Cost-effective manufacturing cost with higher economic growth rates are positively influencing the overall iron phosphate market size.
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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 market 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.
Another highly important factor driving iron phosphate market share is the applicability of this business sphere across the food and beverage sector. Ferric phosphate (FePO4) has already established its position as a vital ingredient in balancing the nutritional deficiency, which if not met can lead to serious health problems like anemia. In fact, if reports are to be relied on, iron deficiency is the most prevalent nutritional deficit across the United States, and women are reportedly at a higher risk of anemia. Besides U.S., it is imperative to mention that nearly 202 million women were affected with anemia in South East Asia and around 100 million in Western Pacific in 2017. Given the significant numbers, it comes as no surprise that Asia Pacific remains as a significant hot spot for anemia prevalence. The increasing number of ferric deficient patient populace across this belt has further augmented the product penetration across APAC, which contributed for more than 50% of the overall iron phosphate market share in 2017.
Having recognized the unique blend of characteristics of iron phosphate, many healthcare giants have been putting their efforts to unleash the potential of this compound in treating disorders such as chronic kidney disease (CKD). For the record, the increasing cardiovascular mortality rate has found to be closely linked with hyperphosphatemia, i.e. a low level of phosphate content in the blood. This disorder is quite common in patients suffering from CKD for and ferric based oral phosphate binders are often recommended by the healthcare experts to avert intestinal absorption of dietary phosphates. Several such oral binders have already undergone clinical testing and have received a green signal from regulatory bodies.
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Recently, for instance, the U.S. FDA has approved the phosphate binder ferric citrate for people suffering from ferric deficiency that has proved beneficial in reducing the FGF23 levels in non-dialysis dependent CKD disease. The drug has been gaining exceptional traction in treating hyperphosphatemia in CKD while this approval has granted patients and physicians with a new option to help manage the complex disease. This chain of events is likely to bring a transformation in the way commercialization of iron phosphate market has been perceived for long.
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.
Glimpse of Table of Content (ToC)
Chapter 3. Iron Phosphate Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Raw material suppliers
3.3.2. Manufacturers
3.3.3. Profit margin trends
3.3.4. Distribution channel analysis
3.3.5. Vendor matrix
3.3.5.1. Key Manufacturers
3.3.5.2. Product portfolio
3.3.5.3. Global presence
3.4. Raw material trends
3.5. Technology landscape
3.5.1. Production Process
3.6. Regulatory landscape, by region
3.6.1. North America
3.6.2. Europe
3.6.3. Asia Pacific
3.6.4. LATAM
3.6.5. MEA
3.7. Global molluscicides industry outlook
3.8. Pricing analysis, by region
3.8.1. Regional pricing
3.8.1.1. North America
3.8.1.2. Europe
3.8.1.3. Asia Pacific
3.8.1.4. Latin America
3.8.1.5. MEA
3.8.2. Cost structure analysis
3.9. Industry impact forces
3.9.1. Growth drivers, by region
3.9.1.1. North America
3.9.1.2. Europe
3.9.1.3. Asia Pacific
3.9.1.4. LATAM
3.9.1.5. MEA
3.9.2. Industry pitfalls & challenges
3.10. Innovation & sustainability
3.11. Growth potential analysis, 2017
3.12. Competitive landscape, 2017
3.12.1. Market share analysis, 2017
3.12.2. Top players overview
3.12.3. Brand analysis
3.12.4. Key stakeholders
3.12.5. Strategy dashboard
3.13. Porter’s analysis
3.14. PESTEL analysis
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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.
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Source URL: https://marketersmedia.com/at-5-cagr-iron-phosphate-market-will-bypass-700-million-by-2024/88901157
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Release ID: 88901157
