Driven by High Demand from the Agrochemical Industry, the Global Phosphorus Trichloride Market to Register Growth over the Forecast Period: TMR
ALBANY, N.Y., Feb. 25, 2021 /PRNewswire/ -- Phosphorus trichloride refers to a slight yellowish fuming liquid. Making of phosphorus oxychloride is one of the predominant uses of phosphorus trichloride. This chemical is an important component in the making of phosphate ester insecticides. This chemical also finds utilization in the synthesis of various other significant chemical compounds, such as phosphorous penta chloride, phosphoryl chloride, thiophosphoryl chloride, and phosphonic acids. These chemical compounds are utilized in the production of herbicides, insecticides, plasticizers, oil additives, and flame retardants. Such extensive use of the chemical is expected to support development of the global phosphorus trichloride market over the forecast timeline, from 2019 to 2027.
Pungent in odor, Phosphorus trichloride is similar to that of hydrochloric acid. Driven by urbanization and growing population, agricultural industry is likely to observe immense growth in the near future. Growth in the agricultural sector is expected to generate demand for phosphorus trichloride. This chemical finds extensive use as a fertilizer in the agricultural sector. High demand from the agricultural industry is likely to open up plethora of opportunities for the global phosphorus trichloride market in the near future.
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Based on the growing awareness about this chemical and high demand from several end use sectors, the global phosphorus trichloride market is anticipated to clock a growth rate of ~4.95% CAGR over the forecast tenure, from 2019 to 2027.
Key Findings of Phosphorus Trichloride Market Study
High Demand of this Chemical for Use in Pesticides to Spell Growth for the Market
The growth of the global phosphorus trichloride market is likely to be influenced by high demand of this chemical from various end use industries. Phosphorus trichloride is widely utilized in the form of pesticide intermediate. This compound is widely utilized in the making of organophosphorus pesticides, such as glyphosate. Pesticides like glyphosate are an active component of many fungicides, insecticides, and herbicides.
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Tremendous rise in the population has generated very high demand for food, through the availability of arable land is limited. This calls for increased efficiency in farming methods so as to cater to the rising demand from the ever-growing population. In addition, governments of different countries are coming up with subsidies to diminish the cost burden of pesticides on the cultivators. Such initiatives are estimated to motivate the farmers to use more pesticides. Rising demand for pesticides is likely to foster development of the global phosphorus trichloride market over the analysis timeline, from 2019 to 2027
Rise in the Price of Phosphorus is Expected to Impede Growth of the Market
Usually, the power needed for the extraction and smelting of phosphate rock and for the manufacturing of phosphorus-derived fertilizers comes from fossil fuels. This results in pollution, depletion in the supplies of fossil fuels, and additional greenhouse gas emissions (GHG). As both phosphorus and fossil fuels are weakening and non-renewable resources, it is anticipated that the cost of production and the extracted phosphorus will rise over the next few years. The spike in the price of phosphorus is therefore foreseen to hinder the growth of the global phosphorus trichloride market significantly in the immediate future.
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Phosphorus Trichloride Market: Key Driving Factors
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Phosphorus Trichloride Market: Key Market Participants
With many large-scale and medium-scale producers functioning in the market, the global phosphorus trichloride market is considered to be fragmented in nature. Key players operating in the global market are AkzoNobel N.V., Solvay SA, Mosaic Company, The Syngenta Group, and Monsanto Company.
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