The market for phosphate chemical reagents is expected to grow at a CAGR of more than 3.4% globally during the forecast period. Phosphates are compounds containing the inorganic (PO4)3− ion. The growing demand from the agriculture sector has been driving the market growth.
– However, the outbreak of coronavirus across the globe is likely to hinder the growth of the studied market.
– Emerging application in energy storage technology is expected to act like an opportunity for the market studied.
– Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period
Key Market Trends
Agriculture Sector to Dominate the Market
– Agriculture Sector to dominate the phosphate chemical reagents market owing to the rising consumption of fertilizer and increasing food consumption over the globe.
– Phosphate chemical reagents are utilized in fertilizers to improve crop production. The growing agriculture industry is likely to drive the demand for phosphate chemical reagents over the forecast period.
– The fertilizer market was valued at USD 155.80 billion in 2019, and it is estimated to register a CAGR of 3.8%, during the forecast period (2020-2025) on account of decreasing arable lands in developing regions due to a surge in industrialization and urbanization rate due to which fertilizers have been used to increase the productivity of crops per hectare of area.
– Furthermore, rising demand for agricultural products in countries, like the United States, China, India, and others is projected to boost the fertilizer market which will provide thrust to phosphate chemical reagents market
– Owing to all these factors, the market for phosphate chemical reagents is likely to grow across the world during the forecast period.
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