Phosphites Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Phosphites: Introduction
Phosphites is an alkali metal salt of phosphorous acid. Phosphites help in bio-stimulating the performance of plants by activating their molecular, biochemical, and physiological responses. Phosphite is often used as a source of increasing energy and nutrient uptake in plants, thereby fostering the growth of roots. This boosts the yield and nutritional value of horticultural crops. Furthermore, phosphites are adsorbed and attached to soil minerals more than phosphates.
Phosphites are often used as secondary antioxidants and stabilizers for polyolefins, styrenic polymers, engineering plastics, and other plastics
Based on form, the global phosphites market can be segmented into liquid and solid. The liquid segment is expected to hold major share of the market in the near future owing to ease of mixing and excellent solvent characteristics of liquid phosphites.

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Key Drivers of Phosphites Market
Ability of phosphites to enhance root & shoot growth and bud & fruit quality is expected to drive the demand for phosphites in the agriculture sector. Additionally, the bio-stimulating characteristic of phosphites is anticipated to drive its demand in applications such as pesticides and fertilizers.
Growth in population, increase in income of the middle class, considerable improvements in lifestyle of the people, and rise in awareness about physical wellbeing are some of the factors estimated to boost the production and consumption of healthy food products across the globe. Phosphites help increase nutritional value of crops by bio-stimulating the defense mechanism in plants. This is expected to drive the demand for phosphites in the formulation of crops.

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Asia Pacific to Hold Major Share of Global Phosphites Market
Based on region, the global phosphites market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The agriculture sector is well established in countries in Asia Pacific such as India, China, Indonesia, the Philippines, Malaysia, and Thailand. Furthermore, these countries hold major share in terms of export of agricultural goods across the globe. This is projected to drive the demand for phosphites, as these are extensively used in improving the yield of crops.
Increase in governmental initiatives toward the growth of the agriculture sector is expected to drive the demand for phosphites in Asia Pacific. For instance, the Government of India has launched the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) for the development of irrigation sources to prevent drought. The investment in the initiative stood at US$ 7.7 Bn. Furthermore, the government plans to triple the capacity of the food processing sector in India by committing an investment of US$ 936.38 Bn for mega food parks in the country. The investment is under the Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters (SAMPADA).

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The market in North America and Europe is anticipated to expand at a significant pace during the forecast period. The preliminary factor which is expected to drive the demand for phosphites in Europe is the presence of wide variety of crops grown across various countries in the region. Furthermore, manufacturers operating in North America and Europe are highly engaged in development of advanced technologies and economies of scale to produce low-cost phosphites. Additionally, producers operating in Europe and North America are highly focused on expanding their production capacities in emerging regions to expand their reach.
The phosphites market in Middle East & Africa is estimated to expand at a moderate pace, owing to the presence of a few producers across the region. The market in Latin America is anticipated to expand at a significant pace, due to substantial improvement in the agricultural sector in the region.

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This release was published on openPR.