Diammonium phosphate market rapid rise rides on the back of its utilization in the fertilizer industry. Diammonium phosphates is one of the most widely used phosphate-based fertilizers in agriculture around the world. Their remarkable storage and handling properties are key to their rise in popularity.
Diammonium phosphates are also well-known for their nutrient content. Extensive trading of these as fertilizers has spurred on the rise in revenues in the diammonium phosphates market. Over the years, non-agriculture applications of diammonium phosphate have risen. For instance, its use as fire retardant has been spurring the expansion of the diammonium phosphates market.
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Rise in pace of commercialization of the various uses of diammonium phosphates has expanded the revenue streams for vendors and chemical companies in the market. Top players are focusing on joint ventures and partnerships in order to consolidate their shares over the forecast period and strengthen their global positions.
Demand for biodegradable and eco-friendly fertilizers expanding prospects
The growing demand for biodegradable and eco-friendly fertilizers in the fertilizer industry has created new avenue for commercialization of diammonium phosphates. This has also spurred substantial market avenues for fertilizer manufacturers in countries with rapidly expanding agriculture activities. Growing demand for extinguishers in urbanized economies is also spurring the demand in the market.
Some of the key regions that contribute to growth in the diammonium phosphates market are North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Of these, Asia Pacific has been a prominent contributor to opportunities in the market. A large chunk of revenues in recent years have come from China and India.
Some of the key participants or stakeholders in the diammonium phosphates market are Israel Chemicals Ltd., Bunge, PhosAfro, CF Industries Holdings, Inc., Agrium Inc., and China Blue Chemicals.
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