The projected growth rate of ammonium phosphate market is approximately 3.3% over the course of forecast period (2019-2029). The demand from fertilizers segment remains steady and even surges in emerging economies. Other end-use industries such as electronics and optics are complementing the growth of ammonium phosphate market.
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Key Takeaways of Ammonium Phosphate Market Study
- Fertilizers industry accounts for substantial ammonium phosphate demand.
- Rising uptake of ammonium phosphate in fire extinguishers is propelling the market growth.
- Gains in ammonium phosphate market to remain consolidated in Asia Pacific.
- Europe and North America ammonium phosphate market will witness modest growth through 2029.
- Demand for organic fertilizers will limit the growth of ammonium phosphate market in developed regions.
Major stakeholders in ammonium phosphate must renew their focus towards Asia Pacific market which continues to remain the growth epicentre on account of heightened demand for fertilizers.
Asia Pacific Acquires 32.6% Revenue Share in Ammonium Phosphate Market
Demand upsurge for fertilizers owing to increasing population is boosting the ammonium phosphate market in Asia Pacific. The predominant markets for ammonium phosphate are China and India. On that premise, Asia Pacific constitutes approximately 32.6% revenue share in ammonium phosphate market.
On the other hand, consumers in Europe and North America have growing inclination towards organic fertilizers. The ammonium phosphate market growth in these two regions will be relatively sluggish on that account. Moreover, stricter environmental norms in developed economies will hamper the growth of regional ammonium phosphate market.
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Geographic Expansion Remains Chief Strategic Tenet of Global Players
The competitive landscape of ammonium phosphate market is consolidated in nature at the global level. However, in certain regions, it remains fragmented with proliferation of SMEs. Key manufacturers featured in this study include, but are not limited to, are OCP SA, Wengfu Group, Yara International ASA, Solvay S.A., Coromandel International Ltd., Lanxess AG, Nutrien Ltd., Jordan Phosphate Mines Company, and Haifa Group.
Premier companies in ammonium phosphate market are focused on geographic and operational expansion for greater market foothold. However, the demand for inorganic fertilizers continues to stagnate in developed economies. Manufacturers thus need to divert their resources towards Asia Pacific market where use of ammonium phosphate based fertilizers is still prevalent.