Ferric phosphate, often referred to as iron phosphate, is an inorganic compound which is formulated by the combination of iron, oxygen and phosphorus in a specified molar ratio. Ferric phosphate has various technical applications in different end-user industries, such as agricultural, automotive and among others.
Ferric phosphate is considered as one of the limited molluscicides which finds an exceptional adoption in organic farming. Ferric Phosphate is used to inhibit the growth of snails and slugs which are the primary sources of crop depredation. Ferric phosphate is used on a large scale in industries such as iron and steel manufacturing because of its exceptional corrosion prevention property and its ability to restrict the metal oxidation process.
Ferric phosphate is also used in numerous coating applications, ferric phosphate is predominantly applied and used as a base for coating. It helps to provide high level of adhesion to the metal substrates and rustproofing property. Furthermore, the base coat is also used in bonding wood, fabrics and other materials to metal surfaces.
Ferric phosphate coating plays a vital role in powder coating applications. Furthermore, one of the prominent application where ferric phosphate finds exceptional adoption is its usage as an electrode in lithium-ion battery. Regardless of its low electrical conductivity, ferric phosphate compound is a material of choice as an electrode in lithium-ion battery due to its better thermal stability and good cyclability.
Also, the attributes like enhanced power density, enhanced operational life, high temperature resistance and safety benefits associated with the battery have resulted in increase in its adoption potential in various end-user industries.
Globally, ferric phosphate market is witnessing a steady growth in demand over the past few years and the trend is expected to be followed in the upcoming years. One of the main reasons behind the growing demand for ferric phosphate is its adoption in different applications. Growth in automotive, agrochemicals and consumer electronic industries in last few years have resulted in an increase in demand for ferric phosphate.
Region-wise, there has been a steady growth in cropping activities in past few years, specifically in APAC region. In order to inhibit the growth of pests and slugs, the use of ferric phosphate is increased as an agrochemical or pesticide product. Furthermore, the end users are witnessing a shift in automotive market as majority of OEM manufacturers are focusing on developing electric car portfolio.
With increase in electric car fleet globally, the demand for lithium-ion battery based on ferric phosphate has increased significantly. Moreover, favourable government policies, such as use of eco-friendly and green technologies in some countries, for instance, China, South Korea and Japan and likewise, the economical manufacturing cost and higher growth rates are encouraging signs for ferric phosphate market.
Major players present in the value chain are focusing on increasing the cumulative production of ferric phosphate from their manufacturing units. Also, emerging business models, such as strategic association of big players with the new entrants, which help them to develop their production capabilities with advanced technologies, further help in increasing the overall production of the ferric phosphate.
Increase in R&D activities in order to increase the efficacy of the compound can also be found as a growing factor in adoption of ferric phosphate. Apart from the benefits, some factors like withdrawal of ferric phosphate from the list of the food additives in European Union (EU) may dent its growth in the region. Moreover, raw ferric phosphate compound can cause severe health problems if not handled properly.
The global ferric phosphate market is segmented into the seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2016, the growth in developed countries, such as Western Europe, Japan and North America will be driven by the expansion of industries like automotive, agriculture and paint & coatings.
The APEJ and Latin America region will also register rapid growth due to increasing demand for powder coatings and agrochemicals. These regions are also witnessing the increase in manufacturing units mainly in the emerging economies, such as China, South Korea and India. MEA is also projected to expand with a significant CAGR over the forecast period.
Bayer CropScience Limited
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On the basis of application, the ferric phosphate Market can be segmented as:
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Ferric Phosphate Market
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