Dec 30th, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Iron Phosphate Market.
Iron Phosphate Market is likely to witness a CAGR of 5.2% during the forecast period. The iron phosphate market is expected to rise due to rapid expansion in the agriculture, pharmaceutical, and food and beverage industries. The world’s growing population will lead to a decline in the availability of arable land, thus increasing product application scope of fertilizers. Growing agricultural pest concerns and emerging new agrochemical varieties will support its penetration. Surge in demand for crops, as well as increased R&D investments in the agriculture sector, will propel the market growth forward.
Iron phosphate is an inorganic compound with the formula FePO4. It is used in organic farming and steel and metal manufacturing processes. Bonding with metal surface that prevents its further oxidation is one of its key features.
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Iron Phosphate Market Share: By Product Type
Based on the product type, the market is segmented as ferric pyro phosphate and ferrous phosphate. In 2020, ferric pyro phosphate led the market and is expected to maintain its indomitable position during the forecast period as well. The demand for ferric pyro phosphate will be augmented by key applications such as iron supplements for disease prevention such as anemia, fortification in infant cereals and other drink powders, and high presence of iron bioavailability. Furthermore, the ferric pyro phosphate market will be driven by an increase in the number of health issues that occur each year as a result of nutritional and vitamin deficiencies in infants, children, and adults.
Iron Phosphate Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the leading region in the market owing to an increase in the number of patients suffering with iron deficiency in the region. India being one of the most populous countries in the world, will become home to a large number of pharmacists, ultimately boosting the regional market for iron phosphate. Also, Europe is expected to offer substantial growth opportunities during the forecast period, owing to the growth of the agricultural and pharmaceutical sectors.
COVID-19 Impact on Global Iron Phosphate Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Key players operating in the Iron Phosphate market are-
- The Merck Group
- American Elements
- Jost Chemical Co.
- Spectrum Chemical Manufacturing Corporation
- Imperial Chemical Corporation
- Crest Industrial Chemicals Inc.
- Hefei Asialon Chemical Co. Ltd.
- Aarvee Chemicals
- Charkit Chemical Company LLC
- ILVE Chemicals.
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Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Iron Phosphate Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors.
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