The global phosphorus trichloride market was valued at US$ 1,468.7Mn in 2018 and is anticipated to expand at a CAGR of 4.95% from 2019 to 2027, according to a new research report, titled ‘Phosphorus Trichloride Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027,’ published by Transparency Market Research (TMR) ). The global phosphorus trichloride market is driven by rise in the demand for use in the manufacture of herbicides and pesticides in the agrochemicals sector. Asia Pacific accounts for a leading share of the global phosphorus trichloride market, due to high demand for agrochemicals in the region.
Rise in Use of Pesticides in Asia Pacific to Boost Market
Phosphorus trichloride is utilized as a pesticide intermediate. The compound is largely employed in the production of organophosphorus pesticides such as glyphosate. Glyphosate is an active constituent of various herbicides, insecticides, and fungicides. The agrochemical application segment held a dominant share of the global phosphorus trichloride market in 2018. Rising population necessitates improved farming efficiency in order to cater to the high demand for agricultural products. Additionally, governments of countries, such as India, have implemented subsidies to reduce the cost burden of pesticides on farmers. This, in turn, has encouraged the usage of pesticides. Growth of the pesticides industry in China is further promoted by exports of pesticide-active ingredients and increased domestic production of formulated pesticides.
Rise in Raw Material Prices Hampering Market
The energy required for mining and processing of phosphate rock and for production of fertilizers derived from phosphorus is usually sourced from fossil fuels. This leads to additional greenhouse gas (GHG) emissions, shrinking fossil fuel resources, and pollution. Since both fossil fuels and phosphorus are non-renewable and weakening resources, the cost of processing and, thereby, the processed phosphorus is expected to increase in the next few years. Thus, rise in phosphorus prices is anticipated to significantly hamper the global phosphorus trichloride market in the near future.
Pure Grade Segment to Dominate Global Phosphorus Trichloride Market
Pure grade phosphorus trichloride has phosphorus concentration of 96%–99%. It is the most commonly used grade of phosphorus trichloride. The pure grade segment accounted for a leading share of the global phosphorus trichloride market in 2018. The segment is estimated to continue its dominance during the forecast period also. In terms of demand, the analytical reagent grade segment constitutes a minor share of the global market. Moreover, phosphorus trichloride of this grade is expensive due to its high purity. The analytical reagent grade segment is anticipated to expand at a rapid pace during the forecast period, due to rise in R&D activities for the use of phosphorus trichloride of analytical reagent grade in pharmaceutical applications.
Agrochemicals Application Segment to Lead Global Phosphorus Trichloride Market
In terms of application, the global phosphorus trichloride market has been segmented into phosphorus oxychloride, chemical intermediates, agrochemicals, plasticizers, pharmaceuticals, and others [including surfactants, oil additives, and dyestuff]. The agrochemicals segment held a leading share of the global phosphorus trichloride market in 2018 and is expected to maintain its dominance throughout the forecast period. The agrochemicals segment is expected to be attractive, in terms for growth rate, during the forecast period, due to rise in the consumption of pesticides and herbicides across the globe. Plasticizers and phosphorus oxychloride are also estimated to be attractive application segments of the global market for phosphorus trichloride during the forecast period. Plasticizers are employed as plastic additives, as they help in improving properties of plastics. Rise in the production of plastics is driving the demand for plasticizers worldwide.
REQUEST FOR COVID19 IMPACT ANALYSIS – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=3906
Asia Pacific Dominates Global Phosphorus Trichloride Market
Based on region, the global phosphorus trichloride market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of both value and volume, Asia Pacific was the leading region of the global market in 2018. The phosphorus trichloride market in Asia Pacific is expanding, in terms of value and volume, owing to increase in the demand for phosphorous trichloride in the agrochemicals sector in the region. In terms of demand, Europe and North America constituted a significant share of the global market for phosphorus trichloride in 2018. Demand for phosphorus trichloride in Europe is expected to rise at a sluggish pace during the forecast period, as the market in the region is mature. Demand for phosphorus trichloride in North America is expected to rise at a moderate pace during the forecast period, due to moderate use of phosphorus trichloride in agrochemicals and pharmaceuticals industries in the region.
Fragmented Nature of Global Phosphorus Trichloride Market
The global market for phosphorus trichloride is fragmented in nature, with several large- and medium-scale manufacturers operating in the market. Key players operating in the global market are Monsanto Company, Syngenta, Mosaic Company, Solvay SA, and AkzoNobel N.V. Market players have been profiled in terms of company overview, business strategies, and recent developments.