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Global Phosphorus Trichloride Market: Increasing Usage of Pesticides to Improve Crop Yields to Boost Growth, says TMR
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In 2015, these enterprises, together, could hold only 28.42% of this market. Currently, they are focusing aggressively on strategic collaborations and agreements with the end-use industries to strengthen their position, which is anticipated to intensify the competition within this market in the near future, states the report.
As per TMR’s estimations, the worldwide phosphorus trichloride market presented an opportunity worth US$1.23 bn in 2015. Burgeoning at a CAGR of 5.20% during the period of 2016-2024, it is anticipated to increase to US$1.92 bn by the end of the period of the forecast. Hitherto, the demand for phosphorus trichloride had been greater in agrochemicals than other application areas. Analysts expect this scenario to remain unchanged in the near future due to the increasing usage of phosphorus trichloride in the manufacturing of pesticides, herbicides, and insecticides.
phosphorus trichloride market
Expansion of End-use Industries to Ensure Asia Pacific’s Dominance
The grade of phosphorus trichloride and the geographical reach of the global phosphorus trichloride market are the two of the significant parameters, on which, this research report has analyzed this market. According to the report, the worldwide market for phosphorus trichloride is spread across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. With a share of more than 44%, Asia Pacific led the global market in 2015 and is expected to remain seated in this position over the forecast period, thanks to the rise in various end-use industries, such as agrochemicals and pharmaceuticals.
On the basis of the grade, pure grade phosphorus trichloride and analytical reagents have been considered as the two main segments of this market in this study. Among the two, the demand for pure grade phosphorus chloride has been higher than analytical reagents and is anticipated to continue like this throughout the forecast period due to the rising usage of pure grade phosphorus chloride in the production of agrochemicals, phosphorus oxychloride, and plasticizers
Growing Demand for Food to Reflect Positively on Demand for Phosphorus Trichloride
“The phenomenal rise in the global population is having the most influential impression on the worldwide phosphorus trichloride market as with the growing population, the need for food has increased substantially, resulting in the increased usage of pesticides, herbicides, and insecticides in farming to improve crop yields,” says the author of the study. The significant growth in the chemical industry is also adding to the progress of this market substantially, notes the research study.
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Although the growth prospects of this market are bright, it may face hindrances in future due to the high cost of phosphorus trichloride. However, the advancements in technologies used for the production of phosphorus trichloride are expected to create opportunities for further growth of this market in the years to come, states the report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Phosphorus Trichloride Market (Grade - Pure and Analytical Reagent; Application - Phosphorus Oxychloride, Chemical Intermediates, Agrochemicals, Plasticizers, Pharmaceuticals, Oil Additives, and Surfactants) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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