Ammonium Thiosulfate Market is Projected to Accelerate at a CAGR of 6.8% by the year 2031

Ammonium thiosulfate market has witnessed a considerable increase in demand from diverse end use industries such as agrochemicals, pharmaceuticals, water treatment, agriculture and mining sector among others. Owing to the growing demand for crop production across the globe, demand for nitrogen & phosphate based fertilizers is anticipated to increase in the coming years.

Rising need for more nutrients in the soil, adoption of ammonium thiosulfate will increase. As ammonium thiosulfate fertilizers provides certain vital elements for the plant and crops growth, adoption within agriculture sector will increase, spurring sales.

Moreover, decreasing land area worldwide due to growing urbanization and industrialization will also fuel demand for ammonium thiosulfate. The market for ammonium thiosulfate witnessed moderate growth during FQ-20, due to the sudden outbreak of Covid-19. Decrease in demand within the industrial sector resulted in slight decline of sales.

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However, the market is expected to witness positive growth outlook backed by the increasing demand for ammonium thiosulfate from the agriculture sector. According to Future Market Insights, the global ammonium thiosulfate market is anticipated to grow at a healthy CAGR of 6.8% during the forecast period of 2021 and 2031.

Key Takeaways from Ammonium Thiosulfate Market Study 

In terms of end use, photochemical and water treatment are expected to witness high growth during the forecast period.
The global ammonium thiosulfate market is anticipated to reach a value of US$ 367.5 million by the end of the forecast period.
Industrial grade will be the preferred grade type among end-users, accounting for lion's share in the global market
Powder form is expected to remain the key form type of owing to substantial demand of the inorganic compound for various other industries including mining and treatment of industrial wastewater.
The U.S. is projected to remain the lucrative market owing to the presence of key producers and steady expansion of agriculture industry in the region.

"Prominent manufacturers of ammonium thiosulfate are specifically emphasizing on capacity expansions and agreements with the sole purpose to cater demand and gain more regional presence, especially in India and the U.S.," said a lead analyst at FMI.

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Ammonium Thiosulfate Market: Participant Insights                                        

Key market participants in the global ammonium thiosulfate market are Tessenderlo Kerley, Inc., Koch Nitrogen International Sarl, Kugler Co., Martin Midstream Partners, TIB Chemicals AG, Esseco Srl, PCI Nitrogen, Shakti Chemicals.

Key players are focusing on strategic expansions by expanding production capacity, in emerging economies by setting up of new production units, collaborations and mergers and acquisitions of other market participants to provide to increase their market presence.

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Ammonium Thiosulfate Market by Category

By Form Type:

Powder
Liquid

By Grade:

Industrial Grade
Photo Grade

By End Use:

Fertilizer
Photochemical
Mining
Others

What Is the Impact of COVID-19 on Ammonium Thiosulfate Market?

The global economy witnessed a significant downfall due to the sudden outbreak of COVID-19. Global shutdown halted trade activities, resulting in disruption of supply-chain network. Industrial sector, mining sector and construction sector suffered the most.

However, agricultural sector showed a stable trajectory during the pandemic, as it falls under essential services category and agricultural produce being categorized as critical commodities, thus exempting them from restrictions.

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Moreover, demand and supply of certain fertilizers decreased due to the pandemic. Ammonium thiosulfate is produced from sulphur and is extracted from oil & gas refineries.  Due to pandemic, production of ammonium thiosulfate decreased due to supply chain disruption and reduction in the oil & gas demand.

Explore FMI's Extensive ongoing Coverage on Chemicals & Materials Domain

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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.