Iron Phosphate: Introduction
· Iron phosphate is an inorganic compound that is used in themetal and steel manufacturing process. It is also used to prevent oxidization.Iron phosphate is also employed in pesticides as part of organic farming, as ithelps filter heavy metals from the soil into the groundwater. Iron phosphatealso acts as a human nutritional supplement; and is used in food &beverages pharmaceutical industries.
Key Drivers of Global Iron Phosphate Market
· The market for iron phosphate is expected to expand at asignificant pace during the forecast period. Expansion of the food &beverages sector is expected to drive the demand for iron phosphate.
· The globaliron phosphate market is propelled by the rapid expansion of the food& beverages and pharmaceutical sectors. Increase in funds in pharmaceuticalcompanies in order to prepare better medicine processing and other medicaltechnological technologies are also expected to boost the global iron phosphatemarket in the near future.
· Rapid expansion of agriculture, pharmaceutical, and food &beverages sectors is anticipated to propel the global iron phosphate market.Growth in the population rate is resulting in declining arable landavailability. This is leading to an increase in product application scope infertilizers. Rise in demand for crops and increase in R&D investments inthe agricultural sector are estimated to drive the market in the near future.
Ferric Pyro Phosphate Product Segment to Dominate Global Market
· Based on product, the ferric pyro phosphate dominated the ironphosphate market in 2020. Key applications including iron supplements forprevention of diseases such as anemia, fortification in infant cereals& various drink powders, and high presence of iron bioavailability areanticipated to boost the demand for iron phosphate. Increase in occurrence ofdiseases every year owing to the nutritional & vitamin deficiencies ininfants, children, and adults is also estimated to drive the ferric pyro phosphatesegment.
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Food& Beverages Application Segment to Dominate Global Market
· Based on application, the food & beverages segment accountedfor major share of the iron phosphate market in 2020. The food & beveragessector is anticipated to expand significantly due to the increase in usage offood additives in order to increase the longevity of food items. Demand foriron phosphate is also anticipated to rise in food and beverages, as it is usedin the preservation of food color, flavor, texture, freshness, as well asflavor.
· The fertilizers segment is anticipated to expand at asignificant pace during the forecast period. Rapid advancements in theagriculture sector owing to the rise in population are likely to propel thesegment in the near future.
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COVID-19 Impact on Iron Phosphate Market
· The COVID-19 pandemic has led to interruption of variousmanufacturing facilities, disruption of the supply chain, and reduced demandfor products from various industries such as paints & coatings and steelmaking. Therefore, demand for iron phosphate is anticipated to decline inseveral end-use industries in 2021. However, rise in demand for iron phosphatein food & beverages, nutritional supplements, and pharmaceutical productsis driving the iron phosphate market even during the pandemic.
Asia Pacific to Hold Significant Share of Global Iron PhosphateMarket
· In terms of region, the global iron phosphate market can bedivided into North America, Europe, Asia Pacific, Latin America, and MiddleEast & Africa
· North America is anticipated to hold notable share of the globaliron phosphate market during the forecast period due to the increasing numberof patients suffering from iron deficiency in the region. Additionally, highrate of population, especially in developing economies of China, Japan, andIndia, is boosting the market.
· The iron phosphate market in Europe is estimated to expand at asignificant pace during the forecast period. Growth of agricultural andpharmaceutical sectors, particularly in Germany, the U.K., and France, isexpected to augment the market in the near future.
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Key Players Operating in the Market
The globaliron phosphate market is fragmented with several small domestic playersoperating at country or regional level. Key players operating in the globaliron phosphate market include:
· Merck
· American Elements
· Jost Chemical Co.
· ILVE Chemicals
· Spectrum Laboratory Products
· Imperial Chem Corporation
· Crest Industrial Chemicals
· Hefei Asialon Chemical Co. Ltd.
· Aarvee Chemicals
· Charkit Chemical Corporation
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