Global Diammonium Phosphate Market 2019-2023 | 2% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 18, 2019--
The global diammonium phosphate market is expected to post a CAGR of more than 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global diammonium phosphate market 2019-2023. (Graphic: Business Wire)
Rising global population has affected the balance between population and the available arable land, leading to food security concerns and agricultural development. The demand for food is compelling end-users in the agricultural sector to increase the use of phosphate fertilizers to enhance crop yield. These factors are crucial in driving the growth of the global diammonium phosphate market.
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As per Technavio, the rising demand for fertilizers in biofuel production will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Diammonium Phosphate Market: Rising Demand for Fertilizers in Biofuel Production
Growing concerns over the environment and energy security have compelled the US and many European governments to implement stringent regulations pertaining to greenhouse gas emissions from conventional petrochemical-based fuels. Also, the declining number of fossil fuel reservoirs has increased the demand for biofuels. Phosphate fertilizers are considered as a potential feedstock for first-generation biofuel technologies. These factors are expected to drive the need for inorganic fertilizers, including diammonium phosphate during the forecast period.
“Developments in diammonium phosphate production and capacity expansions will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Diammonium Phosphate Market: Segmentation Analysis
This market report segments the global diammonium phosphate market by application (fertilizers, flame retardants, food and beverage, and others) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the rising demand for crops and the evolution of the fertilizer subsidy regimes.
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Five Forces Analysis
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PUB: 12/18/2019 09:30 AM/DISC: 12/18/2019 09:30 AM