for nutritious food across the globe. Furthermore, rapid growth in the agriculture sector in various countries across the globe is anticipated to fuel the growth of the market even further during the forecast period.
Potassium phosphorus is employed in diversified applications in various industries such as health care and agriculture. This is the prominent factor boosting the potassium phosphorus market. Phosphate is an essential nutrient for plants and soul; therefore, it is used in fertilizers. Potassium phosphate is also used as a food additive. A large amount of potassium phosphate is used in soft drinks, processed foods, and fast foods. Today’s youth are getting more attracted to processed food. This is projected to propel the global potassium phosphate market. Furthermore, potassium phosphate is sometimes used as medicine. It can have a diuretic effect and act as a laxative. This in turn, is expected to fuel the global market. Potassium phosphate is also being used in cosmetic products as a buffering agent or pH stabilizer. It is used at up to 8.3% in mascara products. Hence, increase in demand for cosmetic products and extensive use of these ingredients in these products are also likely to propel the potassium phosphate market during the forecast period.
However, stringent regulations pertaining to the use of phosphates in detergents is anticipated to hinder the growth of the potassium phosphate market during the forecast period. Furthermore, the usage of potassium phosphate causes certain side effects such as fast or slow heart rate and nausea. This might act as a restraint for the global potassium phosphate market. The current global production rates of phosphate is anticipated to reach its peak before 2040, and might enter a gradual decline. However, the global consumption levels of phosphate will keep on rising, thereby creating an ever-widening supply-demand gap. This is anticipated to have a huge impact on the global potassium phosphate market in the long run as well.
Regardless of these factors, technological advancements are taking place in the global potassium phosphate market. Major companies operating in the potassium phosphate market are constantly striving to develop new and better ways to manufacture these salts. Development of new manufacturing processes is estimated to propel the global potassium phosphate market during the forecast period.
The potassium phosphate market can be segmented based on type, end-use industry, and geography. In terms of type, the global potassium phosphate market can be divided into mono-potassium phosphate (KH2PO4), di-potassium phosphate (K2HPO4), and tripotassium phosphate (K3PO4). Based on end-use industry, the potassium phosphate market can be segregated into agriculture, healthcare, cosmetics, food & beverages, and others. In terms of geography, the global potassium phosphate market can be classified into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the global potassium phosphate market in the near future. This is primarily due to the increase in demand for processed food and beverages in developing countries such as India. Moreover, the emerging middle classes of countries such as India, China, and other developing countries will demand more food, causing fertilizer demand to grow even more.
Prominent players operating in the global potassium phosphate market includes Potash Corporation of Saskatchewan Inc., Muby Chemicals, Nutrien Ltd., Shifang Zhixin Chemical Co., Ltd., Avantor Performance Materials, Shandong Dingxin Biotechnology, and Sichuan Blue Sword Chemical (Group) Co., Ltd.
This post was originally published on The Market Plan