Sellbyville, DE -- (SBWire) -- 10/10/2018 --The Iron phosphate Market is set to grow from its current market value of more than $520 million to over $700 million by 2024; as reported in the latest study by Global Market Insights, Inc.
Propelling demand for food & beverage applications including bakery industry, nutrition supplements, and dairy industry will drive the market demand for iron phosphate. Ferric phosphate is a good source of iron and is used to fortify food. Milk and dairy products have low iron content and hence the use of iron phosphate in these applications is augmenting. Selected regions displaying higher count of people with lower hemoglobin content in blood, will witness enhanced demand for iron phosphate related pharmaceuticals.
Consumer awareness is a key driver for mineral enrichment in health supplements. Iron phosphate content in nutritional supplements is increasing in selected regions witnessing lower iron intake. Rising health concerns and need for healthy life will boost the sales for nutritional supplements and multi-vitamin mineral tablets.
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Iron phosphate coating can be applied by wipe, dip, and spray application. The key factors driving the iron phosphate industry growth in paint & coatings industry include increased paint adherence, higher impact resistance, rust reduction, lower operation costs, reduced phosphate sludge formation, and easy maintenance. Rising demand for metal pretreatment for higher durability of painted metals will propel the product segment.
Iron phosphate is used in animal feed to maintain their nutritional level and gain better productivity. Rising number of animals including dairy, poultry, and others and the need to maintain adequate iron levels in them will fuel the animal feed demand. Iron phosphate in the form of pesticides is used to target pests including slugs and snails. The demand for pesticides is increasing owing to need for increasing the farm productivity.
Ferric pyrophosphate is used to fortify foods including flour, bread, milk powder, biscuits, infant cereals, chocolate-drink powders, and beverages. It is also used as nutritional iron source in the form of excipients catering pharmaceutical industry. Surging demand for anti-anaemics to improve the red blood cells count will fuel the iron phosphate industry growth.
Ferrous phosphate finds high applicability as a molliscicide. The growing use of molluscicides to kill slugs and snails will supplement the ferrous phosphate industry growth. Crops including citrus fruit trees, corn, potatoes, strawberries, tomatoes, sugarcane, and others observe high application of ferric phosphate molluscicide. The rising demand for ferrous phosphate in steel manufacturing owing to up surging steel industry will fuel the market growth. Moreover, increasing consumer spending along with up developing residential construction sector will generate high demand for iron phosphate paint coatings.
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Asia pacific region accounted for more than 50% market share in 2017. Need for increasing agricultural output along with favorable government policies will drive the product growth in pesticides application. Changing consumer lifestyles & eating preferences towards processed food owing to globalization coupled with rising consumer spending in the region will propel the demand for iron phosphate in the food applications. Increasing count of people having iron deficiency will boost the product adoption in food & beverage application.
Global iron phosphate market share is highly fragmented due to presence of large regional and international players. Jost Chemical Co., Merck, American Elements, Charkit Chemical Corporation, and ILVE Chemicals are among the key players. Other industrial participants include Spectrum Laboratory Products, Crest Industrial Chemicals, Imperial Chem Corporation, Hefei Asialon Chemical Co. Ltd., and Aarvee Chemicals. Manufacturers are expected to invest in capacity expansion along with of implementing upon growth strategies particularly mergers & acquisitions, long term raw material supply contracts to improve their profit margins and gain higher market share.
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At 5% CAGR, Iron Phosphate Market to Hit US$ 700 Mn by 2024 : Merck, American Elements, Jost Chemical Co., ILVE Chemicals and 9 Other Companies Profiled
Asia Pacific iron phosphate market is the fastest growing region and is expected to be valued at over USD 370 million by 2024.