Triple Superphosphate Market is forecast to reach around $15 billion by 2025, after growing at a CAGR of 5.5% during 2020-2025. Triple superphosphate typically contains 44–46% of diphosphorus pentoxide (P2O5) and are produced by reacting phosphoric acid with phosphate rocks. Increasing population and surging food demand impel the farmers to use triple superphosphate for higher crop productivity. Decreasing agricultural landmass and adoption of new farming methods has accelerated the growth of the market. In addition, use of triple superphosphate for early germination of seeds and exclusively as a fertilizer material also augments the growth of the market.
Triple superphosphate increases the resistance of the plants to freezing and helps in absorption of the soil moisture. Growing awareness among the people to increase the yield of the crop is driving the growth of the triple superphosphate market.
The outbreak of coronavirus has hampered the growth of triple superphosphate market due to travel ban and shuttering of manufacturing units.
Triple Superphosphate Market Segment Analysis – By Form
Powder form is the fastest growing segment in the triple superphosphate market with a CAGR of 7% during the forecast period. Due to smaller particle size, powdered triple superphosphate are easy to store and transport compared to granular form. In addition, powdered triple superphosphate dissolve easily to form (-H2PO4) in water and, therefore, are readily available to use to the plants. Furthermore, the use of triple superphosphate for plants helps to accelerate the growth of the root system of the young plants, which in turn fuels the demand for powdered triple superphosphates.
Triple Superphosphate Market Segment Analysis – By Crop Type
Based on the crop type, grain and cereals segment holds the largest share of more than 30% in the triple superphosphate market in 2019. Triple superphosphate shortens the time period and accelerates the ripening of crop, which in turn allows farmer to harvest several crops in a year. Increase in consumption of the cereals and grains coupled with surging population further drive the growth of the triple superphosphate market. According to Organization for Economic Co-operation and Development, global cereal production is projected to increase by 367 Mt to reach 3,053 Mt in 2028. Maize production is projected to increase the most by 181 Mt, followed by wheat (+86 Mt) subsequently raising the demand for triple superphosphate.
Triple Superphosphate Market Segment Analysis – By Application
Base fertilization segment holds the largest share of more than 50% in the triple superphosphate market in 2019. Fertilizers applied to the soil before planting of crops is referred as base fertilization. Phosphorus is a major nutrient that are not readily mobile in the soil. Thus, applying triple superphosphate after the plantation of crop tend phosphorus nutrients to remain in the upper layer of the soil and do not reach the active root zone. Base fertilization is preferred over top dressing as it allow penetration of nutrients deep into the soil and increase their availability to the crop.
COVID-19 proved to be a challenge for the growth of triple superphosphate market. The outbreak of corona virus has postponed deliveries of triple superphosphate and other food equipment from yards, due to shortages of staff or supplies, as well as lockdown. Industries are shuttered all around the world and the lack of manpower has led many manufacturing companies to stop their production. Farmers are facing difficulties in selling their crops. In addition, World Trade Organization forecasted that the global trade will fall by between 13% and 32% in 2020 as the COVID 19 pandemic disrupts normal economic activity and life around the world, subsequently affecting the growth of the triple superphosphate market.
Triple Superphosphate Market Segment Analysis – Geography
Among the regions, the Asia-Pacific region is projected to witness the highest CAGR of 8% in the triple superphosphate market during the forecast period. This growth is attributed to the growing food demand linked with the increasing population and decrease in landmass across the country owing to growing industrialization. For instance, according to China’s Ministry of Natural Resources, the country’s arable land declined by 60,900 hectares and fell to 134.86 million hectares in 2017. Thus, rapid industrialization and urbanization has decreased the agricultural landmass. Hence, in the less landmass, farmers are focusing to gain maximum profit along with better crop, which in turn further driving the usage of the triple superphosphate in farming. As, TSP helps to enhance the crop quality and better production. For instance, according to the trade map import of triple superphosphate in Japan increased by 26% reaching 26,528 tons in 2019. Furthermore, growing population has escalated the demand for food. According to the Indian governmental report, food Processing Industry in India contributed approx. $3.92 Bn to India’s exports in the year 2017-18 and total consumption of the food and beverage segment domestically is expected to reach $1.142 Tn by 2025, substantially augmenting the demand for triple superphosphates.
Triple Superphosphate Market Drivers
Surging demand of triple superphosphate for higher agricultural yield
Rise in awareness among the people to increase the agricultural output to meet the growing food demand has boosted the growth of triple superphosphate market. According to the United Nations Organization (UNO), world population is projected to reach 8.5 billion in 2030. Increase in food demand and concern of farmers to produce more and more crops with limited land resource has boosted the use of triple superphosphate. Moreover, United Nations “Zero Hunger Vision by 2030” which aims to end hunger and double the agricultural productivity and incomes of small-scale food producers is likely to increase the demand for triple superphosphate.
Exceptional properties of triple superphosphate
TSP performs a decisive role for the formation of the quality of the production of cereals, vegetable, fruit, and oil-bearing crops. In addition, TSP also eliminates the negative influence of one-sided nitrogen fertilization. Besides, Triple superphosphate is a highly concentrated phosphate fertilizer that promotes the growth of the plant roots, so that the roots will be thicker, stronger, and healthier. Phosphate is a vital nutrient both as a part of plant structure compounds and as a catalysis in the conversion of numerous key biochemical reactions in plants. Surging use of triple superphosphate for increasing the resistance of the plants to freezing and drought is likely to aid the growth of the market. Triple superphosphate fertilizers are also cost effective compared to other phosphate-based fertilizers, thus augmenting the growth of the market.
Triple Superphosphate Market Challenges
Over dosages of TPS leads to serious health problems and growth of plants
Although triple superphosphate helps in formation of strong root systems and better development of the flowers or fruits, but over usage of triple superphosphate brings serious side effects. Triple superphosphate is rich in phosphorus nutrients and excessive use of phosphorus in the soil slows the growth of plants by blocking the absorption of both iron and zinc. Triple superphosphate is also not suitable for blending with urea because of the reactions that causes deterioration of physical condition. Moreover, triple superphosphate is water soluble that pollutes underground water and may cause serious problems in humans including kidney damage and osteoporosis. EPA’s controlled emission standards for the production of granular triple superphosphate also hinders the growth of the triple superphosphate market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the triple superphosphate market report. In 2019, the market of triple superphosphate has been consolidated by the top five players accounting for xx% of the share. Major players in the triple superphosphate market are Coromandel International Ltd., CF Industries Holdings Inc., Yara International ASA, Potash Corp of Saskatchewan Inc., OCP Group, Agropolychim AD, Origin Fertilisers (UK) Limited, PT Lautan Luas Tbk, ICL, EuroChem Group AG, among others.