Triple superphosphate Market Growth, Shares, Future Trends and Key Countries by 2028

Triple superphosphate Market Size – USD 67.12 Billion in 2020, Growth – CAGR of 5.4%, Trends – Limited availability of arable land across the world

The global Triple superphosphate Market is expected to reach USD 91.40 Billion by 2028 at a CAGR of 5.4%, according to a new report by Reports and Data. The rapid growth of the market can be accredited to the increasing demand for food, growing consumption of meat, and the declining availability of arable land across the globe. The surging need to improve the quality and yield of crops to cater to the augmenting demand for food is also projected to add traction to the market growth.

Phosphorous is a vital plant nutrient that is absorbed by the roots and is responsible for the robust development of shoots and roots. Triple superphosphate are extensively used in modern agricultural practices to enhance crops’ yield and boost the nutrient content of the soil. The use of fertilizers combined with the slow and controlled release technology has expanded its adoption in precision agriculture. This is projected to further propel the market growth in the estimated timeframe. The escalating need to overcome the deficiency of phosphorous in the soil is also driving the demand for Triple superphosphate, thereby contributing to the rapid expansion of the market.

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Top Companies: Yara International ASA, Potash Corp. of Saskatchewan Inc., Agrium Inc., Eurochem Group AG, Israel Chemicals Ltd., PJSC PhosAgro, Coromandel International Ltd., C.F. Industries Holdings Inc., S.A. OCP, and The Mosaic Co.

Further Key Finding from the Report Suggestion:

The cereals segment is foreseen to gain significant traction in the forthcoming years owing to the increasing population and growing demand for cereals across the globe. The use of Triple superphosphate to enhance the quality and quantity of crops such as cereals is further contributing to the market growth.
The diammonium phosphate segment is estimated to register a significant growth rate in the projected timeframe due to the higher content of phosphorous in it and its remarkable soluble attributes.
North America is projected to account for a considerable share of the market in 2028, accredited to the decreasing availability of arable land, increasing population growth, and the growing understanding of the availability of products that can boost the quality and quantity of the crops. The ever-increasing need for nutrition-rich soil is also projected to add traction to the regional growth.
The Asia Pacific is expected to register lucrative growth in the coming years ascribed to the increasing agricultural activities, high population, presence of key players in the region, and China is the largest manufacturer and exporter of Triple superphosphate.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Triple superphosphate Market is segmented into:

Crop Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)

Cereals
Fruits Vegetables
Pulses and Oil Seeds
Others

Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2018-2028)

Diammonium Phosphate
Monoammonium Phosphate
Single Triple superphosphate
Triple Triple superphosphate
Others

Regional Outlook:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

What are the dominating factors that are influencing the growth of the industry?
In the forecast period, which market segment is expected to rise the most?
What are the risks and challenges that the industry is facing?
In the coming years, which area is projected to dominate the market?
Who are the major players in the market?
What kind of strategic business plans have they made?

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