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Iron Phosphate Market Trends, Challenges and Growth Drivers Analysis 2024

Author : Ronak Bora | Published Date : 2019-05-14 

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.

With unprecedented technological and chemical advancements in the last few decades, the iron phosphate market has captivated a slew of industry verticals including agriculture, manufacturing and consumer goods. Iron Phosphate (FePO4) is an extremely useful inorganic compound that can be functional in organic farming as a pesticide ingredient, in children’s food as a nutrition fortifying component and as an additive in other food or beverage product. Extensive research and development activity instigated by pharmaceutical giants has shaped a critical customer base for the FePO4 compound, bolstering the global iron phosphate market. Earning an impressive USD 520 million in 2017, the remuneration contributed from applications in agricultural and health sectors can be ascribed to the rising population, which is certainly invigorating the iron phosphate industry.

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It is estimated that world population has surpassed 7.6 billion in 2018 and is straining the agro-based industries, which toil to meet the extraordinary demand for food and other consumables. The increasing need for boosting the agricultural produce has coerced efforts for the improvement of arable land and protecting fields against harmful organisms, imposing the necessity of the iron phosphate market in fertilizer and pesticide sectors. Further in the food segment, higher disposable income has led to a surge in expenditure on powdered drinks, dietary supplements and cereals which are enriched with the addition of FePO4.

As the healthcare industry is attempting to cope with increasing prevalence of diseases caused by nutritional deficiency as well as other chronic disorders, the iron phosphate market can be expected to undergo a tremendous transformation. Stating the evolution of the iron phosphate industry, a large number of pharmaceutical companies are coming up with ways to infuse FePO4 in treatments for lowering fibroblast growth factor 23 (FGF23), which is an important biomarker of chronic kidney disease.

In terms of manufacturing processes, pretreatment for coating and painting forms an integral part of iron phosphate industry’s application gamut. FePO4 coating has been in practice for more than 50 years, as it provides a better paint adhesion and reduces the rusting of a metal. Generally, iron phosphate coating solutions have a low initial investment cost and are preferred in conversion coating of most indoor equipment that are not exposed to high risk of corrosion. They are also vastly utilized for base coating of a surface before painting in residences to improve the longevity of the paint. The use of FePO4 in crucial stages of iron and steel production and the rapid expansion of residential construction taking place across the world will further propel the iron phosphate market.

The future prospects of the iron phosphate industry cannot be completely described without the mention of its relevance in the electric automobile industry. An exceedingly trending area of product development is the lithium-ion battery, which are critical in the operations of an electric car and majority of consumer devices. Lately, lithium-iron phosphate (LiFePO4) batteries are being produced which show better characteristics than the those made with metal oxides. Soon they will be adopted commonly is electric vehicles and many companies in the iron phosphate market are scuttling to develop low-cost, long-lasting and highly efficient LiFePO4 batteries.

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Asia Pacific iron phosphate market is the fastest growing region and is expected to be valued at over USD 370 million by 2024. This growth can be attributed to the increasing steel manufacturing units specially in the emerging economies including India, China and South Korea. Steel manufacturers are anticipated to implement vertical integration strategy to avoid additional expenses and gain competitive edge. Increasing necessity to prevent further oxidation of the metal will boost product demand across steel & metal industries.

Iron phosphate market share is competitive in nature owing to the presence of many manufacturing companies across the globe. Key industry players include Pioneer Herbal, Imperial Chem Incorporation, Jost Chemical Company, Hefei Asialon Chemical Co. Limited, Aarvee Chemicals, Zhengzhou Ruipu Biological Engineering, Crest Industrial Chemicals, ILVE Chemicals and Charkit Chemical Corporation. Merger and acquisition, new product launches, technological advancements and production capacity expansion are the major strategies adopted by these participants to strengthen their foothold.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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