Caprolactam Favoring Growth of Ammonium Phosphate Market by 40%: FMI Study

A recently published study by FMI expects the global ammonium sulphate market to augment at a 7.5% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 6.18 Billion is expected for the market. The demand for ammonium phosphate is growing owing to its increasing usage in the agricultural sector. Moreover, application of ammonium phosphate has found a place in the biopharmaceutical and cake and confectionery industries too. This, in turn, is positively influencing the growth of ammonium phosphate market.

From 2017 to 2021, the industry experienced noteworthy growth, registering a value CAGR of 5% and closing at US$ 2.79 Billion. The COVID-19 pandemic affected the demand for ammonium phosphate positively as the same is widely used in the production of disinfectants and surface cleaners. In addition, modification of ammonium phosphate for maximizing the use of the same is creating opportunities for the market.

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The increasing use of ammonium phosphate in Europe for water retention purposes and for agriculture in Asia Pacific is further contributing to the market growth. Furthermore, the use of ammonium phosphate for wood preservation and soil retention is favoring the growth of the market. In the upcoming years, the dependency on ammonium phosphate is expected to increase by end user industries owing to its multi-purpose use.

Key Takeaways from the Market Study
• By production process, caprolactam is expected to hold 40% market share for ammonium sulphate in 2022.
• North America is expected to hold 45% for ammonium phosphate market in 2022.
• Asia Pacific is expected to possess 40% of market share for global ammonium sulphates market in the assessment period 2022-2032.
• Europe is expected to procure 35% of market share for ammonium sulphates market in the forecast period 2022-2032.

"The increasing use of ammonium phosphate in end user industries especially in the agricultural sector by different geographical locations is increasing the demand for the same." says an FMI analyst

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Market Competition

Key players in the ammonium sulphate market are Koninklijke DSM N.V. (Fibrant), JSC KuibyshevAzot, UBE Industries Ltd, Toray Industries Inc., China Petrochemical Development Corporation, China Petroleum & Chemical Corporation (Sinopec Corp.), JSC "Grodno Azot", Grupa Azoty, Domo Chemicals, Gujarat State Fertilizers & Chemicals Ltd, Sumitomo Chemical, Evonik Industries AG

• In August 2022, JSC "Grodno Azot" announced that it will be partially limiting the production of nitrogen fertilizer due to the increase in prices of natural gas.
• DOMO Chemicals, a key player in the ammonium sulphate market is focusing on producing the same sustainable and reducing their overall carbon footprint.

More Insights Available

FMI, in its new offering, presents an unbiased analysis of the global ammonium phosphate market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Production (Process Caprolactam, Coke Oven Gas, Gypsum, and Neutralization & Others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.