Iron Phosphate Market to Dominate Worldwide by 2024

According to reports, Asia Pacific had accounted for more than 50% of Iron Phosphate Market share in 2017. Factors like favorable government policies along with rising agricultural output are anticipated to boost product adoption in pesticides application. Moreover, changing eating habits & evolving consumer lifestyles towards processed, Food owing to increasing consumer spending in the region will augment the requirement for iron phosphate in the food and beverage industry.

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Companies covered:      

Crest Industrial Chemicals, Imperial Chem Incorporation, Spectrum Laboratory Products (spectrum chemical manu. Corp), Merck, Jost Chemical Co., American Elements, Hefei Asialon Chemical Co. Ltd., Aarvee Chemicals, Zhengzhou Ruipu Biological Engineering Co. Ltd, Charkit Chemical Corporation, ILVE Chemicals, Pd Navkar Bio-chem Pvt. Ltd, Jiangsu Kolod Food Ingredient Co. Ltd

Geographies covered:

U.S., Canada, Germany, UK, France, Italy, Russia, Netherlands, Spain, Belgium, Sweden, China, India, Japan, Australia, Malaysia, Indonesia, Thailand, South Korea, Vietnam, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia

Growing applications across food & beverage products in the bakery industry, dairy industry, as well as in the nutrition sector will drive the demand for iron phosphate market globally. The demand is also witnessed across agrochemicals, automotive, and consumer electronic industries owing to key factors like low solubility, improved stability and ease of application.

Rising need for molluscicides to prevent damage done by slugs and snails is estimated to boost product penetration in the agro industry. Moreover, milk and dairy products that contain low iron content could led industry to use iron phosphate in its applications to overcome this deficiency. The product is also gaining traction in iron phosphate-based medicines as it can help individuals with lower hemoglobin in the blood. Additionally, ferric phosphate is slated to act as an excellent source of iron for food preservation. These aspects could significantly influence global iron phosphate market outlook.

Ferrous phosphate is one of the phosphates that is mostly used as a molluscicide to eliminate snails and slugs growth. Crops such as corn, citrus fruit trees, strawberries, potatoes, sugarcane, tomatoes and others mostly require excessive use of ferric phosphate molluscicide. In addition to being used as a pesticide, ferrous phosphate is also increasingly used as a chemical compound in steel production plants. With growing demand and development in the steel industry, the iron phosphate market size is slated to witness enhanced growth in the coming years.

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Ferric pyro phosphate market is also witnessing lucrative growth lately. In 2017, the segment accounted for over 53% of the iron phosphate market share. Increasing number of health-conscious consumers accompanied by a rising requirement for nutritional supplements will offer robust business growth to market players. Moreover, improving application scope is claimed to act as a vital ingredient in medications to treat patients with iron deficiency, which could spike industry trends.

Additionally, growing number of people across the region suffering from iron deficiency is projected to spike the demand for iron phosphate in the forthcoming years.