The global diammonium phosphate market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio.
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A key factor driving the growth of the market is the increasing demand for food. The balance between population and land has been affected by the high growth in global population which led to food security concerns and agriculture development. Predominant factors such as higher income and population growth are stimulating higher demand for food from the international marketplace, while trade liberalization and technological innovation, particularly in transportation, information, and communication have also facilitated trade expansion. The growing food crisis and depleting arable land have led to a heavy dependence on phosphate fertilizers, mainly diammonium phosphate fertilizers, to enhance yield, accelerate maturity, and increase resistance to diseases.
This market research report on the global diammonium phosphate market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the developments in diammonium phosphate production as one of the key emerging trends in the global diammonium phosphate market:
Global diammonium phosphate market: Developments in diammonium phosphate production
The developments in diammonium phosphate production is driving the growth of the global diammonium phosphate market. The green phosphoric acid produced from raffinate is used in emerging applications in different end-user sectors. Phosphoric acid produced from reading apatite with sulfuric acid is known as green phosphoric acid and used as a raw material to produce fertilizers. Green phosphoric acid is obtained by purifying phosphoric acid, which involves pretreatment, purification, and concentration.
“To purify green phosphoric acid the most commonly used method is solvent extraction. In the solvent extraction process, tributyl phosphate mixed with kerosene is used as an extractant. This process leads to wet phosphoric acid. In the last decade, the purification of wet phosphoric acid to produce food and pharma products has received significant importance. Green phosphoric acid is used as a food-grade fertilizer in the food and beverages industry as a coloring agent and preservative as it contains a high concentration of phosphoric acid. Thus, the rising production of green phosphoric acid owing to its high purity and effectiveness is expected to drive the global diammonium phosphate market during the forecast period,” says a senior analyst at Technavio for research on agrochemicals and fertilizers.
Global diammonium phosphate market: Segmentation analysis
This market research report segments the global diammonium phosphate market by application (fertilizers, flame retardants, and food and beverage) and geographical regions (APAC, EMEA, and the Americas).
The fertilizers segment held the largest market share in 2018, accounting for nearly 80% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 60%. This region is expected to dominate the market through 2023.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
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- Competitive scenario
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