The market for Diammonium Hydrogen Phosphate (DAP) is expected to grow at a CAGR of over 2% during the forecast period. Major factors driving the market studied are increasing demand of diammonium hydrogen phosphate in fertilizers and rising demand from brewing segment. On the flipside, development of bio-based and eco-friendly substitutes and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
– Growing demand for diammonium hydrogen phosphate in firefighting products as a fire retardant is expected to offer various lucrative opportunities for the growth of market.
– By application, fertilizer segment is expected to dominate the market owing to the increase in the usage of diammonium hydrogen phosphate to increase the crop yield.
– Asia-Pacific region dominated the diammonium hydrogen phosphate market across the globe with the largest consumption from countries such as China and India.
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Key Market Trends
Increasing Demand from Fertilizers Segment
– Diammonium hydrogen phosphate is an inorganic phosphate and diammonium salt of phosphoric acid. It is soluble in water and manufactured by chemical reaction between phosphoric acid and ammonia.
– Diammonium hydrogen phosphate is widely used in agriculture sector to increase the ph level of the soil. Due to this, its demand is increasing in agriculture sector which is stimulating the diammonium phosphate market. However, after some time, the soil becomes more acidic due to nitrification of ammonium.
– Also, the demand of diammonium hydrogen phosphate is expected to increase due to shrinkage in arable land and stronger need for high quality and higher production yield of crops to feed the growing population.
– The global fertilizer market is expected to grow at a CAGR of over 3% during the forecast period. This is likely to provide ample opportunities for increasing the demand of diammonium hydrogen phosphate and thus, propel its market in the near future.
– Owing to all the above-mentioned factors for diammonium hydrogen phosphate, its market is expected to grow rapidly over the forecast period.
Diammonium Hydrogen Phosphate (DAP) Market
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