Global Diammonium Phosphate Market: Overview
The global diammonium phosphate market is anticipated to observe appreciable growth over the tenure of assessment. Rapidly expanding agricultural sector has resulted in the rise in demand for fertilizers across the globe, which is likely to play an important role in driving the demand for diammonium phosphate in the years to come.
Land is a limited resource and arable land is more of a limited resource. Shrinking cultivable land together with the need for high production output of crops for the purpose of meeting the demands of ever increasing human population is predicted to drive the growth of the global diammonium phosphate market. A rise in the demand for firefighting products owing to many policies targeted at the maintenance of health and safety and environment issues in the residential, industrial, and commercial buildings are further likely to drive the demand for the product.
End user, material, packaging, and region are the four important parameters based on which the global diammonium phosphate market has been segregated broadly. The sole aim of such segmentation is to offer a clearer and detailed view of the global diammonium phosphate market.
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Global Diammonium Phosphate Market: Notable Developments
The global diammonium phosphate market has witnessed considerable growth in the last few, some of which are path-breaking ones. One of the developments of the market is mentioned below:
- In January, 2018, Florida-based leading manufacturers of crop nutrients, The Mosaic Company made an acquisition of Vale Fertilizantes, a Brazilian company dealing with fertilizers and other chemicals. This strategic move is likely to expand the reach of the former in parts of Latin America.
Some of the prominent organizations in the global diammonium phosphate market comprise the below-mentioned:
- China Blue Chemicals Ltd.
- The Mosaic Company
- PhosAgro AG
- Pacific Chemicals Ltd.
- Sichuan Chuanxi Xingda Chemical Co.
- Shan Dong Lubei Chemical Co Ltd
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Global Diammonium Phosphate Market: Key Trends
The global diammonium phosphate market is characterized by the presence of the following restraints, drivers, and opportunities.
Wide Scope of Use in the Food and Agriculture Sector Surge Demand
Diammonium phosphate or DAP is considered one of the most widely used phosphorus-based fertilizer. It is made utilizing two important constituents found in the fertilizer industry and is well known due to its high supplement substance with excellent physical characteristics.
The global diammonium phosphate market is predicted to be driven by wide range of applications. The chemical finds extensive use in the food and agriculture industry and is utilized as a flavoring, prevention, and food coloring agent.
Diammonium phosphate has a broad range of uses in the food and agriculture industry. The chemical plays the role of a prevention, food coloring, and flavoring agent in the food industry. Rapid improvement in the industrial sector, augmented spending for agriculture and food in various developing nations like China and India is likely to trigger growth of the global diammonium phosphate market. Many emerging economies like India in particular depend upon agriculture for the revenue generation, which makes way for rapid development of the global diammonium phosphate marketplace. The need for fertilizer is multiplying in the last few years, thereby triggering rapid growth of the market. In addition many macroeconomic factors like impact of various factors on soil and weather and rise in disposable income is likely to impact the market over the tenure of analysis.
Global Diammonium Phosphate Market: Geographical Analysis
Driven by rapid industrial development and augmented investment in food and agriculture is likely to catapult Asia Pacific to the forefront of global diammonium phosphate market. The region is likely to sustain its regional dominance over the period of assessment.
A rise in the disposable income of the people in this region together with the increased awareness about the benefits of use of such fertilizers is likely to fuel growth of the market in the years to come.
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